Deciding Whether to Build or Buy?
This can be a big step for most people – and knowing where to begin is a very daunting process. The best starting point is to write down a list of every item you want exactly – then start researching options to suit you. Clarifying what you want out of a home will help you to identify the winning direction. When compiling your list – consider items such as these;
If we are talking a custom home, then this price will of course vary on your taste in selections – having said that, it is the unique approach to customisation that allows you to get exactly as you wish. Buying a home may not be a complete figure either – as most people do intend to undertake renovations to achieve the near close perfect home of their dreams. Additionally, if you are looking at renovating to increase property value, Zaki Ameer from Smart Property Investment agrees that generally increasing value is a very difficult thing to do on an existing home unless you have purchased well under market value.
Location could be the driver for the big debate in your household – as most housing estates require new builds. The condition of the home will also need to be taken into consideration, as most inner-city blocks for sale include older homes – which would not be worth considering renovating. Location is the driving point for most families working situation – so don’t let existing parameters become a deterrent, and do remember that the ideal location and block of land does not limit you from building. It is possible to arrange for your builder to knock any existing house down and prepare the site for a new one – with all necessary council approvals and subject to any overriding overlays [for example character overlay].
It pays to do research and market valuations before taking the plunge, only a financial expert will be able to best assess your personal situation. Finalising and creating budgets to understand all of your costs upfront can certainly make the process much simpler and straightforward.