Things to consider before buying a house or a land to build your own

Things to consider before buying a house or a land to build your own

House for sale

You can find dozens of open houses and more showings than you can count in Australia – and more developments are expected to pop up in the future. If you’re yet to find your dream home, then you’re reading the right article.

Right now, the regional NSW offers some of the best investment prospects in the country according to reports. The Hunter Region, which includes the surrounds of Newcastle such as Lake Macquarie, Singleton, Cessnock, Maitland and Muswellbrook, is the country’s standout areas for growth potential, according to Hotspotting.

When looking for a new address to purchase a family home or buy it as an investment, you have two options really. More than just the majority of home ownership, there’s also a ready land-only that is sometimes available in your chosen community.

In this article, we’re assuming that you’re purchasing a home for your family or are about to start one soon. Let’s take a look at the things you must consider before buying a house or a land to build your own.

To buy or to build? That is the question

The mere fact of building your dream house will add sentimental value and multiple benefits in the long run. Building a home allows you to make everything your way, this includes virtually anything from the carpets to the cabinets and everything you can think of, both structurally and design-wise.

You and your family will have that feeling of pride and emotional fulfilment in a house that was born out of your will. Moreover, everything will be brand new and up-to-date in the time of building, giving you an advantage when you build instead of simply purchasing an existing home.

What’s more, the construction building code and materials will also be up to the latest safety standards.  Our modern society is reflected in newly built homes – everything from the foundation, wirings for high-speed internet and the latest in acoustics, spatial, and architectural trends can be built without worry.

Now if you’re looking to purchase an existing house, you need to pay Transfer Duty to the original owner or developer. A developer will be VAT registered, therefore the property’s price will include VAT.

An already built home can just be used as is, provided utilities are already present. You’ll just need to put in your family’s furniture (and pets) and you’re ready to move in. This is perfect for those looking to get the right home and has the finances to sustain it.

Speaking of the cons…

Try talking with anyone that has built their own home more and some of them may tell horror stories about the project. Perhaps it took too long or have exceeded their cost expectations.

Sometimes the issue is the inclement weather, or it could be difficulties with obtaining the right materials, delayed inspections or unavailable general contractor. Indeed, building your home from scratch can include significant delays.

Going the route of developers is a good, popular choice though it can limit you to use their existing plans. Developers will usually quote around six to seven months to build a home according to their existing floor plans.

It can put you in a financial bind as you pay twice with the mortgage or rent of your current residence plus the home you are building.  Cost is a deciding factor as it becomes more expensive per square metre to build a home than when you buy an existing one.

A new home in a neighbourhood you’ll love

To sum up, you can either buy a house and land package. If you choose to buy, the option means the builder has already built the house in a block you want. If you’re looking to purchase a land, this means that the builder has secured the land and prepared a house design that’s suited specifically to that block or buy a block of land and build. This is the most flexible option, where you are allowed to pick your own builder and home design.

If you’re currently looking for a neighbourhood where this option is available, starting a family in Calderwood Valley could be the perfect option for you either as a family home or an investment property. You can check out the community via the link.