Some people really enjoy the opportunity to participate in the design and build process, and the feeling that they’ve stamped their personality on their own home.  Others may find it a stressful and frustrating experience. 

Before you decide to build, consider these advantages and disadvantages:

Advantages of building

• The house, fittings and appliances are brand new and everything should work (or if it doesn’t, it should be covered by a warranty).
• You aren’t inheriting someone else’s problems.
• You get the kind of home you want (within your budget constraints).
• You can get personal satisfaction from being involved in your home’s design and build process.
• You won’t have to move in and renovate, or change the things you don’t like about an existing home.

Disadvantages of building

• The building process takes considerable time and effort, and it can be stressful.  You need to manage a variety of relationships with builders, designers, architects etc.
• Many building projects take longer and cost more than planned - some proceed smoothly but with building projects you should always factor in a contingency for cost and time overruns.
• Once the house is finished, you’ll also have to landscape the section.
• It can be hard to envisage exactly how things will look from the plans, and you may be disappointed if the reality doesn’t match your expectations.
• If you’re building in a new area or subdivision, it’s hard to know what the area will be like as opposed to an established suburb.  Another potential problem with new areas is that new neighbours may build out your view or their house may be unappealing to you.
• Available building land is scarce in many places, so you may have less choice about where to live.
• It’s not uncommon for new houses to have some teething problems which could take some time to fix  - a further source of frustration.

Next step | Renovating >>

The content on our site is for information only. You should obtain professional advice relevant to your circumstances. Our lending criteria, terms, conditions and fees apply to all loans. Contact us for more details.