Should You Buy a Move-In Ready Home or Build a New One
You will likely have two options when you decide it’s time to own a home: You can either build a house from the ground up or buy an already-existing property. Which among the two is the better investment? This is the most frequent question of future homeowners.
Purchasing a home or buying land to build one requires a considerable investment, and it is normal to feel unsure. In this article, we’ll help make the decision easier by showing you the benefits of each option.
Buying a Ready for Move-In Home
Purchasing an already-standing house provides an undeniable quicker process than waiting for your house construction. Besides that, it also has the following advantages:
- Good Location: Usually, already-existing houses are placed in a good location. They are mostly located near the city centre where you will find infrastructures, such as offices, schools, markets, and public transport.
- Bigger Land Area: Already-built houses often have larger land areas compared to what is offered nowadays for new builds.
- Faster Moving-In Process: The process is more straightforward when buying an already-existing house. Once you have chosen a place to purchase and deposit your payment, you can immediately move in less than 30 days.
- Landscaping: There are already-established gardens, parks, or trees in ready-made homes that you would not have in a new property.
- Better Price Comparison: If you decide to sell your house in the future, you have the benefit of having an idea of what the property is worth.
Buying a House and Lot
Starting a home from nothing is not pure work; it also has its perks. Here are some of the benefits of buying a lot and building a house from there:
- Buyer Incentives: If you are a first-time buyer, you can avail of the First Home Owner Grant or reduced stamp duty, which will help you save on cost.
- Potential for Lower Energy Costs and Fewer Maintenance Needs: Building a home from scratch will allow you to choose the appliances, equipment, and set up you’d want for your home. Because of the many energy-saving available options and designs, you can build your house with a higher energy-efficiency standard and fewer maintenance issues.
- Warranty: A warranty may cover any issues your house will encounter.
- Full Creative Control: Because you can start from scratch, you have complete control over designing a new house, how you want your home to look, and what you want to have inside it.
When building a home from the ground up, you will likely spend most of your time choosing materials and overseeing the construction. Be sure to play an active role throughout the entire process so you can end up with a home that suits your needs perfectly.
So which one should you choose?
The answer to what house you should purchase will depend on your needs and wants. Ask yourself whether what you want is to have a forever home or a property you can call an investment. If you are aiming for an investment property, buying a longstanding home might be better. If you plan to build a house instead, you need to ensure that you pay close attention to its design and construction to ensure that it will grow in value.
Whatever you decide to go for, Balfour Homes is here to help. We are ready to help you experience the joy of finding or building your dream house in Byron Bay. Contact us if you need assistance.