What is better: an established home or a brand new property? We asked the experts to weigh in and outline the advantages and disadvantages of each route.
Things to know: Buying a Home
Usually, a recognized property will be found closer to a city centre than a brand new residence (as vacant blocks are rare in inner-city areas) and are closer to infrastructure and facilities such as schools, employment opportunities and public transportation.
The parcel will be larger than what you can get for builds, and the convenience of the location is also usually preferable.
Purchasing an established home is a different process than building a new home. The deposit is paid when the house hunting is completed, buyers begin their new life and may move in.
New homes, however, require months to construct and possess the potential burden of complications and delays. As a result, while the house he is being built, many buyers will have to rent another property.
Another factor is the effects of houses, parks, gardens, and trees.
The critical question buyers need to ask themselves is if they are searching for an investment property or their home. If it’s the latter, the house that is recognized is the better bet.
When dealing with homes, buyers can also compare investment results and costs of similar properties.
- Closer to the CBD and established infrastructure
- Better investment possible
- Larger land parcel
- Includes established landscaping
- Can move in fast
Things to know: New home
Buying land and building a new house from scratch offers several unique advantages not provided when purchasing an established property.
First-time buyers are attracted to this option due to concessions and the savings such as the First Home Owner Grant and stamp duty.
As a house is likely to be constructed to a higher standard that is energy efficient and takes maintenance problems, there is also the savings.
These will be covered under warranty if problems do arise.
The significant drawcard of a house that is new is that this offers the control buyers.
This process of buying can be especially rewarding and arguably gives bang for their buck to sellers.
And while the building function as a procedure, it may save buyers weekends spent with agents auctions inspections and negotiated.
The new construction can be an option if you’re searching to increase your loved ones and reside in for a long time.
- Can be built to your exact specifications
- Lower ongoing costs for energy and maintenance
- Substantial buyer incentives like the First Home Owner Grant
- Less competition to purchase land
- Problems and flaws covered under warranty