There are two main options for getting a new home, building or buying. Finding out which of the two to go for will help narrow your search and bring you a few steps closer to proudly owning your new home.

Building and buying a house both have their merits and limitations — and there’s no clear winner at first glance. As experts in the building industry, we’d like to present you with both options so that you can weigh up the pros and cons of each to settle on a solution that fits you best.

Pros and Cons of Building a House

Building your own house is no longer a distant dream, despite what most may think. However, you’d be doing yourself a disservice if you didn’t consider both the pros and cons of doing so, first.

Advantages of Building a House

• You can design it the way you like: Perhaps the biggest draw for most, being able to create your dream house is a big plus, especially if you’re going to be living in it. Whether you’ll have a two-storey mansion, or a cosy cottage is up to you. 

• Having an energy-efficient home: With electricity costs going through the roof in the last five years, it pays (literally) to have a home that is energy efficient. Installing products such as insulation or solar panels will have long-term cost savings.
• Enjoy concessions and grants: Depending on the location, you could enjoy up to $15,000 in government grants if you are building your first home. You may also not need to pay for stamp duty on the house, which is a nice bonus.

Disadvantages of Building a House 

• Longer waiting time: Building a house can take a long time. Anything can happen during the construction process, not to mention accidents or unexpected delays.
• Unplanned increases in cost: Even with the best plan in place, sudden material shortages or changes in labour fees may make your home more expensive than you had initially planned. 

• Finding a suitable location: Before you build a house, you’ll need to buy the land it will sit on. It can take substantial time and effort to look for a location that’s both desirable and within your budget.

Pros and Cons of Buying a House

Let’s take a look at the other side of the fence — buying a house. While this may sound simpler than builder a house at first glance, it comes with its own set of pros and cons which you should take some time to consider. 

Advantages of Buying a House 

• Quicker move-in: With a pre-existing property, you won’t have to wait till the dust settles before collecting a set of keys and moving in.
• Established neighbourhoods: A home with an area already developed around it gives you greater convenience. If you like living close to the city or having amenities at your fingertips, buying a house is probably a better fit.
• Clear costs before purchase: What you see as the cost of the house is what you can expect to pay, minus some small administrative fees. This allows you to plan your finances accordingly.

Disadvantages of Buying a House

• Limited customisation: Even with renovations, there is only so much you will be able to change in a pre-built home. For example, you can’t build an extra storey above your house.
• Aged property issues: The older a house is, the more wear and tear it will have. Problems like roof sagging or pipe leaks could surface after a while.
• Limited availability: If you think that a house would make a great purchase, it’s likely that someone else thinks so too. You may have to compete with other home buyers for your ideal house. 

Is it Better to Build or Buy a House?  

Building vs. buying a house, which is best? The winner of this long-fought battle ultimately depends on your preferences for your homeownership journey. Do you want a house that is designed to your specifications? Or are you okay with something that fits your general liking? Questions like these, alongside your personal circumstances and preferences, will help you decide whether to build a house or buy one.

If a customised solution is what you’re after, look no further. As an award-winning builder, Keir Constructions has completed hundreds of beautiful homes for our happy customers. With all-round home designs and convenient house and land packages available, building and buying has never been easier or more accessible. Reach out to us today, and our team will contact you soon to help you get started building or buying your brand new home!