Finding the right home to suit your lifestyle isn't always simple. Once you've decided to look for a house and the bank has given you the green light, many factors come into play that can influence your final decision.
One of the most significant choices new homeowners face is the question, "Do I build or do I buy?". Building a new home comes with so many benefits, like tailoring the home to suit you, and modern features that just don't come with older homes. When buying a new home you can move in faster, skip the building process and better understand exactly what's included.
Read below as we break down the most important benefits and potential challenges of building vs buying, plus some special considerations every new homeowner should consider so that you can get the most out of your budget and plan for the future.
Building Modular Benefits
Choice
The chief benefit of choosing to build your new home is all about choice. Choosing to build with Swanbuild means you can select from over 90+ home designs and, depending on your inclusion package, have the option to tailor the interior, from the flooring to the ceiling and everything in between, like tapware, tiles, appliances, door handles, windows and doors.
Location
Building a modular home also means more freedom when it comes to location. If you have the perfect block of land or area you want to live in, building means you don't have to wait for a house to sell or land to become available to set up in your preferred area.
Modern efficiencies
Modern building practices evolve so quickly; last year, Victoria upgraded their building standards to 7 stars, meaning that all new homes built in Victoria now meet exceptionally high energy efficiency standards. Combine that with contemporary design elements and advanced technology like solar panels and batteries, and you will find that a newly built home will be cooler in summer, warmer in winter, and much cheaper to run.
Building Modular Challenges
Building a new home offers a wealth of choices and freedoms, but it also involves many decisions and a waiting period while construction takes place. Some prospective homeowners may prefer to bypass the complexities of building and the associated wait time by purchasing an already-established house instead.
Buying a Home Benefits
Faster timeframe
Buying a new home is the ultimate turnkey solution; once you've signed the contract and observed the settlement process, you only need to move in. If you don't want to wait for your home to be built or don't have great options for temporary accommodation, then buying a home might be right for you.
Less admin
Not only are there a lot of decisions that come when building a new home, but there can also be a number of council requirements and permits needed before you can break ground on your new home. But at Swanbuild we will help you through this process! Buying a home means less admin, and beyond a building inspection and finance requirements, you only need to sign contracts.
Established home
Buying an already established home means no surprises; inspections and walk-throughs mean you know exactly how every room looks, how it catches the sun at certain times of the day and what your furniture might look like inside its walls. Established homes also mean established suburbs and areas; if you have your heart set on a specific place to live, it's often much easier to find a home for sale than a vacant block or home worth knocking down to rebuild.
Buying a Home Challenges
One of the main drawbacks of purchasing a home is that someone else has already made all the decisions in construction and choices to tailor the home. And what might have suited the previous owners might not suit your life or your family. It's not a simple matter of moving walls or adding extra features. There may be renovations needed, to make the home truly yours or to update the existing layout or design.
Location restrictions
For our rural clients, this one is quite important; with unique plots of land or large farms, there often aren't homes in the area, or if they are, they rarely come up on the market. So when buying a home, you have less choice in what area you can buy in.
Considerations
Owning a home is one of the most significant financial commitments and the largest purchase most of us will make in our lifetime. It's essential to assess your budget and understand what is feasible. You may find that your money goes further if you choose to build a modular home, as it allows you to set a clear budget and have a precise understanding of the total costs involved compared to buying a new home at auction.
Whether you are building or buying, a new home isn't just for now. You should also consider your long-term plans for yourself and your family. Will you need to extend it in the future or be closer to friends and family? Building a new home might mean your house will last longer than a home built 10-20 years ago.
If you don't know what's right for your situation, feel free to reach out to the Swanbuild team; with vast home-building experience, we know the right questions to ask and the information to share to get you the right solution that fits your ideal lifestyle.