Have you been confused about whether you want to rebuild your own home or buy a new home? Don’t worry, this is a natural and rather understandable concern. Over time, our needs start to change as our family gets bigger or our house starts to develop more faults.
Here are some things to consider before you make your final decision:
Cost of a new home
Cost is always an important factor to keep in mind. We all know that buying a new home, as well as selling your old home, can be super expensive. Don’t believe us? Ask a friend who has recently had to pay stamp duty or other government charges recently. This could amount to thousands of dollars.
If you stay and instead knock down and rebuild your own home, these expenses can be avoided. In fact, these bills will not exist at all.
Moreover, when you buy a new home, you also buy new land. This can be three times more expensive than knocking down and rebuilding your own home.
Potential risk when buying a new home
Buying a new home comes with a lot of risks. Are you wondering how? If the new home that you have your eyes on goes to auction and someone else falls in love with the same house, you will have to spend more money to get it back. This can be higher than you expected or even more than you can afford.
After all, competition can make things ugly, especially when it comes to auctioning your dream house. The threat of the other bidder getting the house feels overwhelming. You will have to constantly wonder if the bidder will back off or bid higher.
If you stay at your old house and choose to rebuild it, you can do so without any added pressure. Moreover, you can follow your own pace and will not have to worry about someone else stealing your house from under your nose.
Knowing your new neighbourhood
When you buy a new home, you shift into a new neighbourhood. This means leaving behind all the friends that you have lived with for many years. It also means leaving behind social contracts, end-minute shopping sprees with neighbours, and having to start all over again.
Moreover, you may also have to change your children’s school. Convincing your child to start someplace else just because you want a different house can be unfair, especially because children take loads of time to adjust to new surroundings.
Instead, you can choose to knock down and rebuild your house. This way, your contacts and social life do not change. You get all the benefits of a new house without compromising your and your family’s social life and comforts.