Building a Home vs Buying a Home

  • Post category:New Homes

Whether you want a space that is uniquely yours or a place that offers an escape from suburban living, self-build homes have become increasingly popular.

 

Building and buying homes both offer advantages and disadvantages. The truth is, it depends on your individual needs.

 

We have compiled a list of differences between both options so that you can make an informed decision.

Table of Contents

What you need to weigh up

Customisation

Housing markets always give you a variety of stock. However, unless you find the perfect property, house buying almost always involves renovation plans, decorating or repairs.

 

This is especially the case with older homes. Remember, these homes have been lived in before and, whilst one bathroom shared between five was functional years ago, you may be looking to upgrade or have to compromise.

 

The cost of customisation, therefore, must always be factored into house prices when buying.

 

Self-built homes are fully customisable. You oversee the floor plan, you get to choose how many bathrooms there are and you have complete freedom of choice.

Whilst your grand designs will be constrained by your budget, you can choose how that money is spent and allocated.

Energy efficiency

In the modern age, ecological footprints are a key determinant when it comes to homes. Is your property energy efficient? If so, you can save on energy bills and feel good in the process.

Building a home means that you are compliant with new energy regulations, which isn’t always the case with old properties. Energy Performance Certificates (EPC) show that over 80% of modern homes have the highest A or B energy ratings. Other energy-saving measures that you can install include solar panels, green cooling and heating systems, and built-in insulation.

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Kitchen Vanity Cairns
Building your own home allows you to customise everything to your liking - Source: Michael Hoare Builders

Control

Control means more than just the ability to customise. Third parties are always involved in the home buying and building process, whether it be conveyancers or estate agents. If you’re someone who likes to be always in control, this can be nerve-wracking.

Chain-free properties give you a great deal of autonomy when buying a home. Whilst an estate agent will proceed on your behalf, the process is straightforward and streamlined. However, even chain-free properties can fall through if the seller chooses to pull out.

With self-builds, you have a little more control. True, your home is in the hands of builders and tradesmen. However, with a good contract in place and a controlled budget, you can ensure that everything remains on schedule and avoid open deadlines. This isn’t the case with previously owned properties, where moving in may be delayed until sellers can find a new home.

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Investment returns

Although upfront costs are higher, the resale value on newly built homes is worth it. This is because future technologies and new energy codes are usually installed. A report shows that self-built homes are worth approximately 25% more than initial costs.

 

Bought homes can also provide investment returns where the buyer has filtered money into the property to include modern renovations and extensions. However, that’s the catch. With self-builds, the budget is tailored to allow for these innovations from the get-go, which means there is no added price to pay after settling.

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Buying a home is convenient where you are required to move instantly. However, control, customisation and returns can be sacrificed in the process.

 

If you’re in the Cairns or Gordonvale area and wish to build your next home, contact Michael Hoare Builders today on 0409 563 123 or email info@michaelhoarebuilders.com.au.