When it comes to buying a home, many people begin by looking for an existing home. But an existing home was built to serve someone else’s needs – not yours. What if I told you that you could not only build the home of your dreams, one that suits you and your family perfectly, but that you could also save thousands of dollars at the same time?
Here are four simple truths about building that you may not know.
You don’t pay Stamp Duty on your house when you build.
Few people purchasing an existing home are prepared for the shock that comes when they discover how much they have to pay in Stamp Duty, on top of the purchase price. But when you choose to build, you don’t pay Stamp Duty on the house. You only pay it on the land, ultimately saving you thousands of dollars. Plus, if you’re a first home buyer, in many states you won’t pay stamp duty at all!
Building lets you create Instant Equity.
Building a new home can create instant equity. Home equity is the difference between what it cost you to build your home and the fair market value of your home upon completion. For instance, if you buy a block of land and build a house with a total cost of $400,000, upon completion it may be valued at $440,000. This gives you $40,000 in equity immediately.
Building makes you eligible for the First Home Owners Grant.
Currently in Victoria, the $20,000 First Home Owners Grant (available from July 1st 2017) is only available to those who are building a home or buying a brand new never been lived in before house.
TRUTH#4. (our personal favourite)
Building lets you direct your new home budget on the areas of your home that will bring you the most happiness.
Building lets you pick and choose the things that you’ll have in a home that will really make you happy. When you buy an existing home, where does the value lie? Is it in the same areas that matter most to you? Why pay for porcelain tiles and stone benchtops when what you really need is more space. Building lets you create your best lifestyle according to your needs first, your wants second and finally, your desires.
Our The Building Home Masterclass system makes it simple to have a great home for a price that delivers value.
You owe it yourself and your family to get all the facts. You can learn everything you need to know to make the right decisions by taking the 5 Step Journey to Building your Best Lifestyle.