Renovations can be a fun project, but if there’s substantial work involved, there’s substantial cost and it’s likely you may underestimate these costs. And don’t forget, these renovations will only help improve a ‘less than perfect’ situation rather than allowing you to start afresh with new house plans, where you can build your dream home exactly as you want.
Existing houses, let alone old houses, have ongoing maintenance costs that yet again, are often more than anticipated. And, some old houses have been built so differently to today’s building standards that it can be hard to find a Perth builder or repairer willing to help with your requirements.
If you are a first time home buyer, you may be eligible for government financial incentives such as the First Home Owners Grant (unofficially called First Home Buyers Grant). Often, the FHOG is only offered for those purchasing new builds. So if you want to cash in on the bonus, building a new house is the way to go.
If you purchase an existing home, you’re pretty much stuck with the outdoor area as it is. Short of massive renovations, these exterior areas have been predetermined. On the contrary, if you start afresh with your own home design you can determine in your floor plan exactly how you will position your home, alfresco and garden area.
Many existing houses today just aren’t doing the environment any favours and need significant changes – which are also important if you want to keep your electricity bill down. Certainly, if you buy an old house you can still add solar panels, improve water systems, double glaze windows and add skylights or additional vents. However, you’ll never achieve the benefits that a new house built with passive house design features can provide.
When building a new house, you can incorporate passive design elements such as the correct orientation (to enjoy morning light and afternoon shade, and make the most of natural breezes and shade), the newest in installation, passive cooling, thermal mass (for warmth in winter) and much more.
Purchase a pre-existing home, and you’re stuck with the original builder’s choice of timber, bricks, tiles, kitchen tops, awnings and so on. Build a new house with a custom home builder, and you can choose exactly the materials and finishes you want.
The price of land can vary considerably depending on where in Western Australia you’re planning to purchase. However, with many established suburbs being choc-full, chances are you’ll be purchasing a block of land in a newer neighbourhood where prices will be considerably lower. And although your cost-effective block of land may not initially seem like such a fabulous investment, give it time. As the area becomes more established, you will reap the rewards – especially as infrastructure such as schools, public transport and shops develop.
If you think about your new home as an investment, you may benefit initially as you can claim a large amount of depreciation over the first two years of owning your new property.
Recognised as one of Perth’s Leading Custom Home and Farmhouse Builders, JFK Custom Homes builds homes for the Perth Region including the Perth Hills.
