Buying an Existing Home vs. Building a New Home 

20/05/2022 . By Champion Homes

Many of us dream of owning our own home, whether it’s a period property in an old leafy suburb or a turnkey new build with a stylish balcony and designer kitchen.  

Buying a home is an emotional journey filled with many questions and considerations. To ensure you make the best decision for you and your family, we recommend you look at the pros and cons of your choices. This article will help you deduce the must-haves in your home, the deal-breakers, where you might be willing to compromise, and whether buying an existing home or building a new one offers you the most choice and value for money.  

Buying an Existing Home 

Pros: The older, more established suburbs may be more desirable because they can offer established infrastructure and convenient proximity to Sydney’s commuter belt, and good properties in well-established suburbs can often attract premium prices. Not only can these properties hold their value, but any modernisation and updates could increase their value too.   

With an existing property buyers can see exactly what they are getting and call on the various property experts to carry out inspections and checks, which offers peace of mind. For instance, a pre-purchase building inspection can provide an overview of the structural integrity of the build, identify faulty electrical wiring, uncover asbestos, and alert you to any structural assets that don’t conform to building regulations. 

Carrying out a building inspection and uncovering issues could also save you money by enabling you to negotiate the purchase price. In addition, the property inspection will give you a good understanding of what work needs to be done so you can evaluate the renovation budget against the purchase price.   

Cons: Existing properties may come with issues that are inconvenient or possibly even worse, dangerous, to the safety of you and your loved ones. Worse still, these issues may not necessarily be identified in a building inspection. In addition, these pre-existing issues may prove very costly to rectify, an additional cost that you may not have factored in when negotiating the purchase price. 

So if you’re thinking about buying an existing home, be sure to inspect any antiquated features. These may limit your options when updating or customising the property to suit your design preferences.  

Renovation work may also unearth some critical issues that may be costly to rectify, e.g., discovering asbestos in the ceiling or uncovering a faulty or outdated electrical or plumbing system, significantly affecting your renovation budget.  

Older homes may include period features that you love, styles that you adore, and quirks that you have been looking for, and you may end up paying a premium price for an older home with original features. However, you cannot underestimate the cost of renovating an old house. Once you’ve paid a premium purchase price, there may not be much leftover in the budget to carry out the renovations you want without putting more money into the property than it’s worth.  

Building a New Home 

Pros. Building a new home offers you choice and opportunity across various design options, like layout, colour, fixtures, fittings, and modern and custom features. This is your opportunity to personalise your new home, thereby creating a truly unique space that suits your style, taste, and budget.   

Take advantage of this opportunity to design and build your perfect home by choosing from various design options. You can choose from a catalogue of flexible new home designs to suit your style choices, lot size and shape, and budget. These flexible design options can be personalised by professional new home builders like Champion Homes. The team’s wealth of experience offers you choice and opportunity, like building a unique, pristine two-storey home on a narrow plot or a modern, high-end duplex on a corner lot.   

Create your perfect home from our refreshing designs that have been tailored to feature skillfully crafted architectural devices and clever floor plans that maximise indoor and outdoor spaces and create unique storage options and design features. In addition, Champion Homes will install high specification appliances and materials that comply with robust building and safety regulations. You could even include enhanced modern technology and environmentally-friendly design and build options to yield long-term cost savings in energy efficiency and utility bills. 

Cons. Designing and building a new home may come with a few inconveniences. For example, should you elect to build your new home this will likely mean that you have to move further away from the city centre.  

However, several government initiatives are underway in New South Wales to meet current and future demand by delivering thousands of new homes across various growth areas. These areas may be beyond the city limits, but rezoning plans are underway to create new town centres with numerous additional opportunities, including jobs. 

For more choice, extensive design options, and peace of mind, the Champion Homes team recommends building a new home as the better option. Be sure to choose a trustworthy, experienced, and skilled building partner who will provide advice and guidance throughout the whole design and build process – from start to finish. 

The Right Building Partner for your New Home: 

Champion Homes is a member of the Housing Industry Association and an award-winning company that has been bringing fabulous, affordable home designs to life for over 20 years. Our build projects are of a high standard, in line with the most up-to-date safety and building guidelines and regulations, and we offer many options for building new homes, including: 

– Building a new home on vacant land;

– New house and land packages; and 

Knockdown and rebuild options on existing land. 

The Champion Homes team also offers: 

More experience: We’ve built thousands of quality homes since we began in 1998;

More value:  We pride ourselves on building quality homes with quality inclusions at competitive prices; and  

More choice:  We offer a wide range of home designs to choose from, with a dedicated draft and design team who are available to customise designs to your taste 

Contact us today for a free, no-obligation consultation with one of our experienced team members.

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