Building a New Home vs Buying Established

Building a New Home vs Buying Established

When purchasing a home, the first big decision is whether to build new or buy established. There are many factors to consider including location, lifestyle and of course budget.

Perhaps the most obvious advantage of building if you are a first home buyer, is the $10,000 first home owners grant (FHOG), which can go towards your deposit. The $3,000 grant for established homes was abolished in 2015.

The closer you are looking to the Perth CBD the less likely you are to be able to build. However if proximity is not your main priority, you can choose from many contemporary, master-planned communities that are from as little as 20kms from Perth. They feature plenty of shops, parks, schools and amenities with convenient access to the freeway.

Overall, the process of buying established is shorter then building a new home for an obvious reason – one is already built and the other is not. This can be a consideration if time is a major factor in the purchasing decision.

If building is more suited to your situation, you have the opportunity to select a floorplan or even create a custom home design to suit your individual lifestyle requirements. You can personalise almost every aspect of the home- from benchtop materials to cupboard colours and taps, to name just a few.

One of the biggest differences between building a new home and buying established is the construction method. Building techniques and materials are continuously updated. New homes feature the latest specifications with inclusions that are up to date and in many cases more energy efficient, which can help with energy consumption.

New homes also come with builder’s insurance and warranty periods guaranteeing the structural quality of the home in accordance with current building standards. For example, Impressions offers a lifetime structural guarantee as well as a 6-month maintenance period after key handover.

These are just a few factors to consider. It comes down to budget, location and your lifestyle. It is important that you weigh each option carefully to ensure that you are making the most sensible decision for you and your family.

If you would like to discuss the process of building a new home, contact us today.

Note: if you are superstitious, you know that when you build new, no ghosts of past owners will haunt you.

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