Why first homebuyers are building two-storey
Traditionally, first home buyers in Western Australia purchased a small, established entry-level home before buying something bigger.
This approach made sense. Established homes still attracted the first homebuyer grant, and building a home from scratch seemed out of reach for first time investors. But times have changed, and more West Australians are not only choosing to build their first home; they’re also choosing to build up. Here are a few reasons why.
1.0 Building is more affordable
The cost of building has reduced significantly over the past 10 to 15 years. This is primarily due to the increase in development opportunities, especially in WA.
Over the past 10 years, the Government has released more and more land to developers in Western Australia. As a result, estates are being established in key areas all over Perth. As result of this increase in supply we’ve seen a decrease in building costs. This is because building companies need to remain competitive, especially in the project home market.
Good building companies have also established procedures and building methods that streamline the building process. And they’ve developed relationships with trusted tradespeople, who build to excellent standards. As a result, quality two-storey homes can now be built on a budget, within short timeframes.
For example, A New Level Home can be built for between $228,499 and $295,000 within 29-weeks.* This is because we use light weight construction for the second-storey, which allows us to build a double-storey home in around the same time and within the same budget as a one-storey home.
* New Level Homes maintains a 29-week build time guarantee (this time period begins from the day the slab is laid).
2. Two-storey homes sell for more
If you’re buying a property then ROI or ‘return on investment’ is probably one of your key concerns. When you put money into buying land and building a home, you want to know that, at the very least, you will break even when it is sold. Of course, your ultimate goal is to improve on your return on investment, by selling the property for more than the amount you put into purchasing the block and building.
When it comes to improving return on investment, ‘street presence’ is a major factor. Property experts argue that a two-storey home has greater ‘street presence’ than a one-storey, which means it is more likely to sell for greater value. With this in mind, it makes sense to build up.
3. Get your dream home now
The final reason is probably also the simplest – first homebuyers are choosing to build the home they truly want, rather than wait. Given the affordability of building, this is now a surprisingly accessible option. Traditionally, West Australians were known for moving home every 5 to 6 years. Today, people are looking to stay in their existing home for even longer, with many couples even buying their future family home early on.
But how can you possibly know that the first home you build will keep you happy for years to come?
A good builder will work with you to ensure you have the kind of home you will love for a long time– whether it’s installing a big home theatre room for football games and film nights, or an alfresco area for entertaining through balmy summer nights. It’s important to think ahead, and choose a design that matches the kind of life you enjoy living.
Our designers, builders and tradespeople use quality building methods and materials to create beautiful, modern homes for first homebuyers all over WA.
Get in touch to find out more about how you can build your first home in less than 30-weeks, at a very affordable price.
11 May 2016