Your house is more than just a building. It’s the culmination of your overall ambitions, a testament of your financial prowess, a safe sanctuary for your family, your most precious asset, and a safety net in case of unfavorable economic situations. But unfortunately, as it happens often for a significant percentage of Australian families, your current property might now not be enough for the future ambitions of your loved ones.
Your children are now grown up and they require more space for their everyday activities? Have you obtained a sough-after promotion but it necessitates relocating to a new office, further away from your house? Do you simply need a change and so does your family? In that case, you will have a choice to make. Sydney is one of the most developed cities in the Southern Hemisphere, and it’s also one of the best places in Australia if you want to pursue your career ambitions or further your educational pursuits. But there is a problem.
The housing market in NSW is completely out of control, and the prices for listed properties, whether flats or houses, are at records levels. Sure, maybe you can obtain a great price for your current property, and perhaps you might even benefit from the financial stability required to obtain a favorable loan. However, a bigger and more centrally situated property will automatically be more expensive than your current home. Can you afford to pay a difference of let’s say $100,000 for a house with an extra bedroom and situated 5km closer from your current job? Sure. But what if it’s more than that? In that case, using the services of home builders in Sydney will most definitely be worthwhile.
What Are the Practical Benefits of Constructing a New Property?
Well, for one thing, if you are a citizen of Australia, you’re currently located in NSW, and the building contract alongside the vacant land necessary for the property construction does not exceed the value of $750,000, you can be eligible for an FHOG grant of $10,000 that you can later spend however you wish. Is this a lot? No, not really, but it’s better than nothing, and it can be a helpful sum, especially if your primary reason for investing in the construction of a new house is financially oriented.
Secondly, you should also think of the customization benefits. Yes, Australian homes are the biggest in the world, and their quality, at least compared to countries in the Southern hemisphere is at a superior level. But not matter how good your newly found property might seem at first glance, there will always be the risk of unforeseen defects or catastrophic structural failure, deep under the shiny coat of paint and the eye-catching tiles or interior decorations.
With a market-available property, you are not 100% sure about the maintenance history of the house, which is why you will need to invest in a comprehensive external inspection before making the purchase, something that will never come cheap. On the other hand, a house built with the professional help of home builders in Sydney, will be like a canvas, that you can paint however you wish. When we talk about custom homes, personalization is everything (that and reduced costs). From the material used by the builders to the overall property layout or the selection of appliances, HVAC system or solar panels, a custom home will be constructed according to your exact specifications, something that will automatically make it a more suitable choice for your family.
Not Just a Financially Beneficial Plan
Is it possible to find your dream home listed on the market? Sure. At a reasonable price? That’s less likely. So, in almost all cases, building your property from scratch or using the services of Wollongong in Wollongong will be a more practical and financially advantageous idea. But that’s not all. In accordance with the Nationwide House Energy Rating Scheme, newly-built Australian properties must achieve a sufficient level of thermal insulation to obtain a rating of at least six stars out of ten.
All domestic house builders, whether based in NSW or Victoria are aware of this fact, which is why, the construction of a new property will, over time, result in energy-savings that could have a massive effect on your energy bill. Newly-built homes are simply better insulated than properties built ten or twenty years ago. Plus, everything will be new, so expensive repairs should not be on your mind for at least the first five to ten years of ownership.
On top of that, because newly-built properties are prone to rapid depreciations in the shifting Australian financial climate, you might also be eligible for Division 40/43 deductions. It’s a better deal, which is why in the end, going for the services of home builders in pretty much a no brainer. Not to forget, in Sydney, the average cost of a newly-built property has surpassed the value of $1.5 million. This is unreasonable for the vast majority of Aussie families, which is why the housing market in NSW is considered one of the most competitive in the world at the moment. Meanwhile, the costs of building a 4-bedroom house in the same area, could go as low as $600,000.
A Monetary Effort that Will Almost Always Pay Off
Yes, the final price of the construction depends on the finishes, and the square footage. But, as a general rule, building a house with the help of home builders, whether you live in a central area or in Wollongong, will be more financially beneficial. There is however one more solution, and that’s using the services of granny flat builders. Also known as ADUs, these home annexes are a perfect solution if you are trying to increase the square footage of your property without necessary benefiting from the budget required for a complete relocation.
When build by granny flat builders in Wollongong or the surrounding area, granny flats are flexible and easy to manage constructions that could 1) increase the square footage of your home, 2) provide you with a new income source, and 3) enhance your property’s market value. Plus, at least when utilizing the services of granny flat builders, ADUs necessitate far less paperwork than other types of NSW-construction projects. Therefore, in the last couple of years, their popularity has expanded significantly, and nowadays many are calling them a potential solution to the housing crisis plaguing our country.
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