Sydney’s housing market is on the downward spiral as prices are projected to fall by 10% by the end of 2020. The trajectory is expected to continue in the early part of 2021 before the market corrects itself. However, people should not worry about the Sydney property market. As you can see, there are still plenty of construction activities left and right. Also, the interest rate in Australia is now at a record low of 0.25%, which makes it ideal for borrowing. With the favourable cash rates, buyers will be more encouraged to apply for a mortgage to build their dream dwellings.
Amidst the global uncertainty, it is understandable that people might be reluctant to pull the trigger in finally building their luxury display homes in Sydney. But now is the best time to find a contractor for your project because the demand is down. With fewer construction activities, they would have more time to focus on your build than being preoccupied with juggling multiple projects simultaneously.
When choosing to build a home, however, you have multiple routes to take: you can opt for a fully customised home or buy a project build, which you can later renovate to suit your style. The same goes for a fixer-upper, although the latter would be too much of a headache, especially for a first-time buyer.
Route # 1: Project Build
You must take into account that project build contractors earn their profits through volume. The more houses they build, the more they make. It is why they also scrimp on some of the materials, particularly on the interior finishes, so that they can offer the project house at a more affordable price. They want to dispose of the house immediately to move on to their next project. What they want is to sell you the impression of value. At first glance, everything checks out, and the exterior and interior look good. They bet on the fact that most buyers could not distinguish between quality construction and a mediocre one. As long as they comply with the safety standards, they can secure the licence to sell the house.
Route #2: Custom-built Home
In contrast, a fully customised house features a one-off design that is uniquely yours. The private dwelling is handcrafted to fit your style and preferences. Unlike with cookie-cutter homes, the buyer has full control over the layout and design, furnishings and fittings, accessories and fixtures, cabinetry and shelves, the model kitchen, landscape, and even the fencing. They will consult with the designer to map out the floor plan, as well as the interior finishes. The buyer will also have full control over the budget because they can add or take out items as they see fit. Finally, there will be no surprises once you move in because you are already familiar with your home’s every nook and cranny.
You need to distinguish between a project home builder and a contractor specialising in luxury display homes in Sydney. A turnkey package will take the headache out of building your home. Second, you won’t have unforeseen expenses after purchasing the fully customised home, unlike the project build, where you need to introduce changes to the layout design, fittings, finishes, and fixtures. Plus, you are guaranteed that everything inside and outside your private dwelling is tailor-fit to your specifications and taste.