When it comes to buying a home, deciding between purchasing an established property and building your dream home can be a tough decision. Here are some factors to consider when weighing the pros and cons of each option.
Cost: Building a home typically costs more upfront than purchasing an established one. With an established home, you can often negotiate the cost with the seller, but with a new build, the cost is generally fixed. The initial cost isn’t the only factor to consider, however; ongoing maintenance costs for an older home can add up quickly.
Time: Building a home will take much longer to complete than moving into an established one due to the various construction stages. If you need to move quickly, an established home may be the best option.
Location: Depending on how far out from the city you’d like to live, you may be able to buy a more expensive established home if you’re looking in the inner suburbs. However, if you build further out, you’ll likely pay less and get more land for your money.
Style: With an established home, you’ll usually have to deal with someone else’s design choices. Building a home gives you the freedom to choose your own layout and customise your property to fit your preferences perfectly.
Resale Value: An established home will often appreciate in value faster than a newly-built home. That said, if you haven’t made too many updates to the property, you may struggle to recoup the same amount of money upon resale as you would with a newly built home.
Ultimately, the decision between building and buying depends on your personal situation, budget and preferences. It’s important to weigh up all the pros and cons before making your decision!
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