Buying A House V Building: The Pros & Cons
Deciding between buying an established house or building a new one is a significant decision.
Each option has its unique set of advantages and disadvantages, especially when it comes to cost, which is often the deciding factor for many. We've worked through some of the key factors, so you don't have to. Read on for some guidance on your home-buying journey!
Is It Cheaper to Build or Buy a House?
The question of cost in home building is complex, influenced by factors like location, customisation, and market trends. Building your home allows for a tailored experience, although costs vary. This is where Simonds Homes' Fixed Home Guarantee can be a game-changer, offering you peace of mind with a stable, predictable cost structure. On the other hand, buying an established home might seem more straightforward, but it can come with hidden expenses.
Costs of Building a House
Constructing a new home involves a lot of variables. Land, design, materials, and labour all contribute to the budget, which can shift with market fluctuations. Yet, building a home comes with long-term financial perks, such as lower maintenance costs and energy efficiencies that can save on bills.
Costs of Buying an Established House
The purchase price of an existing home may seem definitive, but it doesn't account for immediate renovations or maintenance issues that can arise. However, the convenience of a quicker settlement can be a significant advantage.
Advantages of Building a Home
Building a home with Simonds ensures that every aspect reflects your life and style. From selecting the perfect floorplan to choosing the finishes, you create a space that is truly yours. New homes have the latest energy-efficient technologies and modern amenities, offering comfort and cost savings. Plus, with our Lifetime Structural Guarantee, peace of mind is guaranteed!
Customised Design: Your new Simonds home is a blank canvas; every choice, from the floor plan to the tapware, reflects your style and family requirements.
Energy Efficiencies: Embrace the future with cutting-edge energy-saving technologies and smart features, ensuring cost-effective living and enhanced comfort.
Warranties and Guarantees: Sleep easy knowing your build is backed by comprehensive warranties, including Simonds' Lifetime Structural Guarantee, click here to learn more.
Financial Incentives: Take advantage of government grants and concessions that can make entering your custom-built home more accessible than ever.
Choice of Location: Select the perfect block in your dream suburb, ensuring your new home is exactly where you want to be. Found a block but not the right house? We can knock down your house and build a brand new one, right where you want it.
Disadvantages of Building a Home
While the building process requires more time and navigation through schedules and budgets, the path from design to your new home's keys is a rewarding experience that brings your vision to life.
Advantages of Buying an Established Home
Immediate move-in availability and the charm of established neighbourhoods are significant draws. An existing home can also offer a sense of history and character that many find appealing.
Disadvantages of Buying an Established Home
Older homes may come with hidden costs like repairs or inefficiency in heating and cooling, leading to higher monthly expenses. Additionally, you may find yourself compromising on design elements that are not quite to your taste.
Hidden Costs: The risk of unplanned repairs or upgrades can be large in established properties.
Time Taken and Market Challenges: For first-home buyers, the journey to purchasing an older home can be time-intensive, with inspections, auctions, and extensive research, but also disheartening. Often, they find themselves in tough competition with more established buyers or older generations, leading to the challenge of being priced out in the bidding process.
Outdated Designs: Many existing homes fall short of today's design preferences, often missing features like open-plan living and ensuite bathrooms that are common in modern homes.
Less Energy Efficient: Older constructions weren't designed with today's energy standards in mind, potentially leading to higher ongoing costs such as electricity.
Renovation Restrictions: Transforming an existing home to suit your vision can be costly, time-consuming, and sometimes limited by structural constraints.
Compromised Location: You may have to compromise on your ideal location based on the available homes for sale.
Embarking on the journey of homeownership is filled with important choices. Whether you build new, with every detail a reflection of your style and needs, or you find charm in the history of an established property, Simonds Homes is here to guide you. Our commitment is to ensure that your home is not just a structure but a home for you and your family. Reach out to us, and let's make your dream home a reality.