Builders & Renovations FAQs
Buying Vs. Building A House: What's Right For You?
What Are The Advantages of Buying A Pre-Loved House
Quicker to Move In
Buying an established home is generally a much faster process than building. Once you’ve secured financing and have settled, you can move in almost immediately. This quick turnaround makes it an ideal option for those who need to relocate quickly or are on a tight deadline.
Flexibility With Location
Often, building a new home is restricted to new housing estates on the outskirts of major towns, which might not suit your lifestyle. When you opt to buy an established home, you don’t have to worry about the location as much.
Renovation Potential
Even if your pre-loved home is old and outdated, you always have the option to get your hands dirty and get stuck into some DIY and renovations. Renovations are a great way to put your relationships to the test, make your space feel more like a home, and add value to your house.
Disadvantages of Buying an Established Home
Outdated Design and Features
While there are many positives to buying an established home, it can be a challenge to find a house with all the features you want. You might have to compromise on the layout, room sizes or a specific feature. As long as the structure of the house is sound, you can always gradually add features to transform it into your dream home.
More Wear and Tear
Buying an established home comes with its drawbacks. Depending on the age of the property, you may have to deal with repairs and time-consuming maintenance or renovations to get it into a state that you can enjoy.
What Are The Advantages Of Building Your House?
Designed For Your Lifestyle
Building your own home gives you the freedom to design every room to suit the way you and your family live. Whether you want a cinema room, a kid’s retreat or a stylish open plan kitchen perfect for entertaining, you call the shots. Building allows you to priortise what’s important to you.
Your House Is Brand New
This may seem like an obvious one, but building a home means your house is brand new. You know everything from how the slab was laid to the final colour of the door knobs and kitchen cupboard handles. Building new means that there are no outdated fittings or fixtures, no unexpected repair bills or expensive renovations.
Save on Transfer Fees
Unlike buying an established home, when you build, you only pay stamp duty or transfer fees on the land, not the house. For many buyers, especially first home buyers, this can lead to significant savings. There is also a range of government exemptions in place to help you lower your stamp duty
Benefits From Government Schemes for First Home Buyers
The government offers a range of incentives and schemes to help first-home buyers enter the market quickly if they are building a new home as opposed to buying an established property.
When you decide to build a home rather than buy an existing property, you could be eligible for the First Home Owner Grant (FHOG). With this grant, you will receive $30,000 if the foundations of your home were laid between November 2023 and June 2026. This takes a lot of pressure off buyers who would otherwise have to save for years for a deposit. To qualify for this grant, you need to make sure the value of the land you are building on doesn’t exceed $750,000, you are over the age of 18 and you are building a new home from the ground up.
Disadvantages of Building Your Home
Project Delays
Building takes time. On average, new builds take between 6 - 12 months to complete. Delays can stem from a variety of factors, many of which are out of your and your builder’s control. Bad weather like heavy rain, hail and thunderstorms can put a pin in the workflow, especially in the early stages. Issues with the supply chain can also lead to delays if materials like steel and timber aren’t available and have to be ordered in.
Upfront Decisions and Budget Blowouts
Building a house obviously involves making a lot of decisions. It’s easy to get swept up in it all. From choosing the right paint colour for your future nursery room to what kind of kitchen cupboards you want, the building process can feel very overwhelming and the costs of every little detail can quickly add up. If your final choices are more expensive than your budget, you will have to pay the difference which can quickly lead to you spending much more than you anticipated. It’s important to be realistic and leave a bit of wiggle room in your budget to cover unexpected costs and upgrades.
Smaller Lot and Less Space
As people around the country are all battling to get on the property ladder, there has to be compromises somewhere. Unfortunately, that compromise is often the size of the block. Modern estates and subdivisions tend to be built on small, compact lots, which result in less outdoor space for your family to enjoy.
So, Do You Build or Buy?
Deciding between building and buying your dream home is an important decision, but ultimately, it comes down to your personal preferences and what you want for your family. Think about what you need in a house, not just what you want.
Still can’t decide? Symcorp’s professional and trustworthy builders are here to help and provide you with tailored advice to make your decision a bit easier. Call us today on 1300 043 012 or book a consultation online and let’s make your dream a reality.