If you are wanting to own a brand new home, waiting until one has finished being built before you buy it may end up costing you more. During the construction process the Builder has to carry the costs of the finance and the trades as he will not be paid until the very end of the process. As a result you may find the house will cost more as the Builder will be keen to recover his additional costs.
Purchasing a house and land package before construction commences gives you the opportunity to buy at a better price and in some instances, you may find by the time building has been completed you have gained equity already.
It is tricky to find brand new, never been lived in homes for sale. They could be one to two years old or up to five years old and still termed 'new' home. Also, they may not be in the area that you want to live in.
Finally, in building your own home you can take advantage of the NSW's Home Owner Grants while they are still available.
NSW First Home Owner Grant (New Homes), this applies to first home buyers and provides a $15,000 grant plus there is the opportunity for stamp duty concession.
NSW New Home Grant, this applies to home owners who have owned before but want to build again and provides a $5,000 grant.
Best to get in early, grants are due to be reduced from the start of 2016.
A few good opportunities available for those wanting to build their first or second home.
If you would like more information about building your home give us a call or email at Carnelian.