If you already have an idea board and know exactly how you would like to live your life in the future, it is important that you exhaust your buying options before you decide to self build. While there are loads of land offers available, without experience, you will be struggling to manage a big project, such as building your own home. Below you will find a few tips on how to decide whether to buy or build.
Renovation Properties
Just because you haven’t found a property that is perfect, you cannot exclude buying. You can actually go into property development without starting from scratch. Just look for low cost properties with a great potential and use your imagination to turn it into the perfect place to live for you and your family. This is likely to be a cheaper option than trying to tick all the boxes or spending years building a house.
Self Build
There are, however, some benefits of self build, too. You can get your ideas to come to life and tailor the home to your family’s needs. If you have some particular expectations that you cannot find in any property you have visited, this might be the right option. You will, however, have to be prepared for the challenges of managing a team of contractors and controlling your budget.
Economical Considerations
Some people choose to renovate or self build to make their lives fully sustainable. You might want to use sustainable materials or make your home more economical or greener. It is important that you focus on the long term return on investment and the resale value of the property. While the majority of people build a home to live there forever, your kids might not find it suitable for their lifestyle.
Your Budget
Before you decide whether or not you should invest in a renovation property or land, you will have to create a budget for both options. You can check out prime locations, such as Wyndham Ridge and find out about the total cost of development, such as permissions, getting connected to the grid, and tax. The last thing you want to do is stretching your budget too far and getting into debt.
Location
Independent of the interior design that can be flexible, even if you are buying an older house, you will have to take into consideration the road networks and the local amenities. You might be happy at the location right now, but what about 10-15 years from now? Consider the times when your kids will have left and you will have to find your days after retirement. Would it be the perfect place to live? If the answer is yes, the decision is simple.
Relocating can be stressful and challenging. If you are currently at the stage when you are trying to decide where to live, and whether to embark on a property development project, you should consider the above options and ensure that you are not spending beyond your means.
You must log in to post a comment.