Australians looking for a new home have two options – build a new one from scratch or buy a ready-built one. There are a few factors that will affect your final decision such as the time required for constructing a new house versus moving into an existing property as well as the differences in each one’s costs. A mortgage consultant can talk you through all relevant costs for each option. Here’s some background on what each one entails.
Costs Involved In Building A Home From The Ground Up
Building a custom-built home may be the dream of many, but it does mean having to factor in some related costs. It’s not just the land to pay for, but additional costs such as:
You’ll need a construction loan that will cover every aspect of the above to avoid ending up running out of funds or requiring additional financial help along the line.
Costs Involved In Buying Existing Property
It may come as a surprise, but it’s not just the price tag (mortgage loan) of a property a homeowner will be paying for. There are hidden costs to factor in as well. These include:
The price value of these hidden costs will depend on the area you’re looking to buy in as well as a variety of other variables.
Deciding to buy an existing property or custom-build a new home is dependent on your individual needs, circumstances and costs. To help figure out costs and put things into perspective, speak to a knowledgeable home loan expert. Pearl Financial have trusted experienced mortgage consultants in Liverpool ready to help, so give us a call today.
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