Benefits of building new house vs buying
New build vs existing houses - Pros and cons
Deciding on a new house can be tricky - Should you buy an existing house or build one from scratch? Both are a major commitment and significant investment so when it comes to a new build or existing house, you should take time to figure out which choice will best meet your needs before you finalise your dream home. In this article we will discuss the benefits and disadvantages of both building a new home and buying an existing house. Read on to learn more.
Pros & cons of building a new house
Benefits of building a new home
- Customise - You have full control over the layout, design, tiling, paints, size of the rooms, and everything else. If you can visualise and see how your ideas can turn into reality, it is a perfect solution for you. So if you want a large patio for barbies or a big entertainment area for movie nights, you have the freedom to decide.
- Pay for what you want - As you have creative control, you can actually pay for what you want and avoid additional expenses. Existing homes can have features you might not like and yet you will have to invest money for them.
- Energy-efficiency - A new house can be designed with modern fixtures and appliances, helping to reduce power expenses.
- Incentives - Building a new house makes you eligible for incentives like the First Home Owner Grant and reduced stamp duty.
- Smooth process - Once you finalise the land for your new property, and enlisted the services of a good builder, building a new house is a pretty straightforward process. It takes about 4 months - 12 months to build a new house. The time period for the construction depends on the scale of the project.
- Time - It can save you valuable weekends spent at house auctions, inspections, and negotiations with real estate agents.
- Appreciation - A new house with modern appliances, solar panels, new plumbing and electrical fixtures will appreciate in value and ensuring a good return on your investment.
- Built-in furniture - Your contractor can build shelves, cabinets, or entertainment centres during the construction process. So instead of spending money on new furniture, you can get the built-in furniture added in the building costs.
- Mortgage costs - You can add extras such as the hot water heater, solar panels, or air conditioning into your mortgage. So instead of spending money on credit card bills and paying interest on it, you can take benefit of your home loan and add the expenses to it.
- Building a house in new neighbourhoods can be a gamble as you wouldn’t know the trends in the area. The property rates might rise or fall and unless you have sufficient data you might not be able to predict if your property will appreciate/depreciate in the future.
- It will take months before you can move into your new house as it can take between 4-12 months to build a new house.
- Delays - Constructing new houses can come with unanticipated challenges such as weather, labour, and material shortages. You and your builder will need to have a contingency plan to handle any unexpected delays.
Pros & cons of buying an existing house
Benefits of an existing house
- Convenience - One of the main advantages of buying an existing house is after you have put in an offer you can move into your new house almost immediately. It works well for people who have a tight schedule and need to move in as soon as possible.
- Price Trends - Depending on the location of your property, you can often get a clear idea of the price trends in the area. Which can help make an informed decision around buy a property which has high chances of appreciating in the future.
- Cost - You will have options to choose a house within your budget.
- Landscaping - Usually existing houses come with established gardens and trees are all laid out. Trees can provide shade insulating your house from excessive heat and helping to reduce home cooling costs. It can be an overlooked factor but landscaping is often a major expense.
- The downside of choosing an existing house is that you might need to renovate it and that would add additional costs to your house. Moreover, old houses often require plumbing and electrical inspections before you sign the contract to ensure everything is in good condition and working effectively. If you forget to get the inspections done, it might end up costing you thousands of dollars in repair costs.
- Existing houses, especially those that are a few years old, can have wear and tear or issues like damaged roofs, blocked pipes, clogged stormwater drains, or faulty septic systems.
- Dated appliances - If the home has not been updated in a while older houses can have ancient fixtures and appliances which often consume more energy than modern alternatives resulting in higher energy expenses.
To build or to buy?
Deciding on whether to build a new home or buy an existing house depends on your preferences and schedule.
- If you want to customise the house and have full creative control go for building a new house. It can be energy efficient, have modern appliances, and won’t require much maintenance for years to come.
- If you are on a strict schedule and need to move in within a month or so, consider buying an existing house. However, it can be challenging to find a house that is perfect and meets all your criteria so factor in costs for renovations and repairs if it doesn't.
Professional and reliable builders Gold Coast
Still indecisive about whether to build or buy? We would be happy to help.
At Symcorp, we have helped hundreds of homeowners get the house they love! Our builders can help you with your new home building process, knock down rebuilds, luxury homes, and more. We are here to ensure your project runs smoothly from the start to finish, on time and on budget. Contact us today on 07 5594 1768 or complete our online booking form.