Wondering if you should buy or build a home in Melbourne?
This is probably the hardest question that continues to confuse would-be homeowners. You may want to know which option is affordable and suits your expectations. There are several key factors to consider and weighing the pros and cons based on your situation will help you make an informed choice. There is also a lot to consider based on the market trends. Home prices continue to be high and even the construction industry is volatile. A definitive answer to whether you should buy or build is difficult and as such, it is best to understand the upsides and drawbacks.
The Pros of Building a Home
Customise Your Home to Suit Your Needs
The most significant advantage of building your home is the flexibility to make your vision a reality. The possibilities are endless and you can design spaces just the way you want. From choosing the material to the fixtures, you can create a space with expert home builders in Melbourne, that expresses your unique style and matches your lifestyle needs.
The level of personalisation that comes with building a home is broad. From choosing the location and the builder to deciding the number of storeys and more, you can have features in your home that you prefer. While finding a home that has everything that you want may be difficult, building a home offers an easier way to make your dream design come to life.
When you are building a new home, you have an idea about the cost that is involved. You can get quotes from several builders and work on a suitable option. However, if you buy a home, there is the need to renovate and unforeseen costs that you will have to pay. You may also find out that there are major repairs required that you probably didn’t realise earlier.
An aspect of the personalisation process is choosing features that make your home energy-efficient. This will enable you to save on your energy bills and use materials that effectively block out heat and light. If you want, you can even consider installing solar panels to save on your energy bills in the long run.
The Cons of Building a Home
There are several drawbacks too associated with the idea of building your own home.
Building a home of your own takes time, while if you buy a home, you can move right away. Building a home from scratch may also require arranging for a temporary accommodation, which involves additional cost.
A construction loan is a specific type of loan available to help in the funding of a new home. While the loan makes a good option, there are several limitations of a construction loan. The interest rate is higher and there are higher charges involved. The loan also requires a larger deposit and the documentation requirement is wider.
The Pros of Buying a Home
An advantage of buying a home is the convenience associated. It can, in fact be as easy as browsing and checking properties online for sale. Even the financing process is simpler. You can complete the process online and save a lot of time. Compared to building a home, the process of buying a home is much more streamlined.
Clear Idea of What You Can Expect
Another advantage of buying a home is that you know what you are getting. You can save yourself from failed expectations as you are investing in a property that is already built. You can thoroughly inspect the property and decide, so there are no surprises later.
Choosing the Location
As the Australian population continues to increase, you may find it difficult to find a plot of land in a location of your choice to build a home. However, if you buy a home, the choices are wide. You can choose a location with ease. When buying a home, you are not restricted in terms of location.
The Cons of Buying a Home
Wear and Tear
If you are buying an established home, it means that someone will have lived in it. There will be a certain level of wear and tear that you will have to accept. The electricity charges may also be higher because of poor insulation.
If you are building a new home and working with renowned home builders in Melbourne, you have the freedom to install amazing features. However, when you are buying a home, such features may not be available. You may find that your choices are restricted.
Higher Government Fees
The government fee associated with purchasing an existing home is higher. Moreover, there are grants available only to those who are building or buying a new home.
By assessing the above factors, you can determine whether building or buying a home will be a better option. You need to consider your budget, time and preferences to make a wise choice.
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