It may not be your first idea to build your first home. You may think it's too costly or may take too much time. But there are actually many benefits to building your first house that people often overlook!
Before I explain why you should build your first house, let's first take a look at why people usually choose to buy their first home.
The benefits to BUYING your first home:
When looking for your first home, people usually decide to buy an existing home. This can be a great option if you are looking to live in an established neighbourhood, as popular central locations are already full of built-on land. This means that there will usually be more resources and facilities nearby.
Buying a house can also save a lot of time, you won't be designing, planning, building, and finishing a giant project However, that is presuming that the house is perfect as-is and you won't be renovating.
Currently, there are far more incentives for building your first house...
The benefits to BUILDING your first home:
The First Homeowner Grant
If you haven't heard of the First Homeowner Grant, pay attention! Homebuyers are awarded a one-off lump sum payment from the government for buying their first property. The details of the government scheme vary between each state and territory, but it mainly applies to new builds and is a significant financial bonus.
One of the biggest benefits of building a house is that you have the opportunity to choose the building you'd like to build and customise it to your lifestyle and taste. You can personalise your home from the ground up - from customisation in colour choice, layout and flooring options! Your home will finally be YOURS and completely suited to you!
Generally, buying a new home with all the modern fixtures can be more expensive and require a lot of extra time and effort. However, on the plus side, new homes are built to meet current building codes and include the latest technology. So you won't need to stress about any significant repairs or maintenance costs! Many home builders also offer buyers a limited warranty if there are any breakages.
Stamp Duty Savings
If you're a first home buyer that you might be eligible for a concession or exception from stamp duties, but not everyone can access this advantage. Building a home means that you won't pay stamp duty because no transfer is taking place. You only pay stamp duty on the block of land you buy.
Low Energy Costs
Already-built homes are usually filled with appliances that drain energy (and your wallet). Typically, new homes are decked out with the latest energy-efficient systems and materials. This means big savings on your energy bills!
To conclude, there are obviously pros and cons to both building and buying your first home. There are many benefits to building, however, that may have been a surprise to you!
Want to build your first home, but don't know where to start? Our EK Trade team are experts at executing residential projects and offer a free consultation and quote to help get your project kickstarted!