Buying an existing house vs building a new house
Buying a home is a big investment. With so many options out there, it can be difficult to decide which property is right for you. Building a new house offers you the possibility of designing your dream home.
However, purchasing an existing house is a more convenient option. No matter what your preferences are, you can find what you’re looking for on GotProperty.
Buying an existing house
There are numerous advantages to buying an existing home. It’s a more convenient option as you’ll be able to move in and enjoy your new home faster than if you were to build a house from scratch. If you’re on a tight schedule, this may be the best option for you.
Families who are relocating may not have the luxury of waiting for a new home to be built. The building process is time-consuming and, in many cases, accompanied by stress. The bottom line is that your personal circumstances will have a huge impact on your decision.
You can you stick to your budget
You’ll need to take your budget into account. Buying an existing house may be a more affordable option. When you’re buying a home, you’ll need to decide on a budget and then find a property that falls within your price range.
Sticking to your budget is more challenging when you’re building a house. You’re likely to be required to spend more and complications along the way can cause building costs to skyrocket.
It’s easier to find existing houses in popular neighbourhoods than vacant plots of lands. If you have your heart set on a particular area, buying an existing house may be your only option.
This is particularly true for central areas in the city where many people relocate to be closer to work. Areas close to schools are also usually accompanied by a decreased availability of vacant land.
Another advantage of purchasing an existing home is that you’ll get a well-established garden. Beautiful landscaping adds value and enjoyment to your property. You won’t have to stress about planting a lawn or waiting for trees to get bigger before you can enjoy your garden.
Building a new home
When you’re building a new home, you’ll have the freedom to choose the design and layout. Since you’ll have a say in every aspect of the building process, this is your chance to own your dream home. The result is a house that precisely meets your requirements and personal preferences.
Low maintenance costs
Another advantage of building a new home is that you’ll enjoy low maintenance costs for years to come. You’ll also save money by eliminating the transfer-duty expense. There may be tax benefits for you to enjoy as you can claim for the rapid depreciation value of your new investment.
You can build an eco-friendly home
If you take the latest sustainability building practices into account, you can build an energy efficient home. You’ll be doing your bit for the environment while saving on monthly utility bills.
The design of your home, as well as the addition of solar panels and grey water systems, need to be considered if you’re building an eco-friendly home. These additions also add value to your property if you decide to sell it later.
There is typically less competition when you’re buying a piece of land. This makes the purchasing process less stressful and time-consuming. With fewer competitors, you’re also more likely to find a good deal.
Building a new house comes with pros and cons. Likewise, there are advantages and disadvantages to purchasing an existing house. This means that you’ll need to do additional research and consider your options carefully before deciding.
Looking for a bargain? Find affordable properties for sale on GotProperty.