Should you own your home or rent? It’s a big choice many of us face. For those who feel stuck in the rental market as house prices continue to rise, building your own home may seem like a pipe dream. However it’s actually a lot more achievable than you think.
There are advantages to renting: no out-of-pocket costs for property maintenance; the flexibility of living in a suburb that you may not be able to afford to buy in; the ability to move homes more easily; and there’s not the financial pressure you feel when you have a mortgage.
However there’s many personal and financial advantages of buying a home, and in particular building a new home.
First home buyers grant and stamp duty concessions
By building you can take advantage of the State Government’s concessions — such as the First Home Owners grant and stamp duty concessions — and ultimately save money! When you buy a home-and-land package you can save on stamp duty through the State Government’s off-the-plan concession. This duty concession applies to off-the-plan property that’s either a house and land package or a refurbished lot. For first home buyers, there are even more savings. Under the new First Home Owners grant, which came into effect on July 1, 2017, first home owners will receive $20,000 for new homes in regional Victoria valued up to $750,000 available until June 2021. As a first home buyer, you’re also entitled to a stamp duty exemption or concession depending on the value of your property.
And starting from this year, the Federal Government’s First Home Loan Deposit Scheme now offers eligible first home buyers the opportunity to purchase a house with a deposit as low as 5 percent. There are 10,000 places available per financial year.
Financial Security
There are many ways that building your own home can strengthen your financial security, not hinder it. If anything, it’s a clever way to get on to the property ladder. Firstly, buying or building your own home can be cheaper than renting. In addition, if the property is financed with a fixed-rate mortgage, you know what you need to pay each month — opposed to renting, where your rental price can be bumped up year after year. It also can be seen as one of the safest, long-term financial investments you can make. Depending on the suburb you choose, building a new home can often provide great capital growth — meaning you come out on top as the value of your home rises. New estates offer state-of-the-art amenities, facilities and schools — which is really attractive to both buyers and renters — and therefore can drive up the prices of homes.
Build a home the way YOU want it
When you rent, it’s a constant frustration that you can’t modify the home to suit your needs. By building you can have a home that’s exactly right for you.By building a new home, you can choose a floorplan that suits your lifestyle — whether you’re planning for a family or wanting something compact and low maintenance. Building also gives you the chance to design and decorate your home — the facade, fittings, finishes and colours — exactly the way you want it. At Geelong homes we have a range of floorplans and facades on offer from our Compact, Essential and Acreage ranges, that can suit a wide variety of lifestyles. Many of our designs can be mirrored or flipped to take advantage of the aspect of your block and to suit the position of your driveway. Included in our packages is a professional colour consultation to help you make all those difficult decorating decisions.
It’s all about the lifestyle
Building your own home really helps set down your roots within a great community. Imagine a life where you know your neighbours and the people in the local shops and cafes. If you have children, they can go to kinder, primary school and high school with the same children and develop life-long friendships. Having your own home allows you to make big life choices easily — unlike when you rent, and your time in an area is dependant on when your lease ends. There are many new estates in the Geelong region that offer this exact lifestyle. Estates built-in Armstrong Creek, Mount Duneed and Fyansford have all been designed around an inclusive community lifestyle. The planned development of Armstrong Creek Town Centre will include major supermarkets, shops and restaurants in addition to public facilities, including emergency services, a library, aquatic centre and public transport. The state-of-the-art Armstrong Creek Education Precinct — an inclusive precinct that caters from prep to Year 12 — is already a huge drawcard for the area. In Gen Fyansford, as well as its enviable location, there’s a big focus on making the most of its surrounds with plans for adventure parks and a “neighbourhood village”.
Greener living
Most of us care about the environment (and saving money!). Living in a rental, you don’t get the choice of updating your home to be greener and more energy-efficient. However, new houses are now built to be more energy-efficient and therefore more environmentally friendly than an established home.At Geelong Homes, we build you a home with a six-star energy rating that not only saves you money but reduces your carbon footprint. According to the Victorian Building Authority, six-star homes can use 24 percent less energy through heating and cooling compared to five-star homes.
If you are looking to enter the property market and live in your dream home in a great community — stop renting and build.
