Should you buy or build a home?
Maybe you are renting or living with your parents. Maybe you already own your home but are considering your next one. No matter whether you are a first home buyer or a next home buyer there are plenty of factors to consider.
Buying a house
Even before you begin looking online or in the property papers, there are some big things to think about. What is your preferred:
- Location – urban or rural? Near schools or parks or amenities? Public transport options?
- Size – land and floor plan?
- Design – construction materials, one or two-story, colour, and style?
- Condition – currently perfect or there’s some work required?
- Layout – number of bedrooms and bathrooms, size of the kitchen, attached garage?
- Landscaping – small, easy-care, or large botanical? Off-street parking?
Plus, give some thought to the potential resale options when the time comes to move on once more.
Having an idea of what you are looking for makes scrolling through the hundreds of property listings less daunting as you can easily swipe past the houses with not enough (or too many) bedrooms or located too far from work.
Building a house
Don’t let us scare you, but building your home is not for the faint-hearted. You will be creating what you want from ideas you’ve gathered from show homes, open homes, books, and brochures – that can seem a bit daunting for some people. Not only do you have to decide on all the preferences above (location, size, layout, etc) but you get the final say on colours, materials, flooring, tapware, light fittings…
If you’re up for the challenge, these are two key things:
- Get your budget sorted. You can’t start a building process without knowing just how much you can comfortably spend. Talking with a mortgage adviser (like Sharon Hunt) is a great way to get the ball rolling because she can advise on your loan limits and whether a turn-key package or fixed-price contract best suits your situation. And remember, there’s no charge for that kind of consultation!
- Choose a reputable building company. Again, your mortgage adviser can suggest some builders talk to, but no doubt your friends and family will be happy to share who they’ve built with and how they found that experience. You’re looking for a building company that offers a quality product they stand behind, clear communication, and fair pricing.
Compromise
Both buying and building a house requires compromise. It’s unlikely an existing home will tick every single box on your wish list. It’s also rare that building a new home will completely achieve all your dreams. But the process of going to open homes and show homes, of reading magazines and websites, will help you establish your priorities. Which is more important – the location or the size of the property? The colour of the cladding or the orientation for the sun?
A word of warning
Be careful to not fall in love with a property (or a section and plan) outside your budget. There’s nothing worse than being smitten with ‘the perfect property’ that you simply can’t afford. It pays to get your budget expectations sorted at the very beginning – your mortgage adviser will be happy to create you a price guide and even arrange a pre-approved loan to give you certainty when you make your final decision.
If you are ready to buy a home or build a home, Sharon at Loancraft is ready to help you secure the very best loan for your home. A chat with her about your plans will cost you nothing: 0274 339 752.