Getting the ideal home is a dream all homeowners have; and building a home just the way you want it seems to be the ideal solution. But is it really? Perhaps more importantly is it worth it? Let’s look at some of the advantages and disadvantages of buying and building, so that you can decide for yourself.

Building your home

  • Building a home gets you exactly what you want, where you want, and the way you want it.
  • You can have the kind of house that suits your exact needs and desires.
  • You will have a home that is truly yours.
  • A newly built home may not need repairs or maintenance initially. It will be completely compliant with all regulations.
  • You will be able to easily incorporate the latest technologies like internet and connectivity, as well as nice-to-haves like air- conditioning, heating or the latest sustainable building environmental technologies.
  • Building a home can be more expensive than buying one.
  • Building a property often incurs more costs than planned, and may be more complicated.
  • You will have to take responsibility for the quality and the progress of your build.
  • Building can be time- consuming.
  • Fixtures and fittings like lights and taps can be expensive especially since you don’t consider these costs.
  • Establishing a garden also adds to your costs if you have not budgeted it.
  • You also need to budget for interim interest on your building loan
  • You may have delays in building requiring you to find alternative accommodation until your new house is completed.

Buying a home

  • The biggest advantage of buying a home is that you get what you see at a price that’s fixed.
  • All your buying costs can be worked out upfront, which means you can budget and plan with confidence.
  • Any house you buy might not suit your exact requirements.
  • An older home will often come with costs and unnecessary maintenance.
  • Because your home is not brand-new, you can expect that things will need to be repaired and replaced.
  • You don’t have any say about the style or finishes, unless you are prepared to spend extra repainting and renovating to suit your style

Building (and buying) within secure estates will come with levies. These must be budgeted for as an additional monthly expense and can add significantly to your monthly costs.

The choice is yours

At the end of the day, it’s all about planning and affordability. You need to think about what you want, how much you are prepared to pay and how much time you have available. There is no clear choice that is correct, but rather you must decide what works best for you and your budget. Remember, with good planning and preparation, the home you choose to buy or build can be your dream home for the rest of your life.

Understanding building loans    Apply for a building loan

Read more related to this topic

All about building your home

Building your dream home means getting exactly the house you want the way you want it, and getting the right…

Tell me more

How do progress payments work?

Progress payments are the payments you make towards the construction work on your new home. But what are progress…

Tell me more

How to protect yourself when building

Building your own home is one of the most exciting things you can do, but it is also one of the most complicated. When …

Tell me more

Need more help or advice?

Let one of our property experts call you back.

Call me back

Call us on:

0860 111 007

E-mail us at:

General account enquiries:

Home loan applications:

Battling to make home loan repayments:

Homeowners comprehensive insurance:

Life insurance:

Visit your nearest branch