Why Build New vs Established: 5 Key Reasons

The market for established homes is experiencing record highs, leaving many would-be homebuyers feeling that homeownership has slipped well beyond their grasp. Custom homes offer a suite of benefits, including design flexibility and an entry point into the competitive property market.

If you’re willing to invest your time and commit hard earned savings to building new, developing a custom home design to suit your lifestyle and needs can be a much more attractive option. So, why build new or established?

Build in Your Dream Neighborhood

If you wait for the perfect property to hit the market in a sought-after location, you could be waiting more than a few years to buy. During that time, the median house price will have grown and there will likely be scores of other prospective buyers competing for the same property. This is the reality of the barriers to entry that buyers face on the path to homeownership.

The right location is everything. By choosing to build in the right area, buyers can expect to achieve a much higher return on investment when they eventually sell. Plus, enjoy the bonus of access to a great neighborhood.

The market for vacant land is generally less competitive than for established homes. Or, buy the worst home on the best street and start a knockdown rebuild project of your own. In today’s busy lifestyles, many buyers would prefer the convenience of moving straight into a new home. The good news is that if you’re prepared to build your own, then homeownership can be much more achievable.

Make the Most of Your Block

Each block of land offers unique dimensions and it is this special feature that will influence how you develop your custom home design. When you buy established, you are limited by the current house position on the block, which doesn’t always maximise the space you’ve been given.

A sloped block could encourage a stepped home design with a basement garage. Blocks which cater to two storey homes will want to make the most of the surrounds with large windows and a north-facing aspect to take advantage of the natural light and solar power.

Perhaps you would like to build in a courtyard or additional garden space, sacrificing a driveway. When it comes to custom homes, the decision is freely yours. While it is possible to renovate established homes, underlying structural issues can be a costly repair. Rather than invest a fortune into trying to undo someone else’s decision, start fresh with your own custom home design.

Design for Your Lifestyle

One of the most common reasons buyers choose to build custom homes is the complete flexibility when it comes to design. All of the elements including the floor plan, fittings and furnishings are in your hands. Families with little ones may look for open plan living areas, where kids can play under supervision. Open plan design is a modern choice and unfortunately, many established homes do not offer this feature.

Whether you seek child-friendly living or high-end sophistication, working with an experienced builder to bring your vision to life will unlock a real sense of freedom. Start by researching online and flicking through interior magazines to create a mood board of beneficial materials and designs. Focus on the plan for your future and how this home can suit your lifestyle.

Work Around Your Budget

A common misconception for custom homes is that it will cost a lot more to build than simply buy an existing house. Of course, the situation is completely relative to your budget, desired locations and living needs.

There is an assumption that with total flexibility, there must be some sort of drawback. In reality, the amount that you spend depends entirely on your own decisions. This is no different between a custom home build or an established property.

If budget is a serious issue, then speak with your builder about cost-saving measures that can be put in place from the beginning to manage spiralling finances. Chat with them about cutting back in certain rooms so you can splash out where it’s a priority, such as the kitchen and living.

Invest for the Future

Homeowners often make the best designers because they are the ones who will enjoy the benefits and understand the brief firsthand. Rather than entrust your custom home design with a developer, who does not have to live with the consequences, homeowners who take the time to make balanced decisions will best serve their own needs.

If you buy established and aren’t able to secure a property that ticks all of the boxes, it’s important to choose a builder you can trust to carry out renovations and follow your design instinct. Your home is an investment in your future, so be sure that all of your choices are genuine.

Author Bio
As Managing Director of Mazzei Homes, a custom home builder Melbourne wide, Daniel has a strong ambition to innovate the building experience for those looking to design quality homes.