TO BUY OR TO BUILD, THE BIG QUESTION?

Bayleys’ well-known agent Angela Rudling discusses a topic close to her heart, as she is currently reflecting on these options after selling recently in Whitford.

Interestingly the advantages of purchasing an existing property are location, timing, and being more certain of an overall cost, even if renovations or modifications are required.

As land value and bank interest rates continue to be on the rise for now, Angela says it is far easier to find a property that could be improved or modernised to suit your personal taste and requirements than a suitable vacant site.

Rarely does a nice site become available, and if it does then the prices are usually reflective of the owners’ expectations of development potential now that our local unitary plan has been upgraded to allow much more intense housing locally.

Vacant sites within great school zones and of a generous nature are few and far between, though I do know of one very special site for anyone interested. The appeal to some without time or budget restrictions is the process of building your dream home, designed by an architect you admire which can be enormously rewarding.

But a word of caution, since Covid both the price of building has risen (now reported to be over 10 per cent on basic costs and up to 25 per cent on bespoke projects) which is an all-time high, and the time delays to find suitable contractors and skilled tradespeople have lengthened. This brings unplanned price increases accompanied by frustration during the project.

My advice is to carefully weigh up your options before embarking on a build or renovation of any sort.

If you need help, please feel free to give myself or any of my skilled team a call for free local advice.