Building

Should I buy or build a house?

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Everyone has their own reasons for why they might buy or build a house. We wanted to take a quick moment anyway, with the help of Domain, to list a few considerations for if you're torn between what move you should make. Once you've decided on the best path to suit your needs, your friendly local Coutts conveyancer will help guide you through the processes involved in finalising your purchase. 

Buying an established house

  • Usually requires a quicker process which will see you move in faster.
  • Land sizes are generally larger than what you will find with new builds.
  • Property location is more likely to be more central to established infrastructure.
  • Established houses are more likely to be purchased for investment purposes.
  • If the house is in the right location and if improvements are made, value may be added.
  • Buyers can establish fair market value with nearby sales data available in established areas.

Building a new house

  • This is a popular for first home buyers due to concessions available.
  • Less maintenance issues than with established houses.
  • New house designs are more likely to be energy efficient, delivering long term savings.
  • You can pick a design that suits your family.
  • Building can be a time consuming process with the potential for complications.
  • Building is a perfect option when looking for your forever home.
  • New builds are usually covered by warranties.

Have you made the decision to buy or build recentely and need a conveyancer? Meet your new conveyancer HERE.

The New Home Grant Scheme

I have many clients who ask me about the New Home Grant Scheme with government incentives for non-first homebuyers. Non first home buyers are someone who owns property or has owned property before. It pays to buy vacant land, new homes or off the plan … it pays $5,000! That’s right, for the purchase of vacant land, brand new home or off the plan, the government will give you $5,000 toward the payment of stamp duty as part of the new home grant scheme.

Here’s the ‘catch’ (you knew this was coming):

  • The value of the new home can’t be more than $650,000
  • The value of the vacant land can’t be more than $450,000
  • Purchasers must be Australian citizens, Australian residents or an Australian-owned bodies
  • Each purchaser is limited to one grant per financial year
  • For vacant land, construction of the home must begin within 26 weeks of the completion of the purchase
  • The grant is not available for the purchase of an existing home to knock down and build and a new home on the land
  • Doesn’t apply for vacant land or brand new homes intended to be used for commercial or industrial use

Provided you comply with all of these requirements, you’re eligible! What are you eligible for? It’s called the New Home Grant Scheme and it’s a $5,000 contribution toward your stamp duty. Sounds good to me, I mean stamp duty never looked so good for non-first homebuyers, so what are you waiting for? If you would like to apply for this $5,000 amount our Conveyancing department can help you apply.

Has this sparked more questions? Contact us on 1300 268 887 or click here to register for a call back.

*This information is current as at January 2015.