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Should You Buy a House or Build a House in Australia?

Should You Buy a House or Build a House in Australia?
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Most Australians today buy already-built established homes. However, there’s another option to consider if you want to become a first-time Australian homeowner: building a house. One of the most common and difficult to answer questions regarding home buying in Australia is whether it’s better to buy or build.

There are two ways to build a home in Australia. First is to buy a piece of land and hire, for example, custom home builders Melbourne to build a house according to your specification. Or, you can buy “off-the-plan,” meaning that you sign a contract for a piece of land where a house will be built by the contractor. Let’s look at the pros and cons of building a house off the plan or from scratch:

Pros

You will Have Complete Control over Design

The biggest perk of building a home from scratch is that you can design the house any way you want. Your requirements will not be limited by a pre-existing foundation or structure. You can add as many rooms as you want or get creative. You can choose the colour scheme, placement, and everything else. Basically, you can build the home of your dreams.

Everything will be Brand New

The other perk is that everything in newly-built homes is brand new. One of the cons of buying an established home is that the new owners often have to spend tens of thousands of dollars on remodelling and repairs over time. Also, some items that come with older homes, like the air conditioning, might not function as expected. Moreover, you can benefit from new utility plans for things like air conditioning and cable TV.

Possible Discounts and Tax Breaks

You may qualify for certain discounts and tax breaks when you build a house. You may be eligible for lucrative discounts when you buy building material in bulk from a supplier. That should save you significantly in initial costs. Also, depending on your state, building a home or buying off the plan can be considered an investment. You may receive certain tax benefits as a result.

Cons

Design will be Limited to Budget

Building your own home gives you a lot of design leeway. However, though your imagination is unlimited, what you can implement realistically will be limited by your budget. Even if you want to build a five-bedroom dream house, you may only be able to afford to build a two-bedroom McMansion. This is where buying an established home can be better. You can buy a bigger home that is older at an affordable rate. Building the same brand new would cost more.

Dependence on a Contractor

The biggest caveat of building a home is that your project will be dependent on a contractor. You will have to trust them to get the work done right. To ensure this amount of trust, you will have to hire a reputable contractor, who will not come cheap.

Lack of Establishment

One of the advantages of established homes is that people know what they are buying. The homes have been around for a while to prove their stability. New homes usually don’t have this kind of reputation. They have yet to prove their worth. Also, older homes have yards and gardens with grown trees and so on. New homes will often have a cookie-cutter feel that can be rather unpleasant.

Carefully consider the pros and cons listed above. Ultimately, it’s up to you to decide whether it’s more profitable for you in the long term to build a house or buy a ready-made one.

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