BUILD 2025: To build new, or to renovate?

To build new, or to renovate?

Some people say that nothing beats the feel of a brand-new home. On the flipside, there is something special about taking an old house and completely transforming it into the home of your dreams. Which is right for you?

BUILDING NEW

1. Build to suit you: you can design your home from scratch to fit your specific needs, ensuring it aligns perfectly with your family’s lifestyle.

2. Energy efficiency = lower costs: new homes require a minimum 7-star energy efficiency rating, which can lead to lower energy bills.

3. Pay less stamp duty: new home builds might mean reduced stamp duty compared to buying an established home. Check out the potential savings using the ACT Revenue Office stamp duty calculator.

4. Less maintenance: typically, new homes need less maintenance and repairs than older properties.

5. Warranty protection: you can rest easy knowing your new home comes with a home warranty insurance policy or fidelity fund certificate for five years, along with builder warranties for structural defects for six years and non-structural defects for two years.

RENOVATING OR EXTENDING

1. Save on selling and moving: Staying in and renovating your current home means you avoid expenses like conveyancing fees, agent commissions, advertising costs, moving expenses, and stamp duty for a new property.

2. Boost your home’s value: Renovating or extending your home is likely to enhance its market value, especially if you are located in a desirable suburb.

3. Stay connected to your community: By staying and renovating, you won’t have to start afresh in a new neighbourhood.

4. Skip the land hunt: Renovating or extending your current home means you can avoid the hassle and costs of finding land to build on.

5. Reduce, reuse, recycle: Renovating can be a more eco-friendly option compared to building new, especially if you can keep or enhance the original structure and recycle or repurpose materials.