Build, buy or renovate?
To build, buy or renovate in Perth? Here is our advice.
If you feel as if you’re beginning to outgrow your home in Perth or you’re lacking space, you might be weighing between options of what to do.
Alas, to build, buy or renovate? It is a difficult decision and one that should be carefully considered before making any sudden choices. Bellagio Homes have narrowed down the pros and cons to make this decision easier for you.
Option #1: Building a home from scratch.
The main positive is that you get to build a home completely from scratch. This means that you have complete design freedom. While your current home may not give you the joy that it once did, you always have the opportunity to start fresh. You get to experience the milestone of building a home and selecting every little detail to suit your wants and needs. Overall, this option will give your home a greater resale value as it will be more modern. In addition, if you are a first-time home buyer, the government has grants and incentives available to assist you in designing your dream home.
The process of building a home can be tiresome and long. While it is an exciting milestone, it can quickly become stressful when things don’t go according to plan. When it comes to building homes, often not everything will go seamlessly. It is a process that requires a great deal of patience as it could easily be prolonged due to unforeseen circumstances. The most common hinderances include weather and an inability to pay finances. Finances can be difficult when building a home as the price is never fixed. At best, all your builder can give you is an estimated cost. It is therefore essential that when considering buying a home, you are confident that you have a budget more than what is needed to allow for unforeseen circumstances. This will give you increased confidence that your home is guaranteed.
Option #2: Buying a move-in home.
While buying a home may come with numerous steps, the process and time dedicated to buying a home is much simpler than building a new home. This means that once the deal has been approved, upon the settlement date you can move in immediately and continue life with little hassle. This is also a great option if you do not have a set idea on what you want in a home. It is a great option for minimalists who merely want a modern home that fulfils basic necessities.
If you have already bought a home in the past, you will have to pay the stamp duty fee again. The major downside of buying a home is that it most often will not have everything you need. This will mean that you will need to compromise and might end up in renovating the home regardless.
Option #3: Renovating your current home.
This is a great option if you currently love where you are living and the community surrounding it. This allows you to pick and choose what you would like to renovate and will end up being the most cost-effective option out of the three. If you are following a budget, you do not have to worry about completing all renovations in one setting, you can take a step-by-step approach and pay once you have the finance settled for renovations.
The process of renovation can become extremely draining and time consuming. It involves a lot of hard work and patience.
Carefully weigh out each of the options, do your research and make your decisions. At Bellagio Homes, we want to make this process easier for you. Feel free to contact us with any queries or questions.