What Is The Best Option For A New Home - Build Or Buy?

09 September 2021

Everyone tends to get excited at the thought of buying a new home. However, it is tough to decide on which home to purchase. This decision gets tougher when you need to pick between either buying an existing house or building one yourself. One of the obvious benefits of buying a house is that it simply means picking from one of the existing houses for sale. This will be faster than designing your own home. Building your own home means having to patiently wait while the luxury home builders carry out the design and construction. This article explains the pros and cons of each option. 

Pros and Cons of building a new home

The benefit of building luxury homes in Sydney:

  • Building your new house means you and custom design it from the ground up. It can be personalised to fit your preferences and lifestyle.
  • There is no need to rush things since unlike with buying property there are no other buyers who might take it before you make your decision.
  • New homes will have lesser maintenance.
  • You can implement the new technology in your house, such as installing smart home features and implementing the latest building techniques to ensure it does not require any big repairs for a long time and has low maintenance.
  • Since you are building it from the ground up, it is bound to be more energy-efficient resulting in lower energy costs.
  • A newly built house is new unlike buying one of the markets which would have had a previous owner.

The cons of building your own home:

  • There is a longer waiting time.
  • Harder to negotiate the cost of the house since the design and construction costs will be fixed. It is possible to negotiate the cost of an existing house.
  • It is more stressful to deal with the purchase of land, house design, floor plans, construction material, and finer details.

 Pros and Cons of buying an existing house

There are several benefits of buying an existing house:

  • The time from the decision to buy a new house to find your house is very small.
  • Most locations close to the city center are likely to have existing houses, hence purchasing one is the main option.
  • There is likely to be an existing community making it easier to assess whether or not you wish to move into the neighborhood.
  • This way to get your hands on a heritage home.

Cons of buying a new home:

  • This way you do not get to customize it to your liking.
  • It can be renovated however, this will cost extra.
  • The house can be outdated, using old technology.
  • Unexpected issues can arise at any time.

 Tips to build a home of your dreams

  • This isn't something you can do from the convenience of your home or on the Internet. The first task will be to find a suitable plot of land for the house.
  • Although it might be more time-consuming, you get to design every inch of the property.
  • It will involve paying for the land, stamp duty, planning, council approvals, cost to build, etc.
  • With building your new house it might be a barren land or an existing property. In the case of an existing property, there might be an additional cost to knock down the existing house.
  • Consider your lifestyle before deciding on either buying or building a home. Consider the type of facilities and features you need like a library, pool, deck with a barbeque, etc. Those with highly specific requirements should ideally opt to build their house instead of buying one.
  • Selecting the land to build your home is more complex than you can imagine. Depending on the design in your mind you will have the option of either opting for hilly land, one that is close to nature, or near a beach.
  • Those who prefer to be designing the home themselves will need appropriate tools or software for this purpose. On the other hand, you can ask the experts to design it for you and acquire the blueprints later. Finding builders to contract your home is the next step. However, you need to be prepared to regularly supervise the work in progress to ensure it is to your liking.

Finding luxury house builders in Sydney to construct your house is a good way to choose exactly where you want to live and what your house looks like. The housing market is highly competitive making it difficult to find the house you are looking for. Building a house can help you save time and money since this way you get the house of your dreams and do not need to worry about the repairs by keeping it well maintained.