Sooooo it’s time to be a homeowner. You’ve gone full adult and saved hard, and you’re now ready to ditch the painful rental (and bid farewell to that Karen of a landlord you’ve been dealing with. #byefelicia) Ooooo, don’t forget the need for that epic K-Mart run to stock up on ALL THE THINGS for a home where somehow, $1 + $8 + $5 + $3 = $150.
First things first peeps, you’re faced with two choices – do you build a new home, or do you purchase an older, established home?
Well folks, there’s a few things to weigh up.
Buying Established
Pros
Top Perks: No need to wait for your home. It could be a matter of weeks before you move into your cosy new humble abode, and you can check it out for yourself before moving in. You can see what you are getting, making it easier to visualise exactly how you’ll make this home your own, and if it can accommodate your needs.
Cons
Ever hear that old saying ‘Don’t judge a book by its cover?’
When buying an older home, it’s super important to remember that while it might look spick, span and perfect on the surface, costly issues might be lingering. Bit like a B-Grade horror movie where someone’s not who they seem. And let’s be honest, who wants to fork out money to fix a home?
P.S. If you buy an established home, you don’t have the opportunity to take advantage of the nifty First Home Owner Grant (boooooooo). In Western Australia, the Grant does not apply to established homes, only to new builds.
Building New
Pros
Ooooooo the control! You get to pick everything – from your floorplan and materials to the colour of your cupboards, and more! And if it falls within your budget, you can pick the suburb you want to live in (uhhhh we’re totally vibing the idea of our fave café being just a two-minute walk away)!
Your builder will have a bunch of house designs to pick from – which can often be modified if you’re looking for your dream home at a winning price! #winnerwinnerchickendinner
Plusss you can be certain your home is 100% without any hidden nasties – your new home is TOTALLY new – new appliances, new materials, new everythaaaaang!
P.S – Newer appliances are generally more environmentally friendly than older ones – so your bills are likely to be cheaper than an older home, and there’s less strain on the environment. Yiewwww!
Ooooo, we forgot to say! If you’re worried about forking out for rent and a mortgage during the time your home is being built – your payments can be reduced by something fab called a construction loan! This means you’ll pay low, interest-only monthly payments during the construction period.
When the home is finished, the loan converts to a normal loan. Pretty handy!
Cons
Ahhhhh, the good old waiting game. You don’t get your home right away, and if you’re someone who isn’t prepared to wait for your home to be built, then building mightn’t be for you. And that’s totes okay – it’s not for everyone and there shouldn’t be anyone pressuring you to build (it’s time to move on if they are, just saying.)
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