5 reasons first home buyers decide to build

Owning your first home is a big deal — but do you buy old or to go for something brand new.

This article originally appeared on Realestate.com.au:

Either option could be a good choice when dipping your toe into the market for the first time.

However, for those who want a dream home that’s the perfect fit for their family, then building from scratch is probably the way to go.

Here are a few more reasons why first home buyers choose to build.

1. There is money on the table

Firstly, when buying new, there can be substantial financial incentives on offer.

“Government grants tend to favour new buildings rather than existing ones in order to stimulate the supply of properties and also economic activity,” explains Anne Flaherty, economist at realestate.com.au.

“So, often first homebuyers might consider building or purchasing off the plan because there are generally more concessions that make it an appealing option."

 

Melissa Baillie, Stockland Sales Manager, points out that for Queensland first home buyers, a range of government incentives are only available for those building.

"In Queensland, there's the First Home Owner’s Grant (FHOG) that allows $15,000 for a house and land valued to up to $750,000 — that's a great benefit.

"Buyers will also likely be eligible for an exemption on stamp duty on the land component, as well,” she adds.

Combined, these incentives can shave tens of thousands of dollars off the end price, making a big difference to first-time buyers.

2. You can create your dream home

What appeals most when building a home is that you can have everything that you want — from that classic Hamptons facade right through to the latest colours, finishes and fittings.

"You're able to create something perfect for you and your lifestyle," says Baillie.

"You're able to select a lot that's the perfect size within your price range and then be able to choose a design that works for you."

Luke Cini, sales manager at Brighton Homes, adds that first home buyers can be as creative as they like.

"You get to make the decisions on where you're injecting your money, whether that be a bathroom, the number of bedrooms, or the kitchen finishes and appliances,” Cini says.

“You can also choose the look of your home, whether it be a Coastal-Hamptons style or modern contemporary. You're not restricted like you are with an established home.”

3. Going green is an option

A really attractive factor, especially to young planet-conscious first home buyers, is the fact that you can build a home that's better for the environment — and reduce your utility bills too.

In Australia, new home regulation mandates that new builds be energy efficient. Typically, this means smarter design and better insulation.

Image: Getty

But there are also added extras such as solar power panels and rainwater tanks on offer, Cini says.

“You might want to catch water with an additional tank, install extra insulation, or have tinted windows,” he says.

“These are not only good for the environment, but it also reduces the everyday running costs of your house.”

4. Peace of mind

One of the concerns people have about building is you can't see and touch your house because it doesn't exist yet.

This is where warranties come into play, to give home builders “peace of mind”, says Baillie.

"All new buildings have a warranty period,” she advises.

"So, you know that you're not going to settle and then a week later have to get the roof replaced or something along those lines. Everything's brand new, and it's covered."

Baillie adds that this is nota safety measure you get with an older established home, which could throw up unexpected problems that are costly to fix.

5. That new home feeling

Finally, the thrill of building your dream home and moving in is something that just can't be rivalled.

"There's something pretty special about a new home," shares Cini.

“You've made all the personal touches, and you know it's never been lived in before, and that's something that you just can't replicate in an older home.”

If building sounds like the right path to get your foot on the property ladder, you can find out more about Stockland’s Queensland communities.

If building sounds like the right path to get your foot on the property ladder, you can find out more about Stockland’s Queensland communities.