To Build or to Buy Home? That is the Question

Family of four running on a field Should you just buy an established or older home, or just build a new house? This is probably the top question many first time home buyers ask themselves. There are distinct benefits and drawbacks of these two options that you will want to take into account before making one the biggest decisions of your life.

Building and Buying a New House

There are plenty of advantages associated with purchasing and building a brand new house, one of which is the First Home Owner Grant Scheme by the Australian Government. Building your own home would enable you to pick all of the design elements and features you want your home to have.

Once your home is finished, you will not need to wait for the current homeowners to move out. Also, your new house would come with Home Warranty Insurance, making sure that everything would be in perfect working order.

New Homes Cost More

On the other hand, be prepared to spend more money since you will be buying a home built from scratch. But the First Home Owner Grant Scheme benefits will offset some of the costs. You also might have to settle for a smaller lot, which might result in a smaller home and outdoor space.

However, this would heavily depend on the budget, the location, and the specs of your house, according to top new homes builders in Townsville such as Cougar Homes. New homes could be big or small depending on the resources of the buyer.

Pre-owned Homes in Existing Neighbourhood

Existing or older homes, on the other hand, are typically location within established communities or neighbourhoods. They usually have bigger rooms, picture windows, high ceilings, and huge outdoor spaces, but smaller garages and closets.

You will also have more negotiating power when you opt for an older house, which in turn leads to lower costs. However, you need to make certain that everything in the house is in good working condition.

The decision to build your own house or just buy one is something that you have to think about repeatedly because each option offers different advantages and disadvantages. However, your decision will ultimately depend on how much you could afford to spend, as well as your long-term plans.