Buy or build?

There's a lot to weigh up when deciding whether to buy a new house or build your dream home from scratch. Which option is financially viable? Which will bring greater long-term value? And which decision is the right one for your family? These are just some of the questions you'll be asking and because decisions like these aren't easy, it's often best to seek expert advice.

Talking to a professional, informed third party such as Westpac Premium Financial Services will ensure you make the right financial and lifestyle decision. Westpac's dedicated relationship team will take the time to listen and understand your goals. Here is how events might flow.

Tom and Emma live with their two children, Daniel and Paul, and Labrador, Ralph in a three-bedroom house in Perth. With a growing family crowding out their current home, a spare bedroom, study and a larger garden with pool and entertainment area was on their wish list for their next residence built or bought.

Emma was convinced the right house in the perfect location was out there, but Tom wanted to explore the opportunity of building their dream home. He believed this was the right long-term solution and would allow the family to have the living and outdoor space that they wanted, with little compromise.

Sarah Brooks, the couple's relationship manager at Westpac Premium Financial Services, outlines a discussion that helped Tom and Emma make up their minds.

"Decision like this can sometimes be led by emotions rather than by rational thinking, which can distort the decision process and sometimes land people in financial difficulties," says Brooks. "This family agreed that they required more living and outdoor space, but weren't sure which route they should pursue.

"To help them with their decision and arrive at an affordable solution that matched their long-term goals, I consulted the latest Property Profile Report from Australian Property Monitors to see what properties were like in their desired area.

"We also put together a realistic budget to show how much capital they would need and what repayments would be if they chose to build the couple were pleasantly surprised at what they could comfortably afford."

Emma and Tom came to the decision that building their dream home was attainable and the best option for them.

"Eighteen months after making that key decision Tom, Emma and family have now moved into their dream residence and couldn't be happier," says Brooks.

This is only one example of the many ways Westpac can help. Whether you are buying or building, investing in rental property or taking any step in the world of property, and you earn over $150,000 per annum, Westpac Premium Financial Services should be your first port of call.

For further details, visit your local Westpac branch or contact your local state manager. To find Westpac Premium Financial Services in your area, visit: www.westpac.com.au.

Story by: Trendsideas