Should You Persevere With Building A New Home Or Just Buy An Existing One?

You’ve made up your mind that it’s time to move on from your current home and purchase one that will suit the needs of you and your family much better.

Perhaps, you’ve already decided that you would like a brand-new home that has everything you’ve ever dreamed of. You’ve relished the idea of moving into a home that no one has ever lived in before where everything is fresh and new.

Maybe you’ve even gone to the extent of speaking to a builder or building company and have found the perfect plan that has absolutely everything you want.

At this stage, you’ve probably had pleasant dreams about moving into a brand new home and decorating the interior to your own personal style. It’s exciting, isn’t it?

But….

Then, reality sets in and you encounter a few hurdles. Maybe, you’re finding it difficult to locate and buy just the perfect piece of land for your new dream home. Or perhaps, you’ve come across all sorts of snags when trying to complete the building permit applications with the local council or shire.

At this stage, many people will give up on their dream of owning a new home and opt for buying an existing one instead. 

But is that really the right course of action? Or should you simply just push on and break through those barriers? After all, many people have done it before you and succeeded.

While the ultimate decision is up to you, let’s have a look at the advantages and disadvantages of building a new home versus buying an existing one.

Advantages of building a new home.

There are many advantages of having a new home built. Here are just a few that you might or might not have considered.

You can design the perfect floor plan.

Firstly, you get to choose the floor plan that will suit your needs perfectly. Not only that, but you can even ask for changes so that you end up with the layout that you’ve always dreamed of.

For example, you work from home and have always wanted your own office but instead, you’ve had to settle for a corner in the lounge room. If you have the option of designing your own floor plan, you can position your home office anywhere you want.

Or your family of five is currently all sharing the same bathroom. How nice would it be if you could have an ensuite just for yourself (and your partner, of course)? 

Or perhaps you have elderly relatives who come to stay quite often. How nice would it be if you could incorporate a guest wing just for them? With its own ensuite!

Maybe the kids are getting a bit older, and a games room would be perfect for them. You could set up a billiards table or even a gaming station so that the TV in the lounge is all yours.

Or maybe the kids are almost ready to leave home, and you’d rather have a home theatre instead.

You could really let your imagination go wild when it comes to designing a brand new home – as long as it fits into your budget of course.

But that’s the beauty of having a new home built – you get to choose exactly what you want and how you want the floor plan to look.

You can choose your own colour scheme.

Another exciting part of building a new home is that you get to choose the colour scheme and the type of fixtures that you want. No more putting up with old Formica benchtops in the kitchen – you could opt for natural stone, stainless steel, or even warm timber benchtops.

Then, imagine the fun you’ll have choosing the tiles for the kitchen and the bathrooms. Maybe you’d love to have modern subway tiles in the kitchen and floor-to-ceiling marble-look tiles in the bathroom and ensuite.

All these things are a possibility when you decide to have a new home built for you.

You get extended warranties when you build a new home.

When you build new, you’re covered by statutory warranties. In NSW, these include 2 years for minor defects and 6 years for major ones.

This means that if anything isn’t totally up to scratch, you can go back to the builder and have those issues fixed. This saves you money in the long run just in case something does go wrong.

You have the choice of where you want to live.

Perhaps, you’ve found a lifestyle property that you really love but the existing house leaves a lot to be desired. Maybe it’s quite an old home and will need extensive renovations and upgrades to bring it up to standard.

Instead of spending all that money to renovate, why not just demolish it and have a new home built that is going to suit you and your family and meet current building standards as well?

Plus, when you build a new home, it’s an additional investment in your future because you can identify growth areas where your investment will rise in value over the years. It’s always a good idea to look at this type of investment as a longer-term strategy even though you’ll be living in it for quite a long time.

Your new home will be energy efficient.

These days, there’s a lot of talk about energy efficiency and rightly so. With the continued rising cost of electricity, anything that can be done to make your home more energy efficient will result in a saving for you.

This is not only important for today but will become even more crucial in the future as costs continue to rise.

Your new home will be much safer from natural disasters.

Consider the many recent climatic events that have taken place around the country – storms, floods and bushfires. Wouldn’t it be nice if you knew that you were protected from some of these?

New homes that are built today take into account environmental events and the fact that these are likely to increase. This means that these homes are now built to specific safety standards such as protection from both bushfires and floods. 

So, not only will a new home be more energy-efficient, but it will also be much safer if a disaster does occur in your region.

So, as you can see, there are lots of great advantages to building a new home. But, as with anything, there are going to be a few challenges along the way.

Challenges with building a new home.

Most of these challenges might seem a little overwhelming while you’re dealing with them but remember to keep an eye on the final prize if you really do want a brand new home.

Finding the perfect piece of land.

Your first challenge might be finding the perfect plot of land to put your new home on. There are so many things to consider. After all, you’re going to be building your dream home so you want to make sure that you can live there for many years to come.

The best idea is to start looking for land as soon as you’ve made up your mind that you want to build a new home. It might take you a few weeks or months to find just the ideal block but don’t you think it will be worth it in the long run?

Dealing with council building applications.

Now we know that councils do an important job and sometimes they can be extremely busy, but why do they have to make the building application process so difficult? 

While you can follow through with the entire process yourself if it’s giving you headache after headache, why not just enlist a professional to assist you? 

In fact, if you’ve chosen the right builders for your new home, they should be able to assist you with any issues that you might come up against.

The design you’ve created is going to blow your budget.

This is a common one. You’ve had all these grandiose ideas but at the end of the day, you do need to stay within your budget. At this stage, don’t throw your hands up in disgust and give up.

Speak to your builder to see how minimal changes can be made to allow you to stay within your budget. This is when it’s really important to choose a reputable and reliable building company that is willing to work with you so that you get what you want within reason.

In other words, you want to find a builder who understands your particular situation and who can help you achieve your dream. 

But, what if all this sounds a little overwhelming, should you settle for an existing home instead? Let’s have a look at the advantages and challenges of doing so.

Advantages of buying an existing home.

The biggest advantage of buying an existing home is well – it already exists! And, if you’ve chosen wisely, the home should be ready to move into as soon as it settles.

Another advantage is that you can see exactly what you’re getting and can determine whether it’s the right choice for you and your family. 

There’s no need to look for suitable land or deal with complex building approvals. The house is already there and waiting for you to move in.

But, if you opt to buy an existing home rather than building a new home, are you not giving up on your dream and settling for second best?

We’re not saying that there’s anything wrong with that, but you have to be absolutely sure that this is what you want. So, what are some of the challenges of buying an existing home?

Disadvantages of buying an existing home.

When you settle for buying an existing home, you’re going to have to accept that not everything will be exactly what you want. This might mean that you will want to make some changes down the track.

An existing home could require extensive renovations.

For example, the kitchen might be a bit dated, and you’ll have to factor in a renovation into your budget. Or, put up with it until you can afford a new one. The same goes for the bathroom.

You also have to ensure that the house has a sound structure, and this will require enlisting the services of a professional. 

Perhaps, the floor plan is a little limited and you might want to build an extension down the track. Make sure that there is room for this and that the council will give you approval when you’re ready.

Most times, you’ll also want to do some redecorating. For example, the home might need a new coat of paint, either inside or out or both. You might also want to update the floor coverings or even put in a floating floor if you really love the look and simplicity of timber floorboards.

Then, there are the outside areas and the garden to consider. Remember that you won’t be starting with a clean slate, so you’ll have to work with what’s already there.

An existing home might not be completely safe.

Another thing you want to consider before you settle for an existing home is the safety aspects. Building codes are constantly changing and what was considered safe and acceptable even just five years ago, now is not according to today’s standards.

This might mean that you’re going to have to get in professionals like electricians and plumbers to ensure that these aspects of the home are safe and meet today’s standards. Remember that the safety of your family is paramount, and you don’t want to put them in danger unnecessarily.

An existing home may not comply with the current bushfire and / or flood prevention codes.

This is really something that you want to consider seriously. These major environmental events are only going to increase in frequency in the future thanks to climate change.

That’s why building codes are constantly being updated to ensure that new homes that are built have safety features that you’re just not going to get with an existing home.

An existing home might not be very energy-efficient.

It’s no secret that many older homes just aren’t very energy-efficient. That’s because this was not a major consideration even just five or ten years ago.

But, these days, energy efficiency is at the top of everyone’s mind and rightly so. Consider how much it would cost to get the existing home up to scratch. Or, is it even possible to make the current structure energy efficient? In many cases, it’s not.

These are all factors to consider if you’re toying with the decision to buy an existing home rather than build a new one. And, you’re going to have to factor all of these improvements into your budget. Don’t forget that!

So, should you buy an existing home or follow your dream and persevere with having a new one built?

Building New vs Buying Existing: Which Is Better?

We’re not here to make up your mind for you. All we can really do is lay out all the pros and cons and let you make up your own mind.

So, here’s a little checklist that you can peruse quickly to see how a new home compares to an existing one when we consider all the factors we’ve already discussed.

As you can see, building a new home definitely ticks all the boxes of getting exactly what you want and ending up with a home that’s safe and a great investment.

Remember, that anything that’s worth committing to, even if there are obstacles, is going to be worth it in the long run. After all, why should you compromise on your lifestyle dream and vision?

So if you do decide that building your new dream home is what you really want, can we encourage you not to give up?

Think about when you’re lying in bed in your brand-new dream home, feeling completely happy and contented, that all the snags you encountered along the way will just be a distant memory.

And consider the fact that you now own a home that’s safe, energy-efficient, environmentally friendly and will happily house your family for years to come.

If you’ve decided to work with us, we’ll be right beside you to ensure that we make your vision come true and that you end up with a beautiful new home for you and your family to enjoy.