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Pros & cons of new vs old property
Just like buying a new car, there is a wonderful feeling of new when you walk into your off-the-plan property for the first time. In some cases though, putting your stamp on an existing property can be just as rewarding. When it comes to buying property there is no right or wrong and there are pros and cons to buying both new and pre-owned homes.
Depending on the development and the stage you get involved, you can have a lot of input over the final design and layout of the property.
Maintenance costs are low because everything is brand new.
Buying a new home means you move into a finished property. No renovation or redecorating needed.
Utility bills tend to be lower due to modern construction materials and technology, such as solar panels.
There are attractive grants available for first-time buyers.
You get a tax break from depreciation if it is an investment.
Some developers give you incentives such as guaranteed rent or money towards your deposit.
You only pay stamp duty on the land value, not the house you build – which will save you money.
If you buy in the early stages of the project you may have to wait up to two years for the property to be ready to move into.
If you are building this may mean paying a mortgage and rent for a while.
When building a house the cost is not always fixed – the project could go over budget.
If you are one of the first to move in there may still be construction happening in surrounding properties.
Similarly, if you are the first to move into a newly built neighbourhood you might have to wait a while for the estate to establish a friendly local atmosphere, mature trees, and amenities such as shops, medical facilities, hairdressers, etc.
You can see the finished product you will be getting.
Some older homes have a lot of history and character.
In the Australian market, settlements usually happen very quickly (30-90 days) so you can be in your new home in no time.
It can be cheaper to buy an existing property.
If it is an investment there may already be a tenant living in it, giving you instant income.
These properties are likely to be found in established suburbs so will have more developed public transport, roads, schools, shops, etc.
You will probably have to compromise on some of the things you want as you are unlikely to find the perfect house.
The upkeep of an older home could end up being a lot more expensive as you are inheriting second-hand appliances such as ovens, dishwashers and boilers.
You might need to renovate or repair an older property to make it liveable.