The process of purchasing your first home can be just as nerve-wracking as it is thrilling. Owning your own home is a huge milestone that should be celebrated by anyone, regardless of age. If you’re looking to build the home of your dreams, you may be wondering what your options are. In today’s article, we have a look at the various routes you can take to building your dream home, so read on to find out more!
1. Consider a Knockdown
If you’re planning for the home of your dreams, one popular option amongst homebuyers is the knockdown and rebuild. This is a process where you purchase an existing property and knock the structure down, essentially leaving you with land that you can rebuild on. The key benefits of a knockdown rebuild in Sydney include the freedom to experiment with various styles and structures, the chance to add your own unique flourishes to your home and adding modern touches to your dream abode. Oftentimes, this is the solution that most go for if they purchase an existing home that has been built on a poor structure that could compromise safety and end up costing exorbitant amounts of money to renovate or fix.Big renovations often occur in the bathroom. When it comes to bathroom improvement, you might want to invest in an efficient upflush macerating toilet if you want a fixture with long-term functionality at a reasonable price.
2. Off The Plan House and Land Package
Now more than ever, we see a surge in young adults investing in off the plan townhouses or small homes that are being built within communities that are looking to expand and further develop. A quick Google search or browse through real estate websites will bring you to a wide variety of townhouses that are proposed to be built in the next year or two. The beauty of these house and land packages is that they offer you standard additions that you can choose to upgrade in accordance to your individual preferences. House and land packages are also generally extremely cost-effective, offer tax savings and are a great option for those who are looking to invest in their first home.
3. Build From Scratch
If you’d rather invest your money in a dream house that is custom built to a tee, then one of the options you have is to purchase land and build from scratch. This is a lengthier process than a knockdown or house and land package, but the ends justify the means. Usually, stamp duty is paid on the land purchase/title, and you are free to embark on building at any point after getting approval from the relevant council and authorities. One of the benefits of purchasing land is that if you choose the right area, you can almost guarantee that the value of your home will grow substantially over time. You may also be eligible for more government grants than you would if you purchased an existing residence.
4. Turnkey Properties
Last but not least, turnkey properties. These are properties that you can move into immediately and offer built-in appliances that are ready to use. They do tend to be more costly than a fixer-upper, but the benefits outweigh the cost. One should always inspect the property before investing in it, and most property agents are happy to accommodate such requests. One of the downsides of a turkey property is that you are left with little to no creative autonomy in how your home looks, which could be a deal-breaker for some.
With so many options available to homebuyers, building the home of your dreams can be one of life’s greatest experiences. We hope that this article has given you some insight into the options available to you when looking to build your dream home.