Building vs Buying a home: Property Expert reveals secrets you should know
Mortgage broker reveals the secrets all first home buyers should know – from why you should build instead of buy to how to create a ‘functional floorplan’
A mortgage broker has revealed a basic guide to building your first home
Robert Roper recommends building in an ‘existing suburb’ not a new estate
Create a ‘functional’ layout through open-plan living and maximising space
First home buyers should avoid being sentimental over small features
Buyers should also make use of government grants available if eligible
Home buyers should opt to build their first home rather than buy an old existing property on the market, a mortgage broker has revealed.
Robert Roper, director of Trusted Finance in Perth, told Daily Mail Australia that first home buyers should build a home and make use of government grants available, even though the construction application process is often ‘confusing’.
Mr Roper recommended building a home in an existing suburb compared to new estates, creating a ‘functional floorplan’ and spending money now on what you can’t change later – such as the number of bedrooms.
‘Building a house means everything will be new – you have the advantage of structuring the home to your style and will have less maintenance costs,’ he told Daily Mail Australia.
Create a ‘functional floorplan’
While building a home is an exciting process, Mr Roper said it’s important to create a ‘functional’ floorplan or layout rather than focusing on the overall style.
‘Make decisions around the structure of the home in order to maximise the space and the potential options for you to rent it out later,’ he said.
‘Maximise the bedrooms and space rather than putting your money into personal taste cosmetic products.’
Generally most modern homes have open-plan living spaces that connect the kitchen, living and dining rooms together, which would be one popular style to consider.
‘Think about how the build connects to your outdoor area too and how to create privacy in your backyard,’ he said.
‘It’s also worth considering which direction the home will be facing in order to maximise light.’
Don’t become too sentimental over small things
Mr Roper said many first home buyers fall into the trap of becoming too sentimental over little aspects of the design and don’t consider the overall functionality of the layout, which can reduce the value years later.
While it’s important to enjoy the process and make the house your own, don’t invest too much money in small aspects – such as marble kitchen benchtops or black-out blinds.
‘My first home was a build and I remember being so sentimental about what it was that I was building – and you can’t help it because it’s often the biggest financial commitment you’ve ever made in your life,’ he said.
‘You go through lots of different aspects with the builders from pre-start meetings to trying to figure out what colour tile or paint you want.
‘But rather than focusing on what’s sentimental to you, turn your attention to the aspects of the build that are very hard to change later on.’
Build in an ‘existing suburb’
Since it is practically impossible to determine whether building is cheaper than buying, it’s always a good idea to buy in an ‘existing suburb’ rather than a brand new development estate.
‘Generally if you can obtain a block of land and build a home in an existing suburb, then you tend to find that you make greater returns compared to in a brand new development,’ he said.
Mr Roper said it’s difficult to know how quickly areas in development will grow in value due to less data and information available.
Source: DailyMail UK
