Being a first home buyer is both an exciting and a nerve wracking time of life. How wonderful it is to be able to buy or build your very own home. Somewhere for you to share your future with your family and friends. Also very scary with such big decisions to be made.
One of these first big decision to be made is deciding what is right for you, building or buying. There are some pro’s and con’s for both that I will share with you today.
A First Home Buyer’s Guide – New Build or Buying
First of all there are some perceived benefits that we need to get out of the way. When building your first home, a common misconception is that you can have the home of your dreams with everything where you want it to be. Unless you have an very large budget, this is simply not going to happen. Compromises will need to be made.
Compromises will need to be made in the case of a new build. Most first home buyers will need to build with a project builder, who will have plans ready to go. These plans will be pretty well set in stone unless you are happy to extend your budget to make the changes.
Remember when you visit the display homes, you are walking through the absolute top end of that homes design, what you will get at a budget price, will vary greatly from what you are seeing on the day.
It is true that you will have control over your selections, however you will be choosing from your builders range. With careful planning and selection of the right builder, this can be a great positive. These days new builds are really quite large, even the smaller versions of, giving you plenty of space to expand your family, if that is something on your radar.
Don’t forget to factor in the need for landscaping, clothes lines, letterboxes and driveways as theses will not always be covered. When building a new home you should also count on around 16-20 weeks build time depending on your builder.
First up the negative, it is very rare to get exactly what you want when buying an existing home. This can be a massive challenge for many. There is no real way around it but compromise. Planning a future renovation or extension is the best way to fulfill your requirements longer term.
Buying an existing home, can come with a list of things to do immediately to create a home that meets your needs, these might be simple, like adding a fence, or complicated like a bathroom reno. Keeping these needs in mind with the budget you have when buying will ensure you are able to afford all necessary ‘to do items’.
Buying an existing home, can be less complicated than a new build, with driveways, and landscaping already taken care of. Of course these may not be in the position or the style you might like them, but with the hard work already done, this is a compromise you might be likely to make.
Position of a existing home is often the most important positive. When I think about our recent consideration of building again, the blocks of land in our City are right out on the fringe, but if we were to buy an existing home, we can be closer to the City. Closer to the City, may mean more expensive right now, but the growth of those areas is always swifter than out in the suburbs. Position also needs to be considered when thinking about proximity to work and family, often an existing home can give you a far superior work/life balance.
There are many positive reasons that either of these options could work for you, and over the coming weeks we will look closer into these options to help you decide what is right for you.
Are you a first home buyer looking to get into the market? Would you like to buy or build your first home?