Should you build a new home or buy an existing one?
When you’re looking for a home, you’ll probably consider whether to buy an existing house or a brand new build. There are pros and cons to both, so it’s important to choose the option that’s right for you and your family. To help, we’ve put together a list of the key points to consider, so you can make the best choice for your situation.
WHY BUY AN EXISITING HOUSE
See what you’re getting
With an existing house, you can walk through it and see exactly what you’re buying. Provided you know what to look for and have a good building inspector, what you see is what you get.
With an existing house, you’ll usually be able to move into your new-to-you abode shortly after settlement. With a new build, there might be a gap in residence where you’ve sold your old home and are waiting for your new one to be finished. Some home buyers don’t want to wait for their home to be built before they move in, or aren’t able to fund both their current rent or mortgage and a new build.
An established section
Existing homes often come with well-established landscaping and plants. This is great if you don’t want to create your own outdoor area or wait for trees to grow or produce fruit – with an existing house, that work has often been done for you.
Can be cheaper
Buying an existing house can be cheaper than building from scratch – although this is not always the case. Many buyers who choose an existing home will have smaller upfront costs and, depending on the market, there can be more room for negotiating the price than with a new build.
WHY BUILD A NEW HOME
Get exactly what you want
One of the best perks of building a home is being able to customise the design to suit what you want. With an existing house, there will probably be aspects you don’t like, whether it’s an inconvenient floor plan or cladding that’s not to your tastes. But when you build a new home, you can design it to perfectly suit your lifestyle and preferences.
Top building standards
New homes are usually more energy efficient and will be built to the latest modern standards. This means you can enjoy lower energy bills and a more comfortable home. Older houses can also include hazardous materials, such as asbestos or lead-based paint, whereas a new home will be built to the latest safety standards – giving you peace of mind that your home is healthy for you and your loved ones.
When the property market is hot, home buyers need to make offers on existing homes at lightning speed, or risk losing them to someone else. When you build a new home, though, there’s often less competition simply because the house hasn’t been built yet. Plus, your building company might even help you find the right land for the home you want, making the process even easier.
No need for renovations
With an older home, there’s likely to be outdated features that you’ll want to renovate, such as ugly carpets or an old-fashioned kitchen. But with a new home, everything will be modern and created with your personal tastes in mind, so there’ll be no need for disruptive renovations. You also won’t need to worry about odours created by previous occupants, such as from smoke or pets.
Fewer repairs and less maintenance
With a brand new home, you can rest easy knowing there’ll be no need for major repairs for some time. Maintenance is often easier in a home that’s built to modern standards, so you’ll have more time to enjoy your home.
Build your dream
One of the biggest benefits to building a new home is the satisfaction of living in a space you created. You can design the home you’ve always wanted, and enjoy showing it off to friends and family knowing you helped create each aspect of it.
At Toro Homes, we specialise in high-quality, customised homes that are designed to suit your lifestyle. Our team of experts will guide you through every step, providing advice and answering your questions along the way. Get in touch today to take the first step towards your perfect home.