Home building is more advantageous for Australians. It’s the best possible thing that you could do to give more value to your money. Every single cent counts and building your home as opposed to buying a ready-built one is simply the way to go if you want more savings. Why? We will enlist all the reasons in this article.
The global pandemic is still upon us. But as all things are slowly returning to normalcy, this is the best time to build a house. The Australian housing industry is ever soft and lots are ever affordable. This will be the case for the rest of the year and the first few months of next year. You shouldn’t let this sweet chance pass you by. The lot that you may be dreaming to purchase can already be out of your reach by late next year. Now is the time to buy it and build your house.
Why buy a house when you could build one instead? The following are the main reasons why building a house is so much better than buying one.
You would end up spending less if you’d build your own home. This is the case because you will no longer need to deal with repairs after repairs and renovations after renovations every other year. You will have a unique sense of peace because you could put everything that you want and need in one go. Doing a good job of building your own home is not just for you who’d be staying there. It’s also a solid investment if ever you’d end up selling it in the future. Your own will end up selling for a higher price if it has an excellent build and will require no more renovations.
Building your own home will end up giving you more savings because you’d get to fully control your budget. You can reduce or add on square meters that would need to be done depending on your budget. To date, the average price of homes in Australia ranges from AUD 780,000 – AUD 1,245,000. Such pricing is too much if compared to the amount that you’d end up spending if you’d choose to build your own house which will only reach around $286,843.
Apart from costing less, you’d also get to receive hefty grants from the government if you’re a first-time homebuyer. Now that is savings after savings!
You will get to decide on every single aspect of the build of your house. You won’t have a headache going from one house to another and choosing the best one that answers most of your needs. With a house of your own that you will personally undertake to build, everything can be fully customized. This means that you’d get to live in a house that has everything that you’d ever need. You can have as many or as few rooms as you want. You’d also get to decide on every single detail – from the paint to the tiles. You’d truly get to live in your dream home if you’d opt to build on your own.
Did you know that an average Australian household uses about five-megawatt hours of electricity every single year? That is glaringly massive as one would have to plant at least 25 trees and keep all such trees alive for at least 30 years to fully offset just a single year of such emissions. Tragic, right? This is why the Australian government now mandates all houses and home builders in WA and the rest of the country to be fully energy-efficient.
Opting to buy houses that are available in the market can end up costing you more in the long run because most old houses in Australia are not energy-efficient. You’d get to skip on this concern if you’d build your own home. As you’d get to decide on every single aspect of your home, you can fully make it energy-efficient. All new homes or extensions built in Australia require an energy efficiency report in order to get building approval. Businesses like Green Choice Consulting help their clients achieve this compliance and get approval in a timely and affordable manner. An energy-efficient home is highly environment-friendly. Apart from the fact that you don’t get to live green, you’d also pay lower fees when it comes to your utilities.
Building a home will be easier if you’d consider the following financial aids:
– you can opt for one with a four-month pre-approval phase that will allow you sufficient time to look for a competent and licensed builder
– you can also opt for one that will give you loan terms for up to 30 years
– long-term loans will allow you to pay in smaller regular payments
– you can also opt for a loan that has an interest-only repayment structure while your house is still under construction
It’s hard to tell when the house pricing in Australia will be this low again. It is something that is very hard to predict. So much so that economists were even shocked by the massive slowdown that the Australian housing industry is experiencing now. It is something that they did not foresee. It is something that they did not expect. It is also something that you should not miss out on. Start planning and researching. Start building your own house today.
Reference:
Total Value of Dwellings, March Quarter 2022
https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/total-value-dwellings/latest-release
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