If you’re considering getting onto the property ladder, but are put off by the current high prices across Queensland for new homes, have you considered building your own home? Although it may seem a daunting proposition at first, many people discover that building your own home can bring a number of significant advantages. Read on to discover some of the benefits building your own home can bring, as well as discover the grants and/or subsidies you may be entitled to if you build your own home in Queensland.
You get more for your money
Building a new property to your specification is almost always cheaper than buying an equivalent property. Most people who build will end up with a property that’s significantly bigger, better designed and has a higher specification than an equivalent property purchase.
Designed to your exact specifications
When you’re on a budget, it’s often difficult to find a home that ticks all your boxes. When you build your own home, it can be designed to suit your wants and needs. This means that you can have the floor plan you like, as well as have the freedom to decide everything from the type of kitchen surfaces you want to the shape and style of the house.
Being able to design your own home often means people who build end up with a forever home, as their property is designed with their needs and plans in mind.
If your property has been designed from scratch to your tastes, it also means it’s unlikely you’ll have to shell out funds to renovate or remodel parts of it as soon as you move in.
Reduced maintenance and repair costs
Many new homeowners discover that they need to make costly repairs or finance fresh installations within the first few months of taking possession of a property. When you build your own home, all the systems and appliances will be under warranty for the first few years of occupancy. This not only means it’s unlikely you’ll encounter any difficulties, but it also means your ongoing maintenance costs are likely to be minimal for a good few years after purchase.
Easier to finance
Some home buyers find that it’s easier to acquire finance to build a new property.
Buyers who opt to build their own homes can benefit from a number of different grants available to first-time buyers. If you’re buying land valued at under $400,000, you could be eligible for a transfer duty Vacant Land Concession.
A $5,000 Regional Home Building Boost Grant is on offer for buyers who build a property valued at less than $750,000. If your land costs less than $250,000, you won’t need to pay stamp duty on it. A $15,000 FHOG grant is also available for your first home, whether it’s built from scratch or on an existing property.
A time-served, professional builder can make your home building experience much easier! Get in touch with the team at Michael Hoare Builders for further information.