Can’t decide between buying an established house and building your own? Well, certainly the current trend is to choose the latter, but ultimately it boils down to what you prefer, what your finances permit, and what your plans for the future might hold.
Both have their pros and cons. Established homes are reliable because most of the time you know exactly what you’re getting, but they can make poor use of space and many come with layouts that don’t suit the modern lifestyle. They do, however, make the entire process of home ownership fairly simple. The house is there. The walls are up and the floors are in place. All you have to do is move your stuff in.
Brand new homes are generally easier and cheaper to maintain, but tend to lose resale value in much the same way that cars depreciate over time. There are ways to avoid this, though! If you buy a new house and land package at a price below the suburb median in an infill location within a highly sought-after suburb, then you’ve got a great chance of making money in the future. These opportunities aren’t widely available, but they are out there, so make sure you do your research!
What’s more, you might think buying an established home will give you a better chance of living in a neighbourhood that’s close to the best schools, shops and cafes. Yes, there are a lot of cheap house and land packages available to the far north and south of Perth where there’s not a lot of infrastructure, but you can find similarly affordable, high quality nuggets in suburbs where you actually want to live.
It’s also useful to note that while existing homes may seem more convenient, building a new house will qualify you for the First Home Owners Grant, which in WA offers up to $15,000 to anyone seeking to construct a house from scratch.
But it’s not just money-saving that can make building from scratch attractive. Many established houses come with dysfunctional designs and colour schemes that belong in the ‘80s. With new homes, you’re assured contemporary layouts and up-to-date appliances, along with all the latest safety features that are both energy-efficient and eco-friendly. It’s really the best of both worlds.
So, if you’re planning on becoming a new homeowner, the decision on whether to buy or build might be easier than you think!