Ray White Morphett Vale Buying TipsPurchasing a home is one of the biggest financial decisions you will make during your lifetime. Managed well, it can be a very rewarding investment over the long term and it is important to spend time working out what you need and what you can afford before you commit to purchase.
Build or Buy Established?
There are various arguments for and against buying an established property or building a house which should be considered before entering the real estate market.
One advantage of building a home is that you can choose the design to suit your needs. Features such as room sizes, floor coverings, lights and tap fittings can all be personally chosen.
However, building a house takes time and you will need to have alternative housing until construction is finished. You need to keep in mind that bad weather or other circumstances can delay completion of the property. You must also budget carefully as you will need to pay more than just the building costs - you will also need to establish a garden, install fittings (both inside and out), construct fences and retaining walls and decorate the house to make it a home.
When you buy an established property you can physically see and inspect what you are purchasing, plus you can also move into the house straight after settlement. Established gardens and fitted fixtures are also included in your purchase price which saves you the time and cost of installing your own.
Buying an established home also gives you more choice of location, whilst building is very limited in established areas unless you purchase property with the intention of demolishing. It is now quite rare to find vacant allotments in the metropolitan area, unless they are a part of a land-release.