Should You Build a New Home or Buy an Existing One?

January 26, 2022
Should You Build a New Home or Buy an Existing One?

Are you ready to become a homeowner this year? The good and bad news is, there are several options for you. You can either buy an old home, build a new custom home, or even choose home and land packages. Why bad news, you may ask? Well that’s because each option has several advantages and disadvantages that it can become overwhelming for you. To help you out, we decided to take a deep dive on each option and discuss the ups and downs of them.

Buying an Existing Home

Buying an existing home is exactly what its name suggests. It’s about buying a home that has been built and owned by someone before and that may have been previously occupied by others. Purchasing an existing home offers some benefits. For example, you can see exactly what you’re getting, and you may come back to the house multiple times to observe how it looks at various times of the day. You may have a chat with the owners or occupants to understand what they love and dislike about the house, and you can even buy a house with a long history and character.

Plus, if you want to reside in a relatively central location, your best bet is to buy an existing property as empty lands are scarce in these places. The process of buying an existing home is also far easier than it is to create one from the ground up. From signing the conditional contract to the date of settlement, buying an established property can take as little as 30 days, allowing you to move into your new home just a month after finding it.

However, buying an existing home is not a walk in the park. Obviously, purchasing an old home implies that certain features of the design and furnishings may not be exactly what you want. You’ll have to consider whether the house can be remodelled at a reasonable cost to fit your needs and make it more pleasant and sustainable.

Also, potential issues may arise if you buy a home that has been built for a few years already. For instance, residences built before 2006 were not required to achieve the National Construction Code’s energy performance standards (NCC). In the design, construction, performance, and liveability of new buildings throughout Australia, the NCC establishes the minimum necessary requirements for safety and health, amenity and accessibility, and sustainability.

Building a Custom Home

If having a home that’s not exactly how you want your house to be doesn’t sound ideal to you, then building a custom home is the perfect option for you. It allows you to customise your home, from the biggest up to the teeny-tiny details, especially if you work with a reputable builder of custom homes.

One of the most appealing aspects of constructing a custom house is that you have a say in every step of the process. You have complete control over everything in your new house, including high-end appliances, paint, flooring, fixtures, and more. Install skylight if you enjoy natural light or have a gorgeous, loud splashback to symbolise your individuality – name it. You have complete control over the outside and interior design of your new home. Your imagination is the limit.

The advantages of building a new home doesn’t end there. Because new houses are built with high-quality materials and equipped with modern equipment, they are more energy efficient, saving you money and the environment in the long run.  There are also design strategies that you can employ to take advantage of the sun, shade from trees, cooling breezes, and insulation. These can make your house cooler in the summer and warmer in the winter without spending more on your energy bill.

Buying a newly built home may also appeal to first-time home buyers because the First Home Owners Grant is available if you purchase a home that has never been occupied, depending on which state or territory you buy in.

As for the downside of building a custom home, you might have guessed it – building a new home takes time so you can’t move in right away. Also, the cost is not fixed and you may have to apply for a construction loan which requires more paperwork. But if you’re patient enough to endure all these, trust us: this is among the best options and the waiting time’s all worth it.

Tip: If you’re opting for a custom home, select a builder with a proven track record of quality build and timely delivery. It will make the process easier and more enjoyable for you.

Home and Land Packages

If you want the best of both worlds, getting a home and land package is probably the best option for you. A house and land package combines a home loan and a land loan into one package, which is typically used to save money. So, in essence, you buy a plot of land and plan the construction of a home in one step, but there are two contracts involved. A single entity will sell the land, while a builder will sell the house.

With a house and land package, you’ll know the whole cost of the land and home up front, eliminating concerns about hidden fees afterwards. There is only one set of numbers to remember. You won’t be asked for funds in the middle of construction or right before turnover because of underquoting. The mortgage is originally calculated only on the basis of the land, and then you will need to take out a construction loan.

Typical house packages include a fully furnished home with all of the necessary facilities, so all you have to do is move in. It’s important to understand that different custom home builders provide varying amenities, with some offering better deals than others.

For instance, all of BuildQ’s turnkey projects have more than one bedroom and plenty of living and storage space. Our Sydney custom house builders design spaces with family living in mind, ensuring that sections are constructed for the comfort and convenience of their occupants.

BuildQ Group – your trusted home builder

Whether you want to buy a home and land package or build a house, you can come to us at BuildQ Group to help you.  We’re trusted builders of functional, safe and luxurious houses that last and are known for timely delivery and great customer service. Our contemporary home and land packages are available in Sydney, Australia including Marsden Park, The Ponds, and more.

BuildQ Group has successfully completed more than 550 projects, and we have built strong relationships with our clients. We are the BuildQ Group – builders you can TRUST.

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