When the time comes to make a commitment on your housing future it boils down to two options buying or building. Building or buying is always a decision that gives many sleepless nights trying to decide which has more advantages or which option offers demerits that you are willing to live with.
We have compiled a list to give at least simplify your decision-making process.
Building a home has a higher initial cost because of the added cost of purchasing the land before you start building as well as construction. Buying a home offers a fixed price that you know of from the get go making budgeting easier.
Advantage of building a new property is that you get to decide what you want in your property So you only pay for what you want. When buying you are forced to buy it as is inclusive of everything regardless of whether you wanted certain fixtures or not.
When you buy an older existing house it has usually gone through some wear and tear. The cost of fixing and replacing house fixtures may go higher than you expect. It also brings with it a high upkeep cost Building your own home guarantees all new house fixtures so there no replacements or fixing and very low maintenance cost.
New homes have all the latest energy management as well as new technologies that assist in giving you excellent energy efficiency. For example using of better solar panel technology that can run 70% of your house. Having energy conserving sockets, light fixtures and insulated windows just to name a few.
Buying a built home might find you having outdated housing materials that do not adhere to energy codes costing you more.
If you buy an existing home you are able to gauge the market value of the area prior to purchasing so you can evaluate your investment for the future.
When building a new property, it is always a gamble especially in a new area that is still developing. The area could flourish increasing the value of the property or the area could stay dormant making the value of your property stall.
The long and short of deciding between buying or building still comes down to personal preference, either custom housing or an already established neighbourhood, everyone falls on one side or the other… which is yours? Contact us if you are thinking of buying a house, we have the market knowledge and have the best recommendations to invest your savings wisely.