Mackay offers plenty of choice when it comes to finding a home of your own, between heritage Queenslander homes and contemporary new home designs in newer areas. But in 2020 and 2021, what will the best choice be between building your own home or buying an existing property? Let’s explore the pros, cons and possible grants and concessions for each option.
Buying an existing home
Granted, buying an existing home could provide you with a great location close to Mackay’s CBD, and perhaps even a heritage home with character. But it can be difficult to stumble upon the ideal existing property. You might find the perfect location, but with a house that doesn’t suit. Or you might find a beautiful older home that’s not ideally located. It’ll be important to factor in the costs of any renovations that might be required to customise the home to suit you and your family. There might also be more maintenance involved in an older property, including plumbing, wiring and structural elements to factor in.
What grants and concessions are available if I’m buying an existing home in Mackay?
- If you’re a first home buyer, you could be eligible for a transfer duty (stamp duty) concession.
- If you’re a first home buyer and buying a house that has been substantially renovated before you buy it and no one has lived in it since it was renovated, you could potentially be eligible for the First Home Buyer’s Grant and the Regional Home Building Boost Grant.
Building a new home
Building a new home gives you a great deal of choice: you can find your perfect suburb, choose your perfect block, and build your perfect home design. Plus, the process can be immensely rewarding! You can either find land for sale in Mackay and build when you’re ready, or find great value and inclusions with a house and land package. With a brand new house you’ll have minimal maintenance to worry about, and can simply enjoy the feeling of coming home to modern styling and fresh paint. You could also choose to work with your builder to customise important aspects of your home design to make it truly unique.
What grants and concessions are available if I’m building a new home in Mackay?
- If you’re eligible and your contract is signed before 31 December 2020, the Federal HomeBuilder Grant can provide $25,000 towards building a new home.
- TheQueensland First Home Owners’ Grant can provide $15,000 towards building a new home if you and your home meet the criteria.
- You could be eligible for Queensland’s regional home building boost grant, worth $5,000.
- If you’re building for the first time you may also be eligible for a transfer duty (stamp duty) concession.
Plantation Palms real estate offers some fantastic opportunities if you decide that building is right for you and your family. We’d welcome you to visit our display homes in Mackay, and explore our house and land packages that offer something for every lifestyle and budget.