Browse Forums General Discussion 1 Sep 06, 2013 12:29 am Hey Guys I am looking at buying my first home and just wanted to ask a few questions! Firstly I am very fortunate to be living with my partner who was given a house from her parents when they moved up north permanently for work. We pay no rent, and no bills, meaning it is a perfect time for us to save and invest in a new home. I would love to build and gain as much experience as I can for future builds ; and not having to pay mortgage and rent at the same time whilst the house is being built is a massive advantage. My question: Should I go all out with a massive home, or start small and conserve money whilst young, and build bigger and better next time.? I would like to live local / central, and I understand this of course increases land prices. Is it worth having a bigger house in a more remote location, or a smaller house in a populated area which forecasts high growth within the next few years? I appreciate your time in reading this questions, and hope you can help a very confused first home buyer! Nicko Re: Buying a first home - Start BIG or small? 2Sep 06, 2013 5:54 am For a first house I would say go smaller especially if you think you will build more than once. The biggest house on the street/development is the hardest to sell. Unless you have built before you won't believe how the less obvious costs build up (see http://www.anewhouse.com.au/2012/01/what-will-it-cost/) With a smaller mortgage you have more of a buffer if you get ill, lose a job or anything else goes wrong. The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: Buying a first home - Start BIG or small? 3Sep 06, 2013 9:29 am If your planning for this to be a first 'try' I'd look at what you'll do with the house in say 5 years. Will you sell it or rent it out? That will to some extent help with a decision. Also if you plan on doing this again you can make the mistakes on a smaller home where it is less likely to have an impact. Also remember if you plan to build again you may not be so lucky to not have mortgage or rent payments so not over extending on the first could leave room when building the second As for size and location you'll always have people who value both. For me we bought a smaller block of land in a more established area and built a modest home. I know others who would pick the new estate further out with less facilities because they can have a bigger block and bigger house. Re: Buying a first home - Start BIG or small? 4Sep 06, 2013 12:22 pm Since you are planning this as a short term house (ie 5 years or less), I would go smaller. I would choose the higher-growth location, remote prices/sales can vary, go like hotcakes one year, stall the next. Re: Buying a first home - Start BIG or small? 5Sep 06, 2013 3:02 pm The time tested adage is: Land appreciates, buildings depreciate. Never ever overlook this. 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Re: Buying a first home - Start BIG or small? 6Sep 09, 2013 4:22 pm Thankyou very much for your valuable input. I think we will start small and go bigger in the future. Re: Buying a first home - Start BIG or small? 7Sep 09, 2013 4:24 pm SaveH2O The time tested adage is: Land appreciates, buildings depreciate. Never ever overlook this. That's a great way of summarising what I was going to say: It's unlikely you'll get back what you pay by the time you add up not just the build cost but the curtains, the locks and alarms, the gardens, the fences etc when you sell it on in five years. So the best value would actually be to buy an existing (smaller, older) house and gently renovate that to increase it's value. Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6444 Hi all, We are looking to build a new two storey house in western Sydney. Can anyone recommend a smallish builder to go with? We are trying to stay away from the big… 0 12145 |