Is Buying a House Cheaper Than Building?
Everyone wants to live in their dream home — a home perfectly suited to their requirements and their situation. This is why building a house in New South Wales can be such an attractive proposition. If you have the resources and the patience required to carry out a project of this magnitude, building a house will deliver you the property you have always wanted.
But the New South Wales property market is a diverse one. If you give yourself enough time to shop around and to check out all the available options, you are likely to find the property that suits you.
So, is it really worth building your own property? Take a look at some of the hidden costs that may be involved when it comes to building a property.
Natural disaster risk
Some areas of New South Wales, and Australia as a whole, are prone to natural disasters. These include bushfires, flash floods, and other occurrences. While these things are of course risks in their own right, and are therefore things you need to be aware of, there also may be additional building regulations that apply to these disaster-prone areas. If you find that the local government requires you to take extra steps to keep your new home safe from floods or fires, this can increase the cost. Insurance may also be more expensive in these areas.
Measures such as BASIX are designed to ensure that property developments are environmentally sustainable. You may find yourself having to make serious modifications or amendments to the original plan if it is discovered that your development does not meet these regulations.
Testing and preparing the lands
You may need to pay for such things as soil tests and other requirements before the build can go ahead. This is something that not all prospective home builders take into account. If the land is sloping or otherwise hazardous or difficult to work with, this may also need to be put right, further adding to the cost.
Registering the land
If you are purchasing a fresh piece of land ready for development, it may not yet be registered with the local authorities. It may also not be connected up to local amenities and utilities. All of this will need to be completed before the property is ready for habitation, and this carries its own set of expenses.
It may be necessary to close roads or cause other temporary disruption during your building project. While the local government will understand that this is a requirement in most cases, they may still ask you to pay a fee to cover the inconvenience caused.
It’s easy to get caught up in the costs of building the home itself, but what about driveways or exterior landscaping? These are areas of the property that also need to be developed, and which carry costs of their own.
Getting the Most from Your Investment with a Home Purchase
Often the best bet is simply to shop around in the market and find the ideal property for purchase. Reach out to our team and let us help you find what you need in New South Wales, getting the best from your budget in the process.