More Millenials Look To Building New Homes

Published: Tue 27 Jul 2021 06:40 AM
More Millennials are finally entering the property market and earning what seemed at one point to be the forever-elusive badge of home ownership. With this increase of buyers, however, certain areas and houses have become far more expensive, as demand begins to outstrip supply.
Currently, these issues are off-set by buyers moving out of high-demand centres to smaller, less populated parts of the country. But, what can be done for those looking to invest in property but who are unable to find a house?
The clearest solution would be to build. There are two main options in this regard. The first would be to buy ‘off-plan’ from one of the many greenlit developments currently under (or soon to be under) construction. In this case, buyers can choose from a set number of pre-approved home layouts, usually with the option of making some adjustments and choosing fixtures to end up with a home that fits their budget and overall home requirements. Oftentimes, such developments first build showhomes that buyers can physically view in the same way they would other properties so as to get a good idea of the final product. This can really take the stress out of the building process, as buyers are guaranteed of the final product.
The second option would be to buy a piece of land and take on the building project with the help of a specialised building contractor. This option offers a lot more freedom to buyers, as they have full control over all aspects of the home design. Of course, it also means ensuring hiring a good architect and builder, and the only time the house can be viewed is upon its completion, which could be stressful for some.
Although building can be a longer process, and buyers may need to accept living further away from the city centre, this option is becoming more appealing in a saturated market.

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