First home buyers may not typically consider building when purchasing their initial house, but there’s no reason not to. Today’s new homes are affordable, accessible, and provide many benefits over purchasing an existing home. It just may be the perfect way to move into your dream home much sooner than you expected.
Benefits of building a new home
There are plenty of reasons why home buyers in all stages of life turn to new developments, and there is no reason first time buyers should be excluded. Building your own home gives you:
Customisation. Depending on the builder, location, and design you choose, you can get a home just the way you want. Even if you can’t control every single aspect of design, chances are good that you’ll be able to tweak features to meet your desires and with hundreds of different designs to choose from you are sure to find one that suits your lifestyle..
Choices. Building your own home means you get to choose almost everything about it, from flooring, appliances and finishings, to exterior colours and landscaping. You move in and won’t have to change or update anything to suit your unique style and taste.
Cost Savings. Modern dwellings located in fast-growing suburbs can be less expensive than purchasing a property in the city centre where land is at a premium. This drives costs up and makes homeownership less achievable for some. Additionally, building a new home means you are essentially buying at wholesale prices not the retail prices of existing properties.
Decreased Maintenance. A new construction means everything is new. Buyers won’t have to worry about appliances breaking down shortly after they move in, needing to change out carpets or flooring, or having to make expensive repairs. All those unexpected costs add up and can put a strain on your pocket.
Financing Benefits Aside from the physical benefits of recently constructed dwellings, there are plenty of financial incentives that are available to first home buyers, and to those who build new homes over purchasing existing homes.
Construction-only loans can be more affordable than traditional mortgages and save you money on interest.
Builder incentives can help you to afford upgrades to your home that you couldn’t otherwise afford. You may even be able to afford a bigger home thanks to these incentives.
Builder-financing. Some builders work with lenders to provide in-house loan services, such as low-deposit loans, that could be more attractive than those offered by banks and other lenders.
Government Assistance. First home buyers can get $10,000 in government grants when building a new home. This is compared to only $3,000 available for the purchase of an existing home. Stamp duty concessions are also available which can save homebuyers thousands of dollars at settlement.
If you’re a first time buyer who never thought a newly constructed residence was an option, you owe it to yourself to visit a few builders and see what they have to offer. Once you see the builder’s designs and crunch the numbers, you may discover that your dream home is within reach.