Buying versus building is a time-honoured battle as home purchasers seek the optimum blend of neighborhood, home design, and budget.
When you feel the time is right to move out of your rented property and get your foot firmly on the property ladder, you will have one very important decision to make: do you buy or build a new home? If you had asked this question a few decades ago, the resounding response would have been to buy. But back then, building costs were a lot more expensive compared to today, and only the most adventurous built their own house. These days, all that has completely changed and now more and more people are opting to build their own property. Even if they have very little construction experience!
So, should you buy or build? Here are some things you need to consider.
Buying Versus Building : Time
Obviously, if you don’t have much time on your hands, now probably isn’t the best time to launch into a building project. But even if you have plenty of time for building, you should still be aware that these types of projects have the tendency to overrun. One way to help your construction project stick to your timeline is to hire home builders who have plenty of experience. That way, they can get on with the work, and you won’t have to juggle your project around your work and private life. Does the thought of a building project dragging out get you nervous? If so, maybe it’s best to simply buy a house that is ready to move into.
Buying Versus Building : Neighbours
For some people, neighbours are a big deal breaker when it comes to buying a house. After all, you can’t choose who lives next door to you! People who want to live with plenty of privacy will not want to buy a property in a built-up urban estate or city centre. What happens if there are only houses for sale in these kinds of areas? Well, you can always buy a plot of land somewhere more remote so that you can build a home far away from any nosey neighbours! So, do you dream of a new property in which you won’t be bothered by neighbours? Then it sounds like building could be for you. Not particularly bothered about who lives next door? You might prefer to keep things simple and buy.
Buying Versus Building : Personalisation
Lots of new homeowners can’t wait to redecorate their new house and put their very own stamp on it. However, there is only so much you can do to work with a property’s architecture, and your personalisation may only be able to go so far. You will find that constructing your home gives you a lot more free reign to do whatever you want with your new home. You can speak to an architect so that you are able to get your house in your favourite style, and can work with interior designers to make sure each room is just how you have always dreamed!
These are just three of the main points you need to consider when you decide it’s time to move. Let us know which one you go with; we’d love to hear!
Joe Tirimacco is an experienced Mortage Broker who can help you find the perfect home loan and leverage all the equity you have in a current or investment property.
Nick Corbett is an Accountant with lots of experience helping home buyers and home owners to make the right decisions based on their income, expenses, and desires. In this podcast, Nick and Joe compare notes on property investment and flipping from two perspectives; the Mortage Broker and The Accountant.
Darren Palmer is a celebrity Interior Designer, Author, Brand Ambassador and Judge on ‘The Block. In this podcast, Darren provides an insider’s knowledge on interior trends and automation for 2017.