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Buy vs Build: Which is Better for Your New Home?

With buying new property comes the age-old question: should I buy land to build a house on or a house and land package? Whether you’re an investor or a family man who is looking for your new home, it’s can be difficult to choose between buying land and buying a pre-existing house. In Manor Lakes, Victoria, for instance, there are both houses and lots for sale to choose from. But wherever you have chosen to live, which option is the best for you and your family? Here are some things worth considering:

House and land packages

A house and land package is undoubtedly the easier choice if you’re looking for a new home to move into. But there are still some drawbacks. Nevertheless, take the time to weigh the pros and cons.

Pros of buying a house and land package

Potential to save money.
If you buy an already completed house, you have the potential to save on construction services, renovation costs, and other fees that you have to pay when you buy land.
Less effort.
Unless you have a lot of modifications in mind, a house and land package is move-in ready — less effort on your part in terms of planning, designing, and building.

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Cons of buying a house and land package

Expensive modifications.
If you want to add certain features to your newly -bought home, such as a new fence or a swimming pool, changes can add a hefty amount to your total housing expenses.
Certain limits.
Some properties have certain restrictions as to what you can customize. Even if the developer allows you to make significant changes, they won’t come cheap.
Vacant lot
On the other hand, buying a vacant lot is also a viable option that you would want to consider. Sure, it may be a hassle to build on it later on, but consider the advantages as well.

Pros of buying a vacant lot

Freedom of design.
When you buy a vacant lot, the biggest advantage that you have is the freedom to design your own home. If customization is your priority, buying a plot of land to build on later is the best option.
Bigger profits.
Newer homes can have more significant profits upon resale and are more appealing for most people looking to buy a house
Better satisfaction.
Building your own home, which can be customized to your heart’s content, is more satisfying than buying a house that doesn’t fit your idea of a dream house.

Cons of buying a vacant lot

Higher costs.
A drawback to buying a vacant lot is the higher upfront costs for design and construction. For buyers with a lower budget, this option may come as a stretch.
Longer waiting time.
Building a new house requires a longer timeframe before you can finally move into it. If your builder doesn’t stay on schedule, the process may take even longer.
If you want a house that will better fit your budget and can be used as soon as possible, lean towards house and land packages. If you want to build your dream home instead of wasting time finding one, then buy land to build on.

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