You’ve got your budget, sought loan pre-approval and now you’re ready to shop. But what exactly should you invest in as a first-time buyer: an existing home or a new one?
There are plenty of good reasons to buy an existing home, but the balance is tipped in first home buyers’ favour for brand new builds. Here’s why:
Grants, grants and more grants
An obvious bonus (pardon the pun) to buying or building new are the significant government grants available to first home buyers. For those who are eligible, the current range of incentives can total over $50k, so it’s well worth your while to explore the options within the new home market.
For the remainder of 2020, the range of grants available to first home owners includes:
Less time (and competition) in your search
Anyone who has explored the existing property market knows the search for “the one” can be time-consuming and heart-breaking. Months can pass as you trawl through open homes and auctions and become all too familiar with the faces of your local “competition”, only to eventually see the home of your dreams sell to someone else.
Many people believe building from scratch involves endless decisions and paperwork, or that they’ll pay a premium, which deters some of your competition. Working with a property group makes the process simple and streamlined, and built to your specifications – all without the competition or the price tag.
You can build your dream home
House designs in Australia have come a long way in recent decades. In Queensland, open floor plans, light-filled rooms and large outdoor entertainment areas are at the heart of any “dream home”, and building from scratch gives you these options from the outset.
You can also select your own appliances, favourite finishes and ideal colour scheme, then simply enjoy watching as it comes to life.
Renovations rarely go exactly to plan, and it can be devastating to discover that the “bones” of an existing home or your budget constraints won’t allow you to achieve what you had envisaged.
You’re covered by warranties and builder insurances
In Queensland, all new houses come with home warranty insurance for 6.5 years from contract signature. So, on the off chance that you do experience a major defect, you can be safe in the knowledge it will be addressed by the builder and you won’t be out of pocket.
A new build means there’s no need for weekends spent on “touch ups”, nor urgent tradie call-outs due to old, failed plumbing.
On a broader scale, new also means no asbestos, lead paint or mould – all of which can be incredibly expensive to address should issues arise.
A low maintenance home allows you to get on with enjoying it in the way that is most important to you.
Better for the environment (and your back pocket)
Modern house designs are often built to maximise on the site’s breezes, shade and sunlight so your appliances do less work.
Using the latest building materials and appliances results in a home that is generally more energy efficient, making it kinder to the environment and your budget in the long run.
New estates = new amenities
New housing estates (where the majority of house and land packages are available) have been carefully planned to provide a great lifestyle for residents.
Buying into a new estate will give you access to great facilities, such as playgrounds and green areas that you and your new neighbours can enjoy for years to come.
If you have not yet considered a house and land package, it may be your perfect entry to the property market. Contact our team for an obligation-free chat to find out more about the options for building your first home.