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  1. #1
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    Default Build or buy established?

    I am currently looking to buy my first home and wondering what the best option is?

    Also I'm looking to have a keystart loan, anyone had this? What do/ did you think?

    I'm in WA.

  2. #2
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    Bump. Anyone?

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    I think with the new WA budget you will get more to build.
    Less stamp duty and more 1st home owners.


    Sent from my sandwich.

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    Are you wanting to live in it? Buying established means you can move in a lot faster. If you are looking at display homes remember that the homes as displayed have lots of added extras that cost more money so make sure you read all the fineprint. A good rule of thumb is to expect to pay at least $100k more than the base price for a house to get a reasonable house.

    So, a few thousand different in stamp duty or first home buyers grants won't make much difference.

    Building is also more stressful with lots of decisions to make like choosing carpet, wall paint colour, tiles, window furnishings. Sounds like fun, but trust me it takes a lot more energy than you realise and when it's costing many 1000's of dollars that can cause sleepless nights of "have I made the right decision on the ...?" worries.

    If you buy established buy something that you can update a bit to add value and you'll get your money back hopefully. Buy new and there's little you can do to add value and you might struggle to get your money back in under 5 years (ie. you might need to sell for less than buying).

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    With the new budget I would build. I work in the real estate and building industry doing house and land packages and you definitely don't need to add $100K to base price of a house to get something nice (yes you'd be looking at this or more if you want the display spec but personally a lot of that spec is a waste of money) I normally advise clients to have a contingency of $20K for turnkey items after handover.

    But, I think it also depends on the area/s you are looking at too. Work out where you want to be, your budget, whether you can afford to rent plus the mortgage repayments on your block plus then the progress payments whilst under construction. So many things to think of but oh so exciting. Good luck op đŸ˜ƒ

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    We just bought our first home, at first we looked into building as there was the extra 23 or so grand but unfortunately the teeny tiny blocks of land that come with house and land packages, not knowing what things might add up to at the end, waiting and the stress of even just our first consultation put us off!

    We went for established and although it's still been stressful, once we found a place we liked it was very quick from signing to settlement.
    There is a yard with big trees, lots of space and nothing really to worry about, all for cheaper than a tiny flat pack house on 300sqm.

    I don't know anything about key start loans sorry, good luck!

  7. #7
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    We built. But we did owner/builder.
    I loved building and would do it again. I got exactly the house I wanted and we saved a heap of money doing it owner/builder

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    Hi sunnyflower, I am also in Perth. We built and moved in a couple of months ago. We found it stress free and had no problems with our builder. We needed a large house and there was no way we could afford to get one if we bought established.

    We have built a 5 bedroom house with a study and theatre room. We saved around $150,000 to build rather than buy.

    There are still relatively large blocks around. Our block size is 640sqm.

    Best of luck!


 

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