When it comes to choosing the right property, it can be a challenging decision. Should you buy an existing home or build a new one? This is a common dilemma. Let’s look at some options to consider before you make your decision.
To buy or to build; that is the question
Purchasing an established home provides certainty about what you’re getting, but it may require additional expenses for renovations and repairs. On the other hand, building a new home allows for customisation and personalisation, but it can be time-consuming and challenging to visualise the final result.
Building a new home may offer cost savings in terms of stamp duty. The affordability and feasibility of building a new home versus buying an existing one often depend on the desired location.
Is buying “off the plan” right for you?
Another option to consider is buying “off the plan.” This involves committing to the purchase of a property before construction begins or when it is partially completed. The construction timeline provides an opportunity to save more money after paying the initial deposit.
However, a significant risk of buying “off the plan” is that the property market may change during construction, potentially impacting the property’s value and your borrowing capacity.
Do house and land packages fit your needs perfectly?
House and land packages have gained popularity, particularly among first-home buyers in capital cities. These packages are often available in new suburban developments where the land tends to be more affordable.
An advantage of house and land packages is that the houses are built with modern materials and energy-efficient appliances. However, it’s essential to note that some packages may not include extras like fencing or gardens, so you should consider the additional costs.
Do fixer-uppers fit your budget best?
For those seeking a more affordable option, fixer-uppers can be an attractive choice. Purchasing an older home that requires renovation or repair can provide a larger block of land, but the cost of renovations should be factored in.
Depending on the extent of repairs needed, the expenses may surpass those of purchasing a newer property. Conducting a building inspection report can help identify any major damages that require attention.
Do you prefer the strata-living lifestyle?
Apartments and units are becoming increasingly popular, especially in urban areas. They often offer a more affordable alternative to houses, but additional costs such as quarterly strata levies for maintaining common areas should be considered.
Newer apartments with more amenities are likely to have higher levies. However, apartments and units require less maintenance compared to houses, allowing homeowners to spend more time enjoying their living spaces.
Need a bigger space for family gatherings? Consider townhouses and villas
Townhouses and villas also provide a more affordable option with lower maintenance requirements. These properties are typically held through strata title, similar to apartments, which means there will be levies for building maintenance.
Unlike apartments, townhouses and villas often include an outdoor terrace or courtyard, providing a private outdoor space.
Need more affordable house and land options? Dual occupancies and duplexes are perfect choices
Dual occupancies and duplexes involve two homes built on a single block. Each home has its own title and may offer a small garden or backyard space. Duplexes are similar but usually share a wall between the two dwellings.
Noise and privacy considerations associated with townhouses also apply to duplexes. Both dual occupancies and duplexes are generally more affordable than detached houses due to their smaller land size.
Do the research
Before deciding on the type of property that suits your needs, it’s crucial to create a budget and a list of your necessities. Researching financial costs, locations, and the desired neighbourhood will help narrow down your options and make an informed decision.
Get in touch with our team to help you find the perfect type of property.