Construction V's Established
For first home buyers, Construction V’s Established, so why would you construct your first home over buying an established property? Or vice-versa?
One of the main benefits of building as opposed to buying an established property is as a first home buyer you don’t pay stamp duty on the land purchase price up to $300,000 and on commencement of your house being built you are eligible for the first home owners grant of $10,000 which is still available to first home owners who choose to build.
Other benefits to building are that you will end up with a nice, new home - new oven, new kitchen, new bathrooms, everything’s going to be new, you’re going to be able to pick the colour scheme and not have to inherit a 1970’s retro kitchen like I did when I purchased my first home. Most land developers will now do your landscaping for you if you get the right one, they might even have some bonuses as far as extra money to add towards completing the property, so it is best to shop around when looking for the right plot of land.
The downside of building a property is the wait period. Generally you’ll have to wait on average of nine months before you’re going to be able to move in and sometimes over a year, this will depend on how long it takes for the builder to get through all the different stages of construction.
The benefits of buying established over building is that you’re going to be able to move straight in. You’re not going to have to muck around with landscaping, it’s done and well established, there should be a lot of infrastructure around, whether that be in the way of shops, schools, fast-food restaurants, cafes, etc. Essentially you don’t have to go through any of the heartache, you can simply move into an established home that you love and can make the required changes to make it your own.
My name is Warren Bank, and I am a Mortgage Broker with Loan Market. With experience within the financial sector for over 15 years, my role is to assist you to make the best buying decision
possible. I service Baldivis, Rockingham, Secret Harbour and surrounding areas. No matter what stage you are at in relating to securing finance or purchasing your first home, I’d like to have a
conversation with you to ensure you are going down the right path. Call me on 0404 340 212 to book an appointment.