If you’re searching for your first home, next investment, or looking to build your perfect home, there’s a good chance you’re stuck between building vs. buying a home.

For many Australians, timelines and budget will determine the choice to build vs. buy. Still, outside of those two determining factors, there are a myriad of other things worth considering when building or buying your home. To help you decide between building vs. buying your next home, we’ll take you through the pros and cons of each avenue. 

Table of Contents:

• Advantages of building your home
• Considerations for building your home
• Advantages of buying a home
• Considerations for buying a home
• Weighing it up

Advantages of building your home

Building your own home is a rewarding experience, and it offers several advantages over buying an existing home. Here are some key advantages of building your own home: 

Customised build 

When building your own home, you get to choose what every part of it looks like, from the number of rooms to the layout and, of course, adding your own personal touches. It’s this freedom of choice and customisation that makes building your own home so appealing for aspiring homeowners all across Australia.

Government grants 

There’s a misconception that building a house will always be more expensive than buying one. In actuality, government grants for building a house may help you save substantially on costs. For example, the HomeBuilder Grant can provide up to $25,000 to offset the construction costs of a new home. 

Considerations for building your home

Waiting period

Good things take time, which means that when building your future home, you’ll be able to view and shape the entire process from start to finish. Ask any homeowner who has built their dream house, and they will tell you that building your own home is worth the wait, and that there’s a certain charm to witnessing the building process of your future home. 

Advantages of buying a home 

Buying a home is usually seen as the faster and more convenient way to find a new living space, but it’s not without its drawbacks. First, here are some advantages of buying a home:  

Established communities

Most existing homes already have a location in a well-established neighbourhood that has all the comforts and amenities for daily living. This includes schools, clinics, supermarkets, and the list goes on. Having these within walking distance or a short drive will make your daily schedules a lot more convenient. 

Quicker move in

Getting the keys to a home you’ve bought will be much quicker than one that needs to be built. Since there’s no need to worry about delays or uncertainty like in a construction process, once you’ve decided to purchase a home, you’ll only be weeks away from moving into it.

Considerations for buying a home

Limited choices

When it comes to existing homes for sale, what you see is what you get. Chances are that there’ll be little to no room for any customisation, especially with older homes that cannot risk significant changes to the layout due to structural limitations. If renovation is possible, you’ll still have to contend with longer wait times, not to mention that it can be very costly.

Potential issues

A house's problems are not always immediately apparent, even during an inspection. These problems, such as piping issues, leaks, or insect infestations, only become evident after you’ve made the purchase or moved in. At that point, you may need to deal with them personally, resulting in costly and stressful consequences. While older houses are more likely to have such issues, even newer homes are not exempt from having them.

Weighing it up

So, should you buy or build a house?

The truth is that there’s no “best option”; in building vs buying, both have their own merits and disadvantages, and it will ultimately depend on what you’re looking for in a home. 

When buying a house, you trade personalisation for speed and convenience, while building a house requires time for a more satisfying home. Focus on what you want for your future living space — that will guide your decision-making.

If you’d like to learn more about building a home in Townsville, our team at Keir Constructions will be happy to answer any questions and help find a solution for your dream home.