Should I Build a New Home, or Buy an Existing Home?

When it comes to buying your dream home, one of the first decisions you’ll need to make is whether to build a new one or buy an existing home. There are pros and cons to both options, and the right answer will depend on a few factors such as:

• What’s your budget?
• Are you set on a specific location?
• Do you have a timeline for moving into your new home?

Buying an existing home

Benefits

• Less surprises as you know in advance what you'll be getting with property inspections and building & pest inspections
• Established community & infrastructure  
• Typically, faster than building, once you have purchased the home

Cons

• Depending on the age of the house, there may be outdated features and designs
• Potential need to renovate if it doesn’t suit all your needs
• Higher maintenance costs could be involved  
• Higher government fees associated such as stamp duty

Building a new home

Benefits

• Greater control over the design & features
• Potentially lower ongoing maintenance and energy costs  
• Ability to access government grants and stamp duty concessions

Cons

• May experience project delays
• Can be time consuming
• May have unexpected costs which could blow out your budget
• Risk of poor construction work, depending on your builder

Looking to build a new home and considering buying off the plan? Here are things to consider when buying off the plan.

This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍