If you’re considering building a new home, but you’ve been waiting for the right time to take the plunge – this is it.
There are so many reasons why 2018 is the best year to begin construction on your new property, but here are our favourites.
We know that property is one of the most stable investments you can make, offering predictability and tax benefits. Investing in property is a straightforward process that offers homeowners long-term stability and better control of your investment, when compared with other options such as shares.
But what you may not know, is that house prices in Melbourne have risen a whopping 350% over the past 20 years. And as prices rise in the inner suburbs, there is an increased demand for homes in suburbs further from the CBD.
Further to this, it’s currently a seller’s market. With more people looking to buy a home, than there are homes available to buy, now’s the best time to be a homeowner.
In August 2017, the Reserve Bank cut the official interest rate to 1.5 percent in an effort to strengthen the Australian economy, which has had a swift positive effect on the home market. Interest rates are currently at record lows, which means that now is an excellent time to secure a mortgage and start a new home build. It’s one of the most buyer-friendly markets you could enter.
Many first home buyers are drawn to building a new home from scratch, and with good reason. Primarily, there are savings and concessions offered only on brand new properties. Stamp duty is paid only on the land and not the house, and the First Home Owners Grant is available if you buy a home that no one has lived in before. Consequently, building a new home can actually be cheaper than buying an existing property.
New homes also come with a legislated new home structural warranty (of six years in Victoria), which protects the owner from the unlikely event that a contractor fails to complete the job or if there is defective work. This is a big peace of mind, both when you are living in your new home, and when it comes to selling – it is a great feature for prospective buyers.
Adding to the immediate financial benefits, by building a new house, you can incorporate energy efficient design, materials and appliances that will reduce your household’s emissions, and your utility bills too.
Plus when you design your own custom home, you can get exactly what you want. When comparing the price of building versus buying an existing home, it’s important to factor in the potential renovation costs. There’s plenty of unexpected costs such as hidden plumbing and electrical issues which may cause a renovation budget blowout.
Conversely, when designing a new home, you can easily change the size or configuration of your house before you start building.
Now really is the best time to realise your vision. Why wait any longer to build your ideal home?
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