Building a new home Vs. buying an existing home

No matter what point you are at in life, deciding between buying and building a new home can be tough. In many situations, the choice to buy or build can be dependant upon numerous factors including the amount that you have to spend and where it is that you wish to live. Once you have considered all the factors, making your final decision will become an easy process for you and your family and you will know which option is the right choice for you. If after reading this article you feel like you need more information then do not hesitate to get in touch with RBWA, the leading home builder in WA.

The cost difference between buying and building a new home

When you are looking at what your options are in regards to purchasing a new home, whether you choose a pre-existing structure or one that you will design yourself, one of the biggest considerations will be the overall cost. The price tag on any existing home is pretty much set, barring some small negotiations, so you have the certainty of knowing where you stand when it comes to the price of your new home. Making the decision to build your home, however, breaks apart the more traditional pricing structure of an existing home into portions including land cost, preparation costs, building costs, council permit fees and finishing fees.

Luckily when you are building your own home you have more freedom in coming to your final purchase price through design choices which can greatly affect the overall cost of your home. Though the process may seem a little messier, you will have greater cost controls in place when you build a home of your own. 

Types of grants available for buying and building your home

In Western Australia, we are lucky enough to have access to a few national schemes which can assist you in reducing the costs associated with your home such as the First HomeBuyers Grant and the HomeBuilders Grant. Though these grants may not apply to everyone in the property market, it is worth considering whether you would be applicable for either of these grants to assist you in reducing the expenses associated with buying or building your new home.  

If you make the decision to build over buying, there are a few advantages that you will experience in the long term which can be beneficial for you. With all the new technology available in today‚Äôs market, new homes can be up to 70% more energy-efficient than pre-existing structures saving you important electricity costs in the future. When you build your home with RBWA you will have a series of choices to make in regards to insulation and appliances which can positively impact the efficiency of your home in the future. 

When you purchase a pre-existing property, you may find that certain updates and renovations might be required in the future. Renovations can be an expensive part of homeownership and unexpected repairs can be both costly as well as inconvenient if essential systems in your home were to break in the future. When you choose to build your home, everything is brand new and comes with a set period warranty, so you can feel secure for a number of years that there will be no additional or unforeseen expenses.  

Your home, your way

One of the most common advantages to building a new home is the level of choice you have in how your property will look and feel. When you choose to build a home, you have total control over many aspects of the build from where you want the house to be located on your block, to the features you want to incorporate to make your home perfectly suited to you and your family. 

Retrofitting design features and appliances to a preexisting home can be both tedious and expensive, which is why building your home your way, is one of the many reasons people choose to build instead of buying. Though some may opt to purchase an existing home for renovation or choose to extend their home to accommodate the needs of a growing family, others find it just as simple to create the home of their dreams in one fell swoop, eliminating the need for time-consuming changes in the future. 

The advice of the experts

Deciding whether you will buy or build your new home is not something that should be taken lightly. Many people find it extremely helpful to seek the advice of professionals when they are considering their options, to help them understand everything that is involved with the process. Weighing the costs in addition to the pros and cons of each choice is an important part of the decision-making process, but when it comes down to it, choosing to build a new home versus buying an existing property is all about your personal preferences. Let our team be your guiding light with our many years of experience in the homebuilding industry and contact us for an obligation-free chat today.

Decided to build? You may be interested in 4 Benefits To Building a Two Storey Home.

26 Aug, 2021