The Pros and Cons of Building vs Buying Your Dream Home

If you’re weighing up whether to build or buy a new home, we’ve compiled the pros and cons to help you decide which is the best choice for you.

Buying A House

Pros:

When you buy a house you’ll have clear advantages like moving into a developed, secure and accessible neighbourhood. You’ll have your pick of display homes, and any amenities – like gardens, pools and garages – will already be established. The best thing? You’ll be moving into your new home faster.

Cons:

That being said, many people who buy houses end up tied to an expensive mortgage on a place they don’t love – not to mention the financial strain of a large upfront cost. Many houses on the market are run down, requiring you to shell out for maintenance and repairs. And depending on your contract, you may not be able to customise your house as you would with new build homes.

Building A House

Pros:

Building a new house means you get a say over the build from start to finish. You can choose the design you want, select preferred materials and customise your home as you like. With house and land packages available, you can build in a desirable location. Financially, building a new home means building equity instead of being tied to monthly payments.

Cons:

Building homes requires patience, budgeting and careful planning. It can be more labour-intensive and require multiple contractors. People who build houses sometimes run into unexpected setbacks which cause delays. Lastly, you won’t be able to move in until it’s finished.

Which Is More Cost-Efficient?

While building may not be as convenient as buying, it’s arguably more economical in the long run. You won’t have to spend money to maintain and restore an old home. Instead you can incorporate modern amenities, smart materials and energy saving measures into your home build from the beginning, saving on running costs and maximising your new home’s re-sell value in the future. Remember: adhering to a budget will help manage costs.

When to Consult a Professional Home Builder

Communicating with house builders is the best way to ensure your new build stays on track. When you build with Fairhaven, our team provides support and advice every step of the way – keeping in touch will ensure the process is as smooth as possible.