7 reasons why building beats renovating
If you are considering renovating your home, you should also consider the possibility of building a new home.
We have had a look at both processes and have listed below some very convincing reasons to build. 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 are essentially starting with a blank canvas (vacant block of land). You can dream of the home you want, and then match the home design that best suits the way you live with the finishes that you love.
When you start to renovate, you don't know what you don't know; there are always difficulties, hidden costs and compromises that come from working with an existing structure. There will always be a trade-off between your dream and making the most of what you have.
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 requirements, incorporating 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 can 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 at the beginning of the process. 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.
Alternatively, when renovating you can be confronted with unexpected costs such as structural changes, hidden plumbing issues, electrical issues and more, which can accumulate and cause you undue financial heartache down the track.
No need for compromise
When you build a new home, you can get exactly what you want. You can match a home design to your needs. If the standard design is not quite what you’re after then you can easily change the size, configuration or location of rooms. All of this before you start building.
Renovations are often restricted by the original structure of the house which means you may be forced to make decisions and compromises along the way. Ultimately when you renovate you are left with a result that differs considerably from your original vision, leaving you with a home that’s not quite “perfect”.
Often when you renovate, you live your life with dust sheets, temporary kitchens, and the odd trip to use the neighbour’s bathroom. 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. How stressful!
But building a new home allows you and your family to move into the home when it is completely finished.
New home structural warranty
When you build a new home, it is covered by legislation with a new home structural warranty. The mandatory warranty period is for 6 years in Queensland and 7 years in New South Wales. In the unlikely event a contractor fails to complete the job, the work is defective or there is building subsidence, you have peace of mind that you are protected.
This is also a great selling feature. Many purchasers would prefer to buy a home with a warranty rather than a renovated home. You never know who has completed the renovation and whether it has been done on the cheap.
Are you a first home buyer?
When considering your first step onto the property ladder, it is easy to think you should only consider renovating your first home. First homes bring to mind pictures of ugly carpet and tiles from the 1970s. But for the first home buyer, building new with Coral Homes means that you can have a fixed price contract and gives you the ability to choose all your fixtures and finishings which after all, is the most exciting part of building. If you are after inspiration, there are many options to preview at Coral Homes’ display homes.
If you’re building your first home in Queensland you’re currently entitled to a $20,000 government grant towards your new home. In New South Wales, there’s a $10,000 grant available. Check the relevant State government web site for details.
Perhaps you don't love where you live? 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 design, please contact your nearest Coral Homes display centre today.
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