People with little 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.
Budget barriers
With any luck, your savings plus your grants plus what you can borrow from a traditional lender will be enough to build the home you want. But what if it doesn’t work out that way? Firstly I just wanted to check in with this video. Now depending on where you are at in life, both financially and personally, this may be a really valuable consideration.
Dream home versus ‘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. Besides, building is always so much more fun the second time around!
Learn how to build the best home for the best price without sacrificing on quality at The Build Your Home Masterclass Series.
