Besides location, the main decision to consider when purchasing property is whether you plan to purchase an established home or build one yourself. Established homes require detective work on your behalf if you want to avoid any potential nasty surprises regarding the condition or history of a residence. Obtaining a building inspection for a property you intend to purchase is highly recommended to save you money on maintenance in the long term, and may prevent you from purchasing a defective or dangerous home. A home with only general wear and tear can still mean higher electricity costs from increased artificial heating and cooling, or be a residence with now outdated materials that are degrading or simply unfashionable. Given this, many people start afresh and decide to build a new home themselves.
There are many desirable aspects about building, such as customised design, having an all new building to start a new phase in your life and the ability to use durable and modern materials that make your house as efficient as possible. Having a new house will generally mean less maintenance. This is great if you live there yourself, but also a bonus if you decide to rent your property out to tenants down the track. However in reality there are also downsides, and many Melbourne home builders will find that they need more time and more money to realistically complete projects to the required standard.
To build a house, you will need to own land or purchase an existing property that you will knock down and rebuild upon. Rebuilding on land where a property already exists can be expensive due to demolition costs, and may sometimes even be impossible if heritage overlay is a factor. Therefore, if you intend to rebuild, have a strong financial plan in place that details how your construction will be funded. Keep in mind that additional finance may be complicated if your old house no longer exists but your new house is not sufficiently underway to gain approval for any necessary top up funds.
If you know very little or nothing about building, you do have other options beyond purchasing an established residence. One of these is to purchase a house and land package that includes the building of new home for you. This process is often simpler than coordinating a build yourself, especially if the building contract has fixed costs that are articulated when your land contract is signed.
Besides saving money on building costs, there are generally stamp duty discounts available to obtain also. This is because the house is not yet built and if you are purchasing your first home, Government grants can be also be received for eligible people building new houses. House and land packages in Geelong, Ballarat and other regional areas are also especially cost effective as new communities are established close to satellite cities but do not have a Melbourne price tag.
House and land packages can be purchased all around Melbourne and Victoria. Highlights of house building in this manner is the ability to choose from a variety of customisable designs with modern floor plans that are already drawn up to suit the orientation of your block. If the house and land company you purchase from has a display home already built, this is also a bonus so you can see in real life features that you like, and what you may want to change when building your own house in the area.
So if you are considering building, visit some display homes and see what a house and land package could offer you and your lifestyle.