You may be watching the property market like a hawk right now to decide whether it’s really the best time to be building a new house – and you’re not alone.
Inflation is at an all-time high, interest rates are creeping upwards, and the rumours around dwindling building supplies and trades in a COVID-affected landscape is creating nail-biting uncertainty amongst buyers.
But it’s not all doom and gloom.
The dream of building a new house is still very much alive and kicking – the key is in knowing when the right time is for you and your circumstances.
Your finances and your ‘why’
It’s easy to be spooked by the financial implications of building a new home in today’s economy and you might be tempted to grip your savings tightly as you wait out the storm. But if the finance is there, you might ask yourself whether you can afford to wait.
When you’re weighing up the decision, always refer to your ‘why’.
Are you downsizing to make life easier and start a new stage?
Has your family outgrown your home and is bursting at the seams for more space?
Are you building your first home and getting a foot into the property market?
If you’re in a position to take the plunge, let your ‘why’ lead the way.
The property market is always changing
What is today, may not be what is in 12 months. Whether the market is at a peak in the area or predicted to fall, one thing you can count on the property market for is to be forever changing. It’s influenced by factors such as the economy, supply and demand of trades and materials, the current and predicted interest rates, location, population, market performance, and a dozen other considerations that are always fluctuating. You could be waiting for a change that never comes!
Geelong is thriving
Once the best-kept secret of regional Victoria, Geelong is becoming increasingly popular for its accessibility to Melbourne, affordability, and for being a stunning town with all the perks of a big city in a coastal location.
And because Geelong is thriving, so is its property market, making a newly built Geelong home an investment worthy of consideration.
New homes on old ground
When you’re unsure whether you should build new or spruce up old, the happy medium can be a knockdown rebuild where you keep all the perks of your land and location and still get the new home you’ve been dreaming of (without losing your mind to renovations).
Knockdown rebuilds are becoming more and more popular for their ease (with the right builder), versatility, and convenience in keeping everything you love about an area and property with a beautiful new home to live in.
Things are speeding up
We’ve seen some ups and downs in the building industry across the COVID-19 pandemic, but 2023 is ramping back up to speed with timeframes and supply. As we move into this year with fresh ideas and a renewed sense of normal, reputable builders are doing the same and delivering results we’ve built our reputation on.
Homework pays off
With an investment as life-changing and exciting as building a new home, doing your homework (pun intended) will pay off. Always research and choose a reputable builder you can place your trust in and feel confident with throughout the entire build and beyond.
Geelong Homes is modelled on the same outstanding service and reputation as our brand, Hamlan Homes, which in 2023 celebrates 40 years of being a proud family-owned and operated builder widely trusted by the Geelong community.
Is now your time to build?
