When it comes to home ownership, building a new home offers a range of financial benefits that set it apart from buying an established home or renting. From cost savings to increased energy efficiency, building your own home allows you to take control of your investment and potentially save money in the long run. With the ability to personalise the design, incorporate modern technologies, and benefit from tax advantages, building a new home is a financially sound decision that makes perfect sense.
Progress Payments
One major financial advantage of building is the ability to make progress payments, which allows you to pay for construction in stages as the build progresses. This can help manage your budget more effectively and avoid the burden of paying for the entire project upfront.
Cost Savings
One major financial advantage of building is the ability to make progress payments, which allows you to pay for construction in stages as the build progresses. This can help manage your budget more effectively and avoid the burden of paying for the entire project upfront.
Lower Maintenance Costs
With a new home, you also start with brand-new systems and energy-efficient appliances, which typically come with warranties. This means you’re less likely to face immediate repair or replacement costs. Building with New Choice Homes, you’ll also benefit from a six-month maintenance guarantee and 25-year structural warranty, giving you peace of mind.
Government grants
If you’ve been thinking about building your own home, you’ve no doubt heard about the first homeowner grant, but do you know this is just one of many grants available for you to build your own home? We’ve put together the Ultimate Guide to Government Building Incentives, a helpful guide so that you can find out what’s available. Click the button below to download the free guide.
Stamp Duty Concessions
There are stamp duty concessions available for both established properties and newly built homes. However, building a new home can result in savings on stamp duty, as the value of the land is typically lower compared to the total value of an established home. The absence of stamp duty means more money in your pocket.
Tax Benefits
Building a home offers additional tax benefits compared to buying an established home. You may be eligible to claim depreciation on the construction costs and the value of fixtures and fittings. This can provide additional tax deductions over time, reducing your taxable income. If you decide to sell your newly built home in the future, you may be eligible for CGT exemptions. These exemptions can reduce or eliminate the tax payable on any capital gains made from the sale of the property.
Increased Equity
As you build your home, you start building equity from day one. Over time, as the property appreciates in value, you can potentially benefit from increased equity. This can be advantageous for your long-term financial goals, such as accessing home equity loans or selling the property at a profit.
Finance made easy
At New Choice Homes we offer more than just exceptional home building services – we also provide easy finance options. Our one-stop-shop approach allows you to access in-house finance options, streamlining the process and saving you time and effort. From securing the right loan to managing budgets and understanding the financial implications of building a new home, our team are here to support you every step of the way.
