If you are new to buying land and building property on them, you may feel that it is perhaps better to buy a tattered house and renovate it for good. Also, there are many myths surrounding building construction on a newly bought land, which shape your thoughts. Here is brushing off some of the new home builder myths.
Purchased land is often a wrong deal
There have been cases where people have purchased lands standing on marshes, or those with zero potential for price rise, or worse, land with absurd topography. However, think of the brisk business that new home builders NSW have done over past two decades. You should actually research methodically before buying a land rather than believing this myth.
The completed building is often a disappointment
Whether it is a bungalow or a building, the first and final draft will be shown to you. All you need to do is counsel and accompany a learned guy (learned about building affairs) and you will not be taken for a ride.
The costs are often huge
Yes, you pay less while renovating an old house than when you buy a land to build your dream-house upon. Yet, home renovation can only add limited value to your house. On the contrary, a new building has exponential potential, depending on the building contractor you have hired. Moreover, new home buyers get grants and the building errors are served by builders for the first 6 years.
You get harmed by due diligence
The legal aspect is there, but it actually strengthens your right to the house. The finances are also on strong grounds. The same can hardly be said about an off-the-cuff purchase of an old house. Check whether the finances won’t restrain you and the mortgage payment won’t be a burden. AT any rate, make an all-encompassing contract with the constructors and check whether they have supplies and insurances.
The building takes long to come up
Yes, it takes a while but then, you are getting your dream materialized, so you should be ready to wait for the time period. Keep regular updates with the contractor and see that there are no provisional delays (weather delays and occasional absence has to be tolerated though). Patience has its fruits, so do not fudge over the point.
You cannot ascertain your neighbors beforehand
Actually, as a new home builder, you know that the neighborhood will be streamlined if you have bought land in a worthy area. The moot point is accessibility and smooth operation of utilities. Also, the area should not be too damp or too low-lying; it makes for a harrowing experience during monsoon. On the other hand, while buying an old house, you cannot much tackle the neighborhood equation.
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