It’s the age old question many Sydney investors and potential home owners ask themselves – Do I buy or build my dream home?
Whilst there are pros and cons for both building a new home and buying an existing one, in the longer term, it pays to build.
To help you make the most informed decision, we’ve put together 10 benefits to building your next property over buying an established house.
1. Make it Your Own
One of the best things about building a new home is the ability for you to tailor the home to ensure it perfectly suits your family.
Working with a Sydney builder like Wincrest Homes means you have the opportunity to design your house exactly the way you want it. Not only can you choose all the finishes and fittings – including appliances, facades, colours and flooring – you can also customise the entire layout so that your new home best reflects your lifestyle.
When you buy an established home, however, it can be rare to find one that’s perfect for your family. There may be things that need changing, or you might be forced to compromise on location to get the house you want (or vice versa!).
2. Financial Advantages
When you build a house, it’s not uncommon to have immediate capital gains, as the property is often worth more than the cost to build.
Stamp duty can also be significantly cheaper on a new home build. That’s because duty is levied on the contract value of the land at the time of sale. If that land includes an existing home you are likely to face higher stamp duty charges.
3. Health Considerations
New houses are better for your health as they do not have the same issues that plague older homes such as mould, mildew and asbestos.
4. Long-Term Savings
New home owners often find they save money in the long term when they build a new home. That’s because new homes come fitted with new appliances, are built with new materials, and tend to be more energy efficient through insulation, ventilation, lighting, heating, and cooling.
When building, you can also choose the orientation of the house, to take advantage of natural light, and can opt for more environmentally sustainable building materials.
Newly built homes also come with warranties adding extra protection and security for the home owner.
5. You Can Live Anywhere
The option of Knockdown Rebuild means you can go ahead and buy the worst house on the best street. It won’t be long before you are able to build the best house on the best street!
6. The High Cost of Renovations
When buying an existing property, you are buying the design, fittings and style of the previous owner. It will often cost a lot more to change things you don’t like than it would to simply knock down the house and rebuild a new one. Existing properties also contain older plumbing, roofing and electrical which could lend themselves to costly repairs and maintenance.
7. Fixed Price Contracts
At Wincrest, we offer a fixed price contract on all our new homes*. That way you canbetter prepare your new home budget and won’t receive any nasty surprises later.
As a part of our fixed price contract, our team of professionals (including certifiers,engineers, and electricians) work together to ensure we have the most up to date and accurate information regarding your site. That way, we obtain a true assessment of your property and can provide the most accurate costings for your new home.
8. Benefits for Investors
Investors often find new homes are more attractive to prospective tenants as there is less chance of appliance breakdowns and other defects.
New houses that are built for investment purposes also offer a higher depreciation claim for fixtures and fittings.
Newly built homes have fewer ongoing maintenance issues than established houses, and end up costing less in the long run.
10. Build Time Guarantee
There are those who argue the major downside to building a new home is time and money, especially given you can’t move in until your home is built. This is absolutely true!
Wincrest minimises this stress by offering a Guaranteed Build Time*. A guaranteed build time makes it easier than ever to plan for things like budget, rent and moving dates – a guarantee very few new home builders give.
While it may seem easier to buy an established house rather than build a new one, we encourage you to do your homework and compare the options. We think you’ll be pleasantly surprised with your findings!If you’re unsure about what’s involved with building a new home, talk to your local Wincrest consultant. They can explain the process involved and answer any questions you have.
* conditions apply