Why You Should Build Your Home – Not Purchase It

Why You Should Build Your Home – Not Purchase It
0 comments, 19/06/2015, by , in Real Estate, Saving

Buying a home is one of the largest and most important expenditures you’ll ever make, so it’s important to weigh up your options and capacity to buy very carefully. Making the wrong decision can be very costly, and changing homes is not like changing clothes; it can take time and a lot of money in fees and charges, not to mention the stress it can put your family through.

One of those choices comes down to whether to build a home from scratch or purchase an established property. Both have pros and cons, but building your own home, with the help of a reputable builder like Coral Homes, can help you create the home you want for a reasonable price.

Buying an Established Home

First, here are some advantages and disadvantages of purchasing an existing home. For one, the home is already there, so there’s no need to wait months for construction; once your mortgage is settled, you can move right in. It’s also likely to have a garden already in place, meaning less work for you to design a showpiece for your home. On the downside, existing homes may be old and need a lot of work and money to be brought up to modern standards. Moreover, you’ll be making lots of compromises when it comes to the layout of living spaces, and it may clash with your existing furniture. What initially looked to be a good bargain may contain a few unpleasant surprises down the track.

Benefits of Building Your Own Home

With new, affordable housing estates springing up across the country, opportunities abound for choosing a home and land package that suits your needs. Blocks vary in size, meaning there’s usually something available in your price and location range.

While building your own home does take time, there are numerous advantages that benefit you and your family. For a start, you can get involved right from the beginning to influence how your home looks and feels inside and out. Home builders have broad ranges of designs, fittings and finishes that cater to various tastes and budgets, allowing you to design a home that reflects your style and taste, not just a house. Builders usually employ consultants who facilitate your choices and present options and ideas that you may never have considered but might instantly like, such as a novel bathroom or outdoor living space.

Another advantage of building your own home may lie in government assistance in the form of a first homebuyer’s grant or property tax concessions that are not available to buyers of existing homes. These can save you thousands in upfront costs or help to pay down your mortgage faster, saving you a lot of money in interest payments over the long term. Talk to your builder, bank or mortgage broker to find out what extra help is available for you to build your own home.

Not too many things are as exciting and rewarding as building your own new home. Why not share your tips and experiences in creating your own new home below?

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