Why Home Buyers Are Smart To Buy Right Now

Buying a home during the COVID-19 pandemic offers plenty of benefits to potential buyers. From plenty of home buyer government initiatives, deals from home builders and, for many, more available cash to invest in a property as opposed to spending on travel, the current economic situation provides a range of benefits for smart home buyers looking for a great opportunity.

Restrictions on travel and low-interest rates are creating the perfect storm for home buyers wanting to secure a quality investment that offers plenty of benefits. With many people funnelling their savings from travel to investing, there are many opportunities for investors looking to jump into the property market and get a great price for a home or investment property.

Home buyer government initiatives and benefits for new home buyers

There is a range of grants and initiatives from the government for new home buyers entering the market, in particular, the First Home Owners Grant and also the new Home Builder grant.

The Home Builder provides eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. The grant is focused on assisting the residential construction market and encouraging new home builds and renovations.

The First Home Owner Grant offers a grant to individuals across Australia varying in amounts based on the state or territory. The First Home Owner Grant (FHOG) scheme is a national scheme funded by the states and territories and administered under their own legislation. The grant is $10,000 in Victoria and is available for when individuals buy or build their first home. There is an additional amount for First Home Owner Grant recipients in regional Victoria, with approved applicants receiving $20,000 for new homes built in regional areas.

Benefits of buying a new home during the COVID-19 pandemic

Due to the market conditions following the COVID-19 pandemic, there are plenty of opportunities for people wishing to purchase and hold a property or even purchase a property to rent out and live in it at a later date.

Benefits include:

  • Low-interest rates for mortgages
  • Positive time for investors looking to hold properties
  • Positive economic data emerging for the housing market
  • Opportunity in buyer’s favourite areas
  • Auction clearance rates have been in decline, meaning more houses remain unsold and on the market
  • Pre-approved home buyers have more choices and can get a better deal

The emergence of positive economic data following the pandemic has meant that now is a great time to buy for new home buyers or investors that want to secure a great rate if finance and snap up some great opportunities in the property market. Industry heavyweights are sharing that it is currently a buyers market in property, meaning investors and new home buyers can benefit.

Data released in mid-June 2020 has shown that there has been an increased demand from buyers as COVID-19 restrictions have eased, while there is still a way to go, the REA Insights data has been promising for home buyers looking to get into the market.

An experienced, licenced and insured custom home builder can provide the peace of mind you will get a quality outcome for your building project. If you’re looking to take advantage of home buyers grants and government initiatives new home builds, now is a smart time to buy.

Across Victoria there are our custom builders who provide a complete building solution from enquiry, preliminary agreement, pre-construction, construction and ongoing maintenance. Whether you’re looking for a house and land package or you’re searching for the perfect home in Victoria, Achieve Homes can help assist with the home buyer grant and house and land packages across Victoria.

There has never been a better time to explore our

house designs, display homes, and floor plans for our house and land packages throughout Victoria. If you’re a home buyer ready to find out more about home and land packages and custom builds, get in touch today to find out how we can design a new home to suit your land and budget and take advantage of home buyer grants.

Buying a new home vs buying an established home

Buying a new home vs buying an established home? This is a question we constantly get asked, the truth is, there are advantages and disadvantages for both!

We’ve pulled together a list of what we love – and less than love – about purchasing an established home and purchasing a brand new home.

An Established Home

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Established homes tend to have an architectural beauty, charm and individuality about them – characteristics that are certainly difficult to find in brand new homes. They also bear a mature garden, which means there’s no need for costly landscaping, fence fitting or time spent nurturing a young, dependent garden.

Older homes are located in older suburbs, where the streets are lined with large, fully grown trees and established nature strips – a site that, in a new home, could take decades to come to fruition. Older homes also have larger blocks, meaning a bigger backyard and more space between your neighbours.

When purchasing a pre-loved home, buyers also tend to have more flexibility in their negotiating power on the price of the home. There’s also a good opportunity for savings/investment. However, if you’re lucky enough to save a bit on money buying an older home, it does beg the question – what do you need to spend money on to update or revote the house? Fixing up older homes can often be very costly. Renovations could range from simply replacing a toilet suite to needing an entire new kitchen. Then there is always the unknown, because you never really know what will need fixing (and the costs associated with it) until you move in.

Plus, there are a range of inspection and residential reports that you should get when buying an established home. These include building inspection reports, pest inspections etc, and range in cost.

A Brand New Home

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There’s nothing like the luxury of moving into a brand new home. No maintenance or renovations are required because everything is brand spanking new; the paint is fresh; the floor is unscathed; and the kitchen and bathrooms are modern are functioning properly. There’s also the comfort of knowing that the products and components of your new home are still under manufacturer’s or builder’s warranty, so if something breaks you can get it fixed quickly and easily. And did we mention that new homes are guaranteed asbestos free?

The orientation of a new home is also likely to be much better compared with an older home. These days, houses are built to maximise sunlight in the right rooms at the right times of day. Not only does this boost the amount of natural light in your home, it also helps to ensure that you use your air conditioner less in summer and your heater less in winter, saving you money in the long run! New homes are also much more energy efficient than old homes. They use current, energy-saving materials, technology and appliances to reduce the impact on both the earth and your pocket.

While new suburbs tend to be in a more remote location, they are also better planned with nearby schools, shops, parks and other community and recreational facilities. Although, as mentioned above, it can take years for these suburbs to develop the natural beauty of an older suburb.

When purchasing a new home, buyers do not usually have much negotiating power on price and have less opportunity to for savings/investment. In saying this, if you’re an investment buyer, a new home can be quite appealing due to the depreciation benefits that can be transferred to tax benefits.

New homes also aren’t entirely complete just because the build has finished. There’s usually landscaping to be done, proper fences to be built and sometimes a driveway to be paved. Due to space restrictions, new homes are also built on smaller blocks, meaning they compensate the backyard to ensure a reasonably sized home. On the plus side, if you shop around, you should be able to find affordable, value-for-money house and land packages in a suburb to suit your needs!