Are you ready to take the leap and become a first-time homeowner? Congratulations! You’ve just made an exciting and monumental decision. But, with this big step comes a lot of other choices, one of the most important being whether to buy an already existing home or build a brand new one.
This can be a hard one for many first-time homeowners, as there are pros and cons to both options. In this article, we’ll explore some of the factors you should consider when deciding whether to buy or build your first home so you’ll get a better understanding of the advantages and disadvantages of each option, helping you go down the path that’s best for you.
New home, new adventure, you decide!
As a first-time homebuyer, full of excitement and ready to embark on a new adventure, the decision whether to buy or build your dream home is important. You’re getting a chance to create a home that’s uniquely yours and reflects your personal style.
And, as you weigh the pros and cons, consider the benefits of building your own house. Not only do you have the opportunity to customise every detail to your taste, but you also have the freedom to choose the location and layout that suits your needs. Plus, if you’re eligible for the first home buyers grant in QLD, building a house now could make your dream even more affordable. That said though, there are some advantages of buying a home that’s move-in ready.
Buy or build? Here are some considerations…
While some people swear they’ll only ever build and others are overwhelmed by the building process, the decision can be a tough one for anyone sitting on the fence and open to either option.
Here then are some thoughts that might guide you…
Buying a house offers the advantage of immediate occupancy and a potentially wider range of options in established neighbourhoods. You can skip the construction process and move right in, saving time by avoiding potential (an inevitable) building delays.
On the other hand, building your own home allows you to create a space that’s truly tailored to your preferences. From the layout to the finishes, every detail can be customised to reflect your personal style. Additionally, building a house gives you the opportunity to choose the right location and take advantage of many modern inclusions that come standard with a new build.
While we can’t make the decision for you, we can speak from experience. It’s possibly easier to budget for buying an existing home as you can set a cap on your purchase price and the other expenses such as stamp duty, legal fees etc can be quite accurately estimated. When it comes to building, unexpected surprises are the norm and even after signing a fixed price contract there can be some fluctuations that are difficult to predict and plan for.
Another factor to consider is your commitment to this first home. Are you wanting something you can improve, sell and upgrade as a project? Or are you viewing this place as a longer-term living situation? If the former, you might lean towards buying an existing property and renovating it over time. However, if you’re looking for a long-term home that perfectly suits your lifestyle and needs, building is a great option as you can include all the features and comforts you’ve dreamed of.
It’s not just about money!
As a generalisation for first-time homeowners, the cost of buying a home is typically lower than building one. Buying a home already constructed saves on construction expenses and can be a quicker process. Building a home involves more upfront costs and potential delays, but allows for customisation. Naturally the truth of this in your case will also depend on the area you are looking at land or property in, the economic climate at the time and a whole lot of other variables too such as your timeline, overall budget and preferences.
At the end of the day, the decision to buy or build your first home ultimately comes down to your personal preferences, budget, and lifestyle. While cost is a significant factor for most first-time homeowners, it’s important not to overlook the emotional value of creating a space that truly feels like home. Whether you choose to buy or build, remember that this is an exciting time in your life and either option will provide you with a place to call your own and make memories that will last a lifetime.
Don’t forget too, if you are jumping from the rental hamster wheel and this is your very first home, grants and assistance programs are available. Depending on where you live in Australia and the first home buyer incentive scheme on offer at the time, you’ll find there’ll be quite a few options to help you make your homeownership dreams come true.
Making dreams come true…
Becoming a home owner will need you take action, so begin by determining the best fit for your budget, timeline, plus consider your preferences as a first-time homeowner and create a detailed list of your must-haves and nice-to-haves. Research different housing options, compare prices, and consider factors like location, size, and amenities.
Then, come and talk to us at Grow Financial Solutions where we can help you with the number crunching. We can explore your eligibility for any of the first home buyers grants and assist with mortgage pre-approval which will help you set a budget and make your dream of home ownership a reality. So, whether you choose to buy or build, let us help you take the first step towards your new adventure as a proud homeowner!
So don’t wait any longer, because there really is no time like the present! Start planning and exploring your options today, remembering the best time to invest in real estate is always now!
With the support of Grow Financial Solutions by your side, you can confidently make the decision to buy or build your first home and start creating a home that truly represents you. So, which will it be – buying or building? The choice is yours and we’re here for it!