Choosing between building a secondary residence OR buying something new to solve your needs…
Many questions and considerations come to mind when building or choosing to buy something new that has what you need. Here are our opinions of the pros and cons from our personal experiences, client experiences and industry experience.
Pro’s to Building
Building a secondary residence and how it could benefit you:
- Stay in the home you currently like
- No moving costs or added stamp duty
- You might like the area and not want to take the risk of a new suburb/street
- Add lot’s of value to your existing home
- Opportunity to rent either section out (house or secondary residence).
- Have further space for family members to visit, older generation or teens to have their own privacy with seperate access.
- Get exactly what you want
Pro’s to purchasing a new/existing home
- New and exciting location
- Buy a house to suit current and future needs
- Fast option (settlement is faster then construction)
- Less intrusive/ easier process- Everything is already done and you can just move in.
- All rooms under the one roof, no separation from family
- Costs are known when you purchase it (except if there is something that needs to be fixed with the house you purchase).
- No delays with builders, trades and suppliers.
- A new home might have a suitable block to build a secondary residence on
As you can see there are multiple benefits on either side and it is up to you and your needs to find out what could be the best solution for you and your needs.
Our other related blog is for investors purchasing an apartment or putting a pod in the backyard of an already rented block, view here.