When it comes to securing your dream home, time is often one of the biggest factors. While buying an existing property can put you under a roof much sooner, building gives you the chance to create a space that’s uniquely yours.
So, which is truly faster—buying or building? Let’s break it down.
Buying an existing home
For many Australians, buying an established property is the quickest and most straightforward path to homeownership. Instead of waiting for plans, approvals, and construction, you can move into a property that’s already built and ready to go.
Advantages of buying
One of the greatest advantages of buying a new home is the speed. Buying typically allows for a move-in within 30 to 60 days after the sale process is complete.
At the same time, buying a house in an established neighborhood comes with many benefits. Existing homes are often located in well-developed areas with schools, transport, and community infrastructure already in place.
Additionally, buying a pre-built house means that what you see is what you get—you can walk through the property before making a purchase.
Drawbacks of buying
However, buying a house also comes with some drawbacks. A significant drawback of buying a house is the need for extensive renovations and repairs, especially in older homes.
Older homes often require upgrades, which add time and cost after purchase. Even with all renovations, you may need to compromise on design, layout, or features.
Lastly, the issue can also be competition. In hot markets, bidding wars can make buying stressful and expensive.
Timeline for buying a home
Depending on your budget and preferences, finding the right home can take anywhere from a few weeks to several months. On average, buying an existing home takes 6 to 16 weeks after finding the property.
The search stage is the most variable and can stretch out to several months if you’re picky or the market is competitive.
Once your offer is accepted, settlements typically take 30 to 90 days. If the property is in good condition, you can usually move in immediately after settlement.
Building a new home
For those who dream of a space perfectly tailored to their lifestyle, building a new home offers a level of freedom that buying can’t match. While it takes longer, the result is a brand-new property tailored to your needs.
The pros of building
Customization is the biggest advantage of building a new home. Everything from floor plans to finishes can be designed to suit your lifestyle.
Another advantage is that you can buy the land you want to build on. For instance, there is an abundance of Byford land for sale, and you’re bound to find something you like.
Building a new home also means lower initial maintenance. Unlike older homes, repairs are minimal in the first few years. Additionally, new homes are often more energy-efficient and constructed with the latest materials.
The cons of building
If you’re looking for speed and convenience, building is not for you. From planning to completion, building can take 12 to 24 months or longer.
On top of longer timelines, there may be unpredictable delays. Weather, supply chain issues, or builder schedules can push deadlines. All this can lead to higher costs. Additionally, unexpected variations or design changes can stretch budgets.
Timeline for building a house
The first step in building a house is purchasing the land. If you don’t already own land, buying and settling can take several months.
After that comes working with architects, builders, and councils, which can add 3 to 6 months.
The construction itself typically takes between 9 and 18 months, depending on the complexity, builder availability, and weather conditions. Final inspections and defect fixes also may extend the process before you move in.
So, which is faster?
When it comes to speed, buying an existing home almost always wins. From the time you make an offer to settlement, you could be moving in within 6 to 16 weeks.
Even if your property search takes a little longer, it’s still far quicker than the 12 to 24 months (or more) that building a new home typically requires.
That said, speed isn’t the only factor to consider. If your priority is immediate occupancy and convenience, buying is the clear choice. But if you’re willing to wait for a home tailored to your lifestyle, with modern features and brand-new finishes, building may be worth the extra time.
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