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Should I buy or build a house?

Everyone has their own reasons for why they might buy or build a house. We wanted to take a quick moment anyway, with the help of Domain, to list a few considerations for if you’re torn between what move you should make. Once you’ve decided on the best path to suit your needs, your friendly local Coutts Lawyers & Conveyancers will help guide you through the processes involved in finalising your purchase.

Buying an established house

  • Usually requires a quicker process which will see you move in faster.
  • Land sizes are generally larger than what you will find with new builds.
  • Property location is more likely to be more central to established infrastructure.
  • Established houses are more likely to be purchased for investment purposes.
  • If the house is in the right location and if improvements are made, value may be added.
  • Buyers can establish fair market value with nearby sales data available in established areas.

Building a new house

  • This is a popular for first home buyers due to concessions available.
  • Less maintenance issues than with established houses.
  • New house designs are more likely to be energy efficient, delivering long term savings.
  • You can pick a design that suits your family.
  • Building can be a time consuming process with the potential for complications.
  • Building is a perfect option when looking for your forever home.
  • New builds are usually covered by warranties.

Have you made the decision to buy or build recentely and need a conveyancer? Meet your new conveyancer HERE.

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