It’s the big question of real estate – do you buy an established home or build a new one? You’ll have to weigh up the pros and cons for yourself before you make the big decision. Here are a few pros and cons for consideration to get you started.
Pros of Building
- You get to choose the house layout and fittings.
- Less maintenance of the building in the early years.
- More chance of an energy efficient home to save money on utilities.
- You choose the block and orientation of your house.
- It’s all brand new!
Cons of Building
- You may have to rent while the new house is being built.
- Pay a mortgage for land and partially complete home you can’t yet live in.
- Time-consuming liaising with builder and choosing fixtures and fittings.
- Builder can’t give you an exact moving date until near the time.
- Decisions, decisions, decisions!
Pros for Buying Established
- You’ll know the exact cost of the house to the dollar.
- Less research and shopping time required.
- Just a deposit to pay, no mortgage repayments until settlement day.
- Don’t have the stress of building.
- What you see is what you get, there’s no guessing.
Cons for Buying Established
- You may have to compromise on one or more features of the house.
- Higher stamp duty and settlement costs.
- You may want to renovate soon after moving in.
- Location – established facilities and can choose somewhere close to the CBD.
Do your research and write out your own list of pros and cons to help decide. Don’t forget to check out our suburb profiles if you are undecided on which suburb you’d like to buy into.
Whether it’s a block of land or an established house you are looking to buy, Naked Real Estate agents are available to help. Give us a call on 62546333 or contact us.