Should You Build New in 2022?

Should You Build New in 2022?

Looking to get onto the property ladder in 2022? Perhaps you’re in search of your first home or looking for something bigger for your growing family. Whichever home buyer you are, here’s your complete guide to understanding whether building a new property is right for you.

Building a home to fit your lifestyle

One major plus side of building your own home is that you have a greater level of control over your floorplan and design.

From picking kitchen and bathroom tiles to making sure your home has ample storage, there are a lot of decisions to make where you get the final call. If you want five bedrooms, three bathrooms, built-in robes, under-floor heating and a pool, it’s up to you and your budget. Unlike established homes, where you might have to compromise on a thing or two, new builds allow you complete customisation. And with so many new home builders out there, you’re sure to find a design that perfectly suits your needs.

Making the most of government incentives

In Victoria, there are some great state-based incentives to take advantage of if you’re a first home buyer looking to build new. For instance, if you’re building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of $10,000. There are also various stamp duty exemptions, concessions or reductions available. For full details and to check if you’re eligible, visit the Victorian State Revenue Office website.

The best part: it’s brand new

Finally, the other bonus of building is that the house is yours, and only yours. This means it hasn’t experienced any wear and tear from previous occupants, and you won’t have to deal with unforeseen issues that can come with an older home.

This can have a bonus effect on your insurance, with new builds often attracting a lower rate due to their lack of deterioration. New homes are also covered by a builder’s structural guarantee, which can extend anywhere from 10 to 25 years.

At the end of the day, it’s important to find the right house for you and your family, whether you build new or buy. It doesn’t hurt to get the advice of friends and family who’ve done it before – talking it through can help you arrive at your own decision. And don’t forget, if you need any help deciding on a townhome or land at Ortus, you can get in touch with our team on 0499 940 120.

Back to News