The question of whether to build your own home from scratch or to buy an existing property is not a new one. The team here at InVogue have decades of experience as 2 storey home builders in Perth and have helped put together a few thoughts and ideas to guide anyone who finds themselves in the enviable position of being able to decide between the two.
We’ll break down some of the advantages and disadvantages as we see them and address any issues associated with either option.
So, let’s just get this out of the way right at the beginning – if you are in a hurry to move into a new place with the minimum of fuss and are not overly concerned with how it looks or feels then buying an existing place is probably the way to go. The process is not perfect, and you will certainly have to make some compromises in your expectations, but it’s a relatively straightforward process that has been done the same way for years. You sign up, jump through the hoops and if you are lucky and all goes well you can perhaps be living in your new place within a few weeks. This is the well-worn path trod by countless thousands of Australians and, while it lacks the individuality and sense of true feeling of ownership that comes with a new build, it does bring with it its own sense of satisfaction and excitement.
The number one reason that people choose to build their own home instead is this –
it’s their own home! It’s the exact thing they want it to be from top to bottom, inside and out. They can let their imaginations run wild and the only compromises they have to make will be based on budgetary considerations and practical, logistical, or legal requirements. Imagine for a moment how much fun there is to be had in designing every aspect of your dream home from the ground upwards? It takes discipline, effort, and vision but represents a truly unique and rewarding opportunity if taken in the right spirit.
Those who build from scratch soon become keen-eyed experts in all kinds of things they never knew they would be interested in. From brick styles and tile patterns to swimming pool shapes and optimum air-con efficiencies. You’ll become interior-design and renewable energy aficionados and be dreaming about kitchen work surfaces in your sleep before you know it.
It is the kind of once-in-a-lifetime adventure that can and should become all-consuming, and the beauty of it all is that you have the backing and knowledge of the experts at InVogue to help guide you on your journey. Our highly skilled and experienced team of 2 storey home builders in Perth can offer advice and guidance about elements of the build that our clients may have overlooked or other important factors that they need to consider. They provide professional expertise, know-how, and calm assurances when things don’t go exactly according to plan. Working together your dream home becomes a reality before your eyes and if that’s not an experience worth its weight in gold then we don’t know what is!
Investment and finances
Existing properties are subject to stamp duty (known as transfer duty in WA) on top of the purchase price and this can easily run into tens of thousands of dollars. When you build your own home you typically only need to pay duty on the land price and this can save a significant amount.
Building and renting out a new home can not only be a life-affirming experience, but also an excellent long term investment. A new home can take advantage of better capital depreciation, as deductions over the maximum life of the property can be claimed. If your plot is eligible then you could also consider building multiple units on the land. Perhaps living in one of them yourself as you oversee the construction of the others. If you choose to take out a construction loan then the funds will be released in stages as the work progresses and this helps make certain that you’re only paying out for completed work. You only have to pay interest on the loan until the property is built and you can actually free up some funds for unforeseen expenses or rent elsewhere during the build.
Maintenance and repairs
When everything is brand new it means less maintenance around the home and a smaller risk of costly malfunctions or essential repairs. Less time spent dealing with routine maintenance and inherited-but-unwanted issues means more leisure time to spend enjoying the fruits of your labour in your dream home. As with any existing home purchase, there are some risks involved in building and at times it will test even the most ardent levels of commitment and patience. Not even highly-experienced 2 storey home builders in Perth can predict every surprise problem or setback and this can be frustrating and stressful at times.
Efficient planning is key
Careful planning will not only help minimise the risks but will also relieve some of the tension inherent in such an important decision. It’s important to consider all your options, but there is such a thing as over-thinking it. Do your research carefully and seek out the friendly, professional advice of our experts at InVogue before coming to any final conclusions.
You might sense that the team here at InVogue lean rather heavily towards building your own home and you’d be right. We stand by that and cannot help but enthuse when it comes to the subject; it is not only our livelihood but our passion.
If it is approached as the exciting, dream-fulfilling experience of a lifetime that it can be, then there are few sensations to match the satisfaction and pleasure building your own home can bring.
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