When you are in the market for your perfect home, it can be a tough and time consuming process. The endless calendar invites and rushing to get to the inspection times. The weekends that are taken over by viewings, let alone the sleepless nights wondering if your offer will be accepted. It can cause even the most calm and collected buyer to feel a little overwhelmed.
The problem may be that what you are looking for is not available on the real estate market, which gives you two options; continue to look and keep waiting, or look in to building your perfect home. Now you might think building you own home would be more stressful than purchasing one, but the reality is that reputable companies have made building your own home easy. For instance you can even drive to display homes in western Sydney and look around houses to see whether the size or layout will suit your needs.
Benefits of building vs buying
One of the biggest advantages to most people is the reduction in costs when you purchase off plan. This is due to developers applying discounts to sell the properties in order minimise their debt and free up money to pay their contractors.
Another great benefit for people who buy off plan is that it gives more you time to get your finances in order. The reason being that if you use a deposit bond you still benefit from the instant capital growth.
New home buyers grant
State dependent you could also benefit from a new home buyers grant from the Government. The Government first home owners grant was originally set up in 2000 to help new homeowners to offset the GST costs associated with purchasing a new home. There are caps and rules that apply, therefore, it is best to check what is available to you before you put in an offer.
Building your home off plan still allows you the ability to personalise aspects of your home and make it your own. Depending on the extent of the personalisation or amendments – it is advised to speak to the developers early in the piece to confirm if they can be complete within the same cost. Or whether you need to negotiate a revised figure which suits both parties.
Benefits of buying vs building
With a property which is already built there is more certainty around what you are buying. The property has already been built and there is a physical space to carry out a building inspection on and negotiate based on. Whereas, if you are buying off plan, you will be required to do some research on the developer.
It is your responsibility to look into the developers reputation and their past projects. Asking owners for their feedback on the developers communication quality, whether they met the developments expected timelines, and whether their property had any defects or issues, will inform your opinion of the risks involved.
New home buyers grant
Depending on your State you could still benefit from a new home buyers grant from the Government if you are buying a property that hasn’t been lived in yet. Caps and rules still apply, so it is best to research the relevant rule for your State.
Settlement is shorter
Although settlement periods are usually set by the seller on average settlement periods are between 30 and 90 days. Therefore, even if your chosen house or apartment has a 90 day settlement period, you will be in new home quite quickly. Therefore, depending on how ready you are this may influence your decision.