If you’re considering buying a home, you might be wondering which is better: buying established or building a new home.
The truth is, buying established and building a new home both come with advantages. The key is to work out which option suits you and your family’s needs.
In this blog, we’ll show you why many people prefer to build new rather than buying established.
Create your dream home
When you decide to build a new home, you tailor your home to your family’s needs. You can choose your floor plan, your block size and shape, and many inclusion like fixtures and fittings. A newly built home is bespoke to your needs.
By contrast, if you buy established, you’re stuck with what the previous owner wanted— unless you’re willing to pay extra to renovate.
The majority of established homes were built in a previous era. That means they have old fashioned floor plans, which are often less practical than their modern counterparts. Established properties tend to have closed layouts and small living areas.
New homes have practical floor plans for improved livability. They have open designs that encourage a more social, family-friendly atmosphere.
These days, new homes are energy efficient and environmentally friendly. New appliances come with great energy star ratings.
New houses are also constructed and oriented in such a way that maximises sunlight in winter and minimises sunlight in summer, helping reduce energy usage.
In this way, new homes can help you save on your energy bills, while giving you peace of mind that you’re doing the right thing for the environment.
A lot of older homes may have been built with hazardous materials like asbestos. Not only is this unsafe to be around, it also makes renovating more complicated.
If you buy an established property that has been built with asbestos, you’ll need to hire a specialist asbestos remover if you ever want to renovate.
Newer homes are never built with asbestos. Luckily, modern building companies adhere to higher safety standards today!
Building new comes with many financial perks compared to buying established. In Victoria, you can get a first home owner’s grant only when you buy a house less than five years old— which excludes many established properties.
When you build new home, you also pay less stamp duty compared to buying established. This is because you only pay tax on the block of land, rather than the land and the house. You can take advantage of this incentive even if you’re not a new home owner.
If you choose a trusted builder like Sherridon Homes, your new home will come with exceptional standard inclusions. Inclusions cover connection of services, appliances, electrical and much more.
If you buy established, you may have to hire services and pay extra to get many of these things done. This is going to cost you more, and also create more work for you and your family.
Established homes need a lot of maintenance. Even if the house is only 10 or 20 years old and appears to be in good condition, you’ll still have work to do. Whether that’s replacing old carpets, giving it a new paint job, or fixing up the landscaping.
You don’t have to worry about maintenance or repairs for many years when building a new home. In the unlikely event something does need repair, your house, and all appliances, are under warranty, so it won’t cost an arm and a leg.
Why build in Victoria?
So far you’ve seen why buying a new home is such a popular choice. But did you know that many people also prefer to build new in Victoria?
Victoria’s population is growing due to the excellent employment and education opportunities. Whether you prefer suburban living close to Melbourne or tranquil rural life, Victoria is the place to be.
Buying land in Victoria checklist
Here’s a quick checklist to consider when inspecting house and land packages.
- Transportation: Is your house and land package close to major roads, rail and buses?
- Education: Look for schools, TAFEs and universities nearby.
- Builder: Choose a trusted company with a track record of building Victorian homes.
- Amenities: Live just a short drive from supermarkets, medical centres and hospitals.
- Recreation: Does the neighbourhood have recreational facilities, parks and greenspaces?
Want to know more about the house and land purchase process? Read more about buying a house in Victoria step by step.
Is buying new right for you?
There are many reasons why people prefer building a new home to buying established.
A new home is more affordable because it comes with financial incentives. You also don’t have to pay extra for renovations or maintenance, and with new appliances, you can save on your energy bills in the long term.
If you’re thinking of buying property in Victoria, building a new home is perfect for young families who want a high quality home at an affordable price. It’s great for families who don’t have the time or money to do expensive renovations.