Building versus renovating; here's why building is a hands-down better option
If you’re considering renovating your existing home, now is the time to also consider the option of building a new home from scratch; it could be a more attractive option than you had previously thought, and potentially save you thousands along the way.
Building a new home can be considerably cheaper per square metre than renovating an older home. This is primarily because with a new home, you’re essentially starting with a blank canvas (vacant block of land) whereas with renovating, you need to navigate the difficulties, and subsequent costs, that arise from having an existing structure.
New homes are also generally cheaper to maintain on an ongoing basis as they are built from the ground up to meet the latest energy efficiency requirementsincorporating the latest materials. In Queensland, all new homes are required to meet a 6 star energy efficiency rating; in New South Wales builders need to ensure all new homes comply with BASIX.
No unexpected cost blow-outs
Reputable builders like Coral Homes provide a fixed price at the outset so you are aware of all the costs involved in the build and know exactly what you’re up for. This is very useful when seeking finance for your new home, as you can take the final price to the bank to secure your home loan.
On the flip side, when renovating you can be confronted with unexpected costs such as structural changes, hidden plumbing issues, electrical issues and more, which can really rack up and cause you undue financial heartache down the track.
No need for compromise
When you build new you can get exactly what you want; if the standard plan is not quite what you’re after then you can easily change the size, configuration or location of rooms in your new home to perfectly suit the needs of your family, now and for the future.
Renovations are often restricted by the original structure of the house which means you may be forced to make decisions along the way that ultimately deliver you a result that differs considerably from your original vision, leaving you with a home that’s not quite “perfect”.
Building new allows you and your family to move into the home when it is completely finished; you don’t need to adjust your lifestyle around the various stages of a renovation project.
Renovating can be a real headache for families still living in the home whilst the renovation takes place. This can be a recipe for disaster with bedroom, bathrooms, kitchens and other living spaces at some stage being completely unusable for long periods of time.
New home structural warranty
All new homes are covered by legislation that protects new home owners in the unlikely event a contractor fails to complete the job, the work is defective or there is building subsidence. The warranty period is for 6 years in Queensland and 7 years in New South Wales.
When you build a new home you have the flexibility of choosing a brand new location for your lifestyle. New land releases are often available in master planned communities where the land developer has carefully considered proximity to work, schools, shopping, lifestyle and other infrastructure. Such communities are strategically placed in potential long term growth regions.
For more information on the benefits of building a new home, or to start looking for your dream home, please contact your nearest Coral Homes display centre today.
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