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How much should I spend on building a new home?

dream home v's now home

People without any building experience tend to think that building a new home will be a long, difficult and stressful time that they won’t want to repeat. However, waiting until you can afford to build your ‘dream’ home with all the bells and whistles could mean that you spend years missing out on the big advantages that building can bring your family today. Upgrading your lifestyle can be done in increments throughout life. To demonstrate my point, I’m going to let you in on a little trade secret.

The process of building a home is, for many, addictive. The ability to create instant equity with each build, along with often being able to sell a home for more than what it cost you to build it, means that nothing is lost and much is gained. I’m not suggesting that you’ll necessarily build a whole bunch of houses, but there’s every chance you’ll build more than one. Based on a regional survey in the Victorian town of Warrnambool, which has a population of 34,000 and was rated the third most popular sea-change town in Australia by The New Daily, ninety per cent of people who had built a home there would do it again and all of them said they’d recommend building to a friend.

The absolute best reason to build a home is that it allows you to create the very best lifestyle for your family that your budget can afford, be that $300,000 or $3 million

The size of your budget is irrelevant. It’s the value-for-dollar spend that is important. Provided that you’re sensible in prioritising your wants, needs and desires, you’ll get a far better bang for your buck just by choosing to build.

So, rather than wait until you can afford to build your ‘ultimate dream home’, why not build a home that you can afford now and build the dream home later.  This is especially important to consider if you continue to rent while you wait until you can afford to build your dream home.  See the calculator below to know what rent is really costing you.

in summary

nothing10b

Be realistic.  Build your today home now and you’re dream home when you can afford to.

 

Rent v's buy calculator

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how long to save for a deposit calculator

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quote

sep-head1

Waiting for perfect is never as smart as making progress.

- Seth Godin

Disclaimer

This information is of the nature of general comment only, and does not represent professional advice nor should it be substituted for professional advice. Whilst attempts have been made to ensure the accuracy of the information, we don't guarantee it's accuracy.  Any information we provide is not intended to provide specific guidance for particular circumstances and it should not be relied on as the basis for any decision to take action or not take action on any matter which it covers. You should always obtain professional advice before making any decision to purchase property of any kind.  We recommend you seek professional financial advice prior to entering into a contract of any kind.   Build In Oz disclaims all responsibility and liability to any person, arising directly or indirectly from any person taking or not taking action based on the information in this course.  Please refer to our privacy and disclosure statement for further information.



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