Building vs. Buying a Home: What you Need to Consider

If you’re in the market for a new home, one of the biggest decisions you’ll have to make is whether to buy an already completed house or build one from the ground up. Each option has its pros and cons and the right decision will depend on the goals and priorities of the buyer.

Building a new home is a significant responsibility to take on, and involves a hefty amount of hard work and patience. However, the payoff is that you get a home that is literally custom-built to your needs and tastes. On the other hand, buying an already established property is a much quicker and simpler process, and many people love living in a home with history and classic sensibilities. But, it may need to be renovated or extended which can be expensive and stress-inducing.

To help you figure out what’s right for you, we’ve put together this list of the biggest things you need to consider when deciding whether to build or buy. This way, you can make the best choice for yourself and your family and make a solid investment in your future.

Convenience or customisation?

Deciding whether convenience or customisation is more important to you will be a major factor in your decision-making process. Building a house means that you can create exactly the type of home you want within your budget. From the architectural style and landscaping to the number of bedrooms and bathrooms, you can work with your custom home builder to create something that perfectly encapsulates your lifestyle and preferred aesthetic.

As enticing as this sounds, many people aren’t willing to put in the months (or even years) worth of work that it takes to build a new home. It’s a long process, and many are forced to live in rental homes or with their families while construction is underway. On the other hand, buying an already completed home means that you can move in quickly, smoothly and easily. Although, you will then have to deal with living in a home that may not have all the amenities that you desire.

Ultimately what matters more will vary from person to person, so think long and hard about where your priorities lie.

Energy efficiency

A major benefit of new homes is that they are more energy-efficient and sustainable than their older counterparts. Thanks to advances in technology, new projects can be built with improved insulation, air filtration and ventilation that meet current energy standards. This can decrease your reliance on artificial heating and cooling systems, greatly reducing your carbon footprint.

This will also make your energy bills lower, saving you a considerable amount of money over time and making your house cheaper and easier to maintain. While some newer existing homes may also be very energy efficient, many older homes will need some major upgrades if you wish to keep your energy usage down.

Recouping investment

When the time comes to sell, you may have a better chance at recouping your investment if you’ve built a new home. Many buyers find new homes more appealing than older homes, due to their modern sensibilities, energy efficiency and easier maintenance. By appealing to a wider variety of buyers, you’re putting yourself in a better position to make a healthy profit and be able to quickly and easily be done with the selling process.

Safety

Older homes can come with mould, asbestos, lead paint and possibly even unsafe renovations and extensions. While a property inspection should be able to locate any issues like these before you sign on the dotted line, in many instances these problems aren’t discovered until long after you’ve moved in.

Even if they are discovered before your move in date, you then have to work with the current owner to come to an agreement surrounding these issues. New homes mean that you’re starting with a clean slate, and will come across no nasty surprises down the track.

Trust

When building a new home, you need to put a lot of trust in the team of professionals that you’re working with. It’s important that you don’t rush into finding the right contractors, as they will be responsible for helping you bring your vision to life.

Chances are, you’ve probably heard horror stories from friends or family who have worked with architects or builders that failed to meet their expectations during the design or construction process. Performing thorough research and looking at examples of their past work will help you to find contractors that will be professional, responsible and reliable.

Ultimately, only you know what’s right for you and your family. Weigh up your options carefully and go with what’s best suited to your goals, finances and circumstances.

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Tony Ognenovski

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