Out with the OLD and in with the NEW-BUILD
Buying a home is not just a financial transaction; there are a multitude of steps from the moment you embark on your property search to the final glorious moments of picking up the keys!
Due to the magnitude of work involved, making this journey as simple and easy as possible is the key to success! – It’s also why you should call one of our experts at Balfour Homes who can make it even easier for you! 😉
Therefore we’ve put together a few reasons why choosing a new build over an established property is an absolute no brainer!
Choosing a wholesale/new build is financially in your favour for a number of reasons.
There are a number of government grants available for when you choose to build new. This is very exciting news for those of you eager to get on the property ladder for the first time as the ‘first home owners grant’ covers an enormous chunk, if not all of your deposit! (If you want to know more contact one of our experts and they can tell you all about the grants available to you)
Unfortunately these grants aren’t up for grabs when you buy established, meaning the entire 15-20% deposit has to come from your savings.
With the market moving as quickly as it is today, it’s almost impossible to save fast enough as house prices continue to increase month to month. As the value of that 20% deposit goes up, you’ll feel like you are back to square one trying to reach a moving target.
Getting your money’s worth
With sellers taking advantage of the current market and buyers outbidding each other, we are seeing established homes sell for record high figures. Meaning, when you buy previously owned, you are paying a premium on an older property.
The market value is outweighing the bank value;
- Banks value a property based on the risk involved in lending you the money, considering certain factors to avoid potential losses.
- The market value is designed to get the best possible price for the seller, which is why it is often more than the bank value.
This creates a gap between the bank loan and actual sale price of a home that the buyer has to front.
Buying off-the-plan can be much more affordable and a better investment for your money. When a bank values a new build they value the land and wholesale construction costs. This means once the house is complete the value actually increases. Additionally, new suburbs have the potential to become prime locations for real estate in the future, with expansion of cities spreading wider as development continues.
New Builds are Built Personally FOR YOU!
Once you’ve narrowed down the search for an older build, you’ll see how small the inventory results become, and often you’ll sacrifice certain features or consider adding costly renovations to the budget. When you choose to build new, you can choose a home design that ticks all the boxes straight from the start. Which leaves us asking, why compromise with an established build?
Reduced Energy Costs
A new property is built to be more energy efficient with features saving homeowners hundreds of dollars on their energy bills as well as helping the environment! Smart meters provide a better awareness of energy expenditure too, which can help you track your energy usage and make changes where you can to reduce consumption.
Energy efficiency is now a mandatory consideration in construction, therefore more often new homes will outperform older homes when it comes to heating and cooling efficiency.
Better Guarantee and FULL Warranties
When you buy wholesale, the major components of your house are all brand new. With new systems, functions, finishes and appliances comes peace of mind knowing you have long warranties on all of these major elements. Eventually materials deteriorate of course, but you can rest easy in your new home knowing any big expenses such as replacing windows or re-tiling the roof are a long long way into the future.
Let US do the Hard Work
The hunt for any home can be stressful in a market that’s moving so fast. Months of searching, cash buyer competition, pressure making hasty offers, and prices rising each week that goes by.
Whilst house and land packages are also selling like hot cakes, one of the many perks to choosing this option is that you could have a specialist at Balfour Homes do all the lengthy leg work for you! Here are just a few of the tasks your property expert will manage;
- Liaise with developers to find a suitable block of land (including land that is privately listed so not available to the general public)
- Navigate through thousands of home designs to find the perfect fit for your budget and lifestyle
- Take care of all covenants and deal with any setbacks
- Proof-read tedious contracts
- Go through building design guidelines with the estate
- Look at all your finance options and find you the best option for your situation (including finance options for people with bad credit)
All you need to do is make a cup of tea, download the Balfour App and call one of our property guru’s at Balfour Homes.
Lets conclude why you are now looking at building your new home…
When buying a home, the financial side of things is pretty important, and getting bang for your buck whilst finding a property that ticks all the boxes is much more achievable when you buy wholesale – especially with generous government grants supporting your dream of owning a property.
You can pre-order a home with brand new materials and appliances, full warranties providing peace of mind of no major expenses for at least 5-10 years. And with more efficient energy systems you could be saving hundreds annually on energy bills.
But most importantly, don’t forget how hard you work for your money, and how much you deserve a property that is perfect for you!
Let us help you spend wisely to find the perfect land and home package!