A question that many potential first time buyers ask is “Should I buy a new build, or should I go for an older property?”
Everyone has their reasons for choosing new or older buildings when purchasing their first home.
If you are faced with this conundrum, why not read on for our top list of considerations before taking your first visit to the estate agents.
Old: Most existing properties are situated within established neighbourhoods. It is quite possible for you to get to know your neighbours well before your moving date. The area may also have an established Community or Neighbourhood Watch group in order to maintain the safety and well-being of occupants.
New: Moving into an established neighbourhood may not prove an attraction to some first time buyers. You may be more excited about a new home on a new estate, with the opportunity to make new friends as part of an emerging community – you might just find other first time buyers in the same boat you can share experiences with.
- SPACE & CHARACTER
Old: Older properties have had time to ‘bed in’ and develop a sense of character and unique history that becomes their charm. Wide hallways, high ceilings and larger bedrooms are also more common in older houses. On the flip side, older properties also have smaller closets, storage space and garages than their new counterparts, due to today’s concept of “bigger is better” where people have more clothing and personal items to store, and usually more than one car.
New: You are the first person to live in that property, and with a blank canvas, you can choose the colour of the carpet to the benchtop in the kitchen. However, small room sizes and a lack of outdoor space is often cited as the most common complaint about new build homes. And as land costs increase, the size of new home lots have shrunk and sometimes homes have become so close in proximity that often only a fence separates you from being able to crawl out of your bedroom window into the neighbours!
Old: With an existing property what you see is what you get. If you have done your homework with a home survey and are happy with the findings, you can bid on a property with confidence. You may have more negotiating power with existing properties as well, based on the general condition of the property as reflected by the survey, and the desire of the owners to sell up and move on.
New: All builders have to have a Home Warranty Insurance, so even if you are buying off the plan, you can rest assured that you’ll be covered for anything that rears its ugly head after you move in. While you may not have as much space to move in negotiations, if you’re a first home buyer, you will be eligible for benefits like the First Home Owner Grant scheme.
Old: There’s always the tricky juggling job of selling your old home, buying your new home, and finding somewhere to live in the interim if the changeover isn’t timed perfectly – and it’s usually not!
New:Once a new home has been built, it’s ready to move into; you don’t have to wait for the existing owners to move out. However, if there are any delays in completing the building work, it will affect when you can move in.
Old: It is very important that the major items in the house are working properly or updated such as your central heating, windows, wiring, plumbing as well as a solid roof. You are not going to get the same assurances when you are buying an older home as you are when you are buying a brand-new one. So make sure you check, inspect and check again.
New:Most new builds come fitted with high-specification appliances and materials, usually more so than older properties. New homes must comply with up-to-the-minute building regulations maintained by the Government, ensuring the most up-to-date heating systems and insulation, making them more energyefficient and possibly saving you hundreds of dollars a year on energy bills.
Old: Established gardens, mature trees, robust shrubs, rose bushes, walkways and deep-rooted lawn are some of the rewards of an older home.
New: Garden lovers will only have heartache in a new build garden which often comprise of little more than compacted sub-soil. If you are lucky this will be covered with, at best, poorly laid turf. As well as making it very difficult for plants to thrive, this often causes major problems with drainage and turf frequently dies before the new owner has even moved in.
Ultimately, you’ll need to weigh up the pros & cons according to your situation. But let’s face it, there’s nothing like owning something that’s brand new, never been used, whether it’s a car or a home.
The standard of new properties in Mudgee has never been better, while the market for buying existing properties currently offers first time buyers the chance to get on the property ladder with record low home loan interest rates.
Visit http://thepropertyshop.com.au to view our extensive list of existing homes for sale as well as new residential land releases in Mudgee and Gulgong.