Professionals Real Estate 
HomeBuilder has been extended – so should you build a home?
The HomeBuilder scheme will be sticking around for a little while longer (albeit at a reduced rate), but does that mean that you should consider building a home instead of buying an existing property so you can take it up?
While the HomeBuilder scheme can be used for those planning extensive renovations on established homes, most of the people taking up the scheme have been those building brand new, possibly because they can use it alongside first home owner grants, which when combined can give a generous leg up into the property market.
But while building a brand new home may sound appealing, it’s important to be aware of the drawbacks of building a home over buying an already established property.
First let’s look at the cons of building a home:
- It takes time
A big drawback of building a brand new home is that you’re going to have to wait until construction is complete before you can move on in, as opposed to an existing home where you can move in as soon your contract settles.
It might take 6 months to a year before your new home is ready, or perhaps even longer if there are hiccups along the way, which brings us to the next point…
- The unknown
Building a new home involves taking on a certain level of risk because there’s a lot of hiccups that can happen while the build is taking place, such as bad weather events, problems with the builder or issues with council.
Some setbacks can involve extra costs being incurred than what you initially anticipated too, so it’s always worth having a contingency fund for anything that might come up.
- A mountain of decisions
While some people may relish all of the decisions that need to be made on a new build, others may find it very stressful.
There are a lot of details involved in putting a home together and you might need to pick out things like paint colours, cabinetry, benchtops, fixtures and flooring – just to name a few.
It can take a lot of time pinpointing what will work best for you, particularly if you’re trying to keep to a tight budget.
- Land can be hard to find where you want it
If you want to build a home then you’re going to have to find a decent plot of land to put it on.
Unfortunately the right block isn’t always easy to come across, particularly if you want to stay close to major city centres.
Even if you don’t mind living in a new estate further away from a city, it can take time finding a block that you’re totally happy with.
Now, let’s look at the pros of building a home:
- Government assistance
There’s little doubt that government grants and concessions provide a major incentive to get into the market.
Even with the HomeBuilder extension being reduced to $15,000, this still provides a massive cash boost, particularly when coupled with a first-home buyers grant.
- Everything is brand new
Building a home means you get to be the very first person to enjoy all of its brand new appliances, fixtures and finishes.
It also means you get to enjoy a modern layout and design, as well as high-quality products and materials that meet today’s building standards.
Your new home is also more likely to be more energy and water efficient than its older counterparts, which means savings on bills too!
- Less maintenance
Homes that are built to modern day standards are not only likely to save on your bills, but they are likely to be lower maintenance too.
You likely won’t have to worry about things breaking down or wearing out when you first move into a new home, and if something does it may be covered under a builder’s warranty.
- You can customise
If you’re building a new home then you can make it exactly the way you want it.
That means you can have a say in things like layout, colours, materials and more to make a home suited to your tastes and that works perfectly for you and your family.
