Renovating vs Building New? - Check it out which one is right for you
- Posted By Sophia Hayes
Choosing between renovating or building from scratch can prove challenging - especially when mass communication and major retailers favor one side of the coin.
Turn the TV on and you can see how renovating is a popular topic. Stores such as Bunnings and IKEA have also tapped into the trend with DIY projects. It's ease to assume that renovation is as simple as ABC, and a ‘cheap’ option.
So build new OR renovate?? We’re glad you asked. Of course we’d like you to build new because, well – that’s what we do best. But don’t just take our word for it – there’s plenty of benefits to building new.
1. First Home Owners Grant
What’s that exactly? Essentially, it’s money from your state government that acts as an incentive to buy or build a new home. Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria. The final amount can vary depending on what state you live. Check Queensland First Home Owners' Grant website for the information you need.
2. Personalise your home to your heart’s content
Building new is your chance to make your home truly yours. If you want your master suite at the front, and the kitchen with walk-in pantry at the back, well chances are, there’s a home design out there to suit. And, the personalisation doesn’t stop there! Let your home truly reflect who you are – floorplans, colours, textures, fixtures and finishes – it’s all about you, you, you.
3. Match the perfect home to the perfect block
Another benefit of building new is being able to pick the backyard of your dreams. Larger blocks will give you plenty of space for those family barbecues, friends gathering, backyard cricket, water play and so on. Maybe you’re after something a little more low maintenance, so smaller lots would suit you just fine. Whatever the need, you can bet you’ll find the block of your dreams.
Let your home truly reflect who you are – colours, textures, fixtures and finishes – it’s all about you, you, you.
4. Brand new everything also means lower maintenance costs
It goes without saying that when you build a brand new home, everything used to build that home is brand new too, including your appliances, electrical items and the house itself. Your oven or cooktop, air conditioner or fan, garage door, workmanship and overall fixtures and fittings (just to name a few) all have a maintenance period.
5. Cheaper with no unforeseen costs
If you’re planning an extensive renovation with a lot of structural changes, it’s often cheaper to start from scratch.
Renovation is time consuming and labour intensive - and it usually comes with a lot of hidden extra costs as often you don’t know there is problem until you start fixing another. Brand new homes on the other hand can be built quickly, using systems and modern materials that maximise efficiency and save time, and you can be sure of exactly how much you are going to spend.
Where the costs for building a new home are usually known upfront, renovation costs are more difficult to predict. This means the builder needs to build a contingency into his quote to cover unexpected expenses.
6. Lock it away with fixed price security
It’s a common misconception that building a new home means you’re spending more money than what you intended to with hidden fees and unexpected costs. A big tip from us – look for Home & Land that offer you fixed price security… like ours. You’ll know exactly what’s included in the final package price meaning you can plan and budget accordingly.
7. New homes turn-key inclusions
You wouldn’t buy a car without the wheels, a laptop without the battery or a pair of shoes without the heel, so why should buying a new house be any different? Well that’s where turn-key inclusions come into play. It literally means that you can turn the key once your new house is built, move straight in and start living.
What's included on the list? It’s everything from site works all the way through to flooring, lighting, window coverings, a letterbox, clothes line and everything in between!
8. Environmental and sustainable
A factor that isn’t always taken into consideration, but building new means your new home is more environmentally friendly and sustainable than perhaps that cute little cottage with the white picket fence that has caught your eye (sorry to burst your bubble). The building industry is constantly evolving and improving, and so are the processes involved. So, you’re probably wondering why this is so important? Well, it means that your new home will be built the most economically and environmentally friendly way possible, ensuring for a high rate of sustainability of years to come.
Look for things like a home that has a 6 star energy rating, LED downlights, windows in positions to benefit the natural light and breeze, and insulation – not only good for the environment but also your back pocket later on down the track.
Your new home will be built the most economically and environmentally friendly way possibly - not only good for the environment but also financially later on down the track.
9. Do you want the hassle of renovating?
Finally, you need to think about logistics and the emotional toll that renovating could drag you (and your family) into. Even though renovation in your situation seems to be a better choice, the added disruption might mean it’s not worth it.
So have we twisted your arm into building new yet? We think we put up a pretty convincing argument, and look – if you’re still not sure, just have a no-obligations chat to our Home & Land consultants. If you also need finance advice, a free consultation with our trusted lending specialists will have all your questions answered.
Trust us, you won’t regret it.