Building versus Buying a New Home: Pros & Cons You Need to Know

A home generally means a lot to the people who live in it so it’s important you make the right choices when moving. Those choices can include whether to buy a house or have one specially built and there are arguments either way.

1. Cost

Building means purchasing a plot and then paying for a house to be built on it while buying involves only one transaction. Depending on what you do, there may not be much difference between the two Cairns house prices but there are other factors to take into account.

Buying a house incurs stamp duty on the whole deal while, when building, you only pay stamp duty on the plot of land, not the house itself, so there is a saving there. You may also be eligible for a First Home Buyers Grant of several thousand dollars when building a house but only get this for new houses to buy, not for established properties.

As well as purchase costs, there are also on-going ones to consider. If you buy a house in Cairns that’s already occupied, there will be a certain amount of wear and tear from previous owners that will ensure maintenance costs are higher than for new build homes. You can insist on high-quality fittings for a house you build to ensure they last longer and can also install insulation, double glazing, solar panels and other energy-saving measures. These will add to initial costs but will reduce running expenses.

2. Time

Looking at display homes in Cairns will mean you’ll know what you’re getting while buying a house that’s already built means you can move in quickly. Indeed, some lenders confirm they can process applications for loans within a day so getting your new home can be a very speedy process. This, of course, depends on everything working well, which doesn’t always happen.

Building your own home can take anything up to a year or even longer and so you may have the cost of renting and paying for a relatively expensive construction loan during this period. Schedules can also be extended by delays caused by the weather, labour shortages or other reasons, so you need to be patient. However, if you have the time, the results should be worth it.

3. Personalisation

Building your own home in Cairns means you should get exactly the property you want, providing you can afford it. You can choose the perfect plot, decide on the building style and layout, and fit it out exactly as you wish. You must, however, keep your ambitions in check to avoid going over the top with spending.

Buying an existing property requires that you take what’s available for the house. Although you can search extensively to find a home that meets most of your needs, you will inevitably have to compromise on some areas unless you’re extremely lucky.

4. Convenience

Buying an existing house is much easier than building one. Search websites for properties in areas where you want to live, view suitable ones, do your research and buy the one that seems best for you. As long as you’re willing to be flexible, that can often work.

Building the house you want is obviously more complicated but can be very rewarding in many ways. As established Cairns builders, we can provide all the guidance and support you need to plan your ideal property, whether with 2 bedroom floor plans or 3 and 4 bedroom floor plans, and will deliver the finished house quickly, reliably, affordably and without fuss.