If you’re a first-time home buyer, one of the first decisions to make will be whether you want a brand new home or one that has already been lived in for some time. Buying a brand new house gives you several advantages, yet there are also some disadvantages to consider. Although older houses may have more character, new houses often come with manufacturer warranties and other incentives. It’s worth taking a closer look at these pros and cons to find the right type of property to suit your personal needs.
Advantages of Buying a Brand New Home
One of the first pros to buying a brand new home is that you have the advantage of being the first resident. You can customise the property, particularly if you purchase it while it’s still being developed. This allows you to choose your own fixtures and fittings, such as the worktops and carpets. With a brand new home, you truly get a turnkey property without any need for renovation in the near future. Another advantage is that new homes are built according to all of the latest environmental and structural standards. They will have double-glazed windows, energy efficient lighting fixtures and appliances, and will have passed all the latest safety tests. Along with this usually comes a lengthy home warranty, which helps save you money down the road in maintenance and repairs.
From a financial standpoint, although brand new homes tend to cost a bit more than previously lived-in property, they often come with incentives. You may get premium fixtures at a lower cost, for example. Finally, buying a new home means you can avoid the property buying chain that buyers of older houses can get stuck in.
Disadvantages of Buying Brand New Homes
Although purchasing new homes can have distinct advantages, they may not be right for everyone. New developments often make use of limited space. If you look at new developments in South Australia, for example, you’ll find that they may have smaller gardens and interior rooms than what you would find in older real estate SA Homesales. In theory, new developments should have everything in proper working order from day one. However, this may not always be the case and you could end up using your warranty sooner than expected.
If your new property is part of a larger housing development, you may need to worry about building going on around you for years after you have moved in until the full project is completed. Financially, new homes do cost more than older homes as well, and it’s difficult to add value until they have aged significantly as they already come equipped with brand-new fixtures. So if you’re looking for a fixer-upper to sell, an older home would be a better bet.
The Bottom Line
These are just a few of the factors to keep in mind as you start your search for the right home. Newly built homes give you many distinct advantages, but they may not be right for all buyers. If you’re looking for a long-term property for your family and don’t want to spend a bundle on maintenance, they can be ideal. Yet if you plan on selling after only a couple of years or are looking for a larger property with character and potential for renovation, an older home could fit the bill.