When it comes to buying a home, one of the biggest decisions you have to make is whether to go for an established one or a new one.
Both options have their own set of advantages and disadvantages that you should consider before making a final decision.
In this article, we’ll weigh up the advantages and disadvantages of buying an established home versus going for something brand new.
While both options have their advantages and disadvantages, buying an established home can be a particularly attractive choice for many buyers.
The best way to determine if a newly established home fits your lifestyle and needs is to learn what to expect.
1. Lower Cost: One of the main benefits of buying an established home is that you’ll be able to save money. This is because the cost of a new home increases with every new addition while established homes have already been built and are priced in accordance with the market rate.
2. More Room for Negotiation: When it comes to negotiating, buyers of established homes have more room for maneuvering as sellers can be more flexible on price. This is especially helpful if your budget doesn’t allow for a brand-new property.
3. Established Neighborhoods: Another great advantage of buying an established home is that most neighborhoods will already contain mature trees, well-developed schools, parks, and other amenities that add extra value to the property.
4. Established Character: Quite often, established homes will have a unique character that may be hard to achieve in a new home. This can include features such as vintage fixtures and fittings or spotted gum flooring.
5. Potential for Renovations: Established homes also offer the potential for renovations or remodeling. This can be an especially attractive option as it allows you to inject your own personal style into the home at a fraction of the cost of buying a brand-new property.
On the other hand, there are some drawbacks that you should consider before committing to buying an established home.
1. Higher Upfront Costs: While it’s true that you can save money in the long-term by opting for an established home, the downside is that you may have to pay more upfront for things like repairs and renovations if needed. This makes budgeting even more important when choosing this option.
2. Less Control: With a new home, you will have more control over what features it contains and how they look while with an existing house, your options are limited – you get what is already there.
3. Older Property: Established homes are typically older than new ones and can suffer from wear and tear over the years. This means that you may have to pay for repairs or replacements more often or have to live with some outdated features that you may not be able to afford to replace.
4. Unforeseen Problems: One of the biggest risks when buying an established home is that you may be unaware of structural problems or other issues until after purchasing it. This can become a huge expense if the damage turns out to be more extensive than initially thought so it’s important to have your property inspected by a qualified professional before committing to buying.
5. Less Energy Efficient: Established homes are usually less energy efficient than new ones, so you may end up with higher energy bills in the long run.
For many buyers, the idea of buying a brand-new home is attractive as it provides them with control over what features their property has and the assurance of no existing damage. Here are the main advantages of opting for a new build:
1. Quality Build Materials: By far one of the biggest positives when it comes to buying something brand new is that all components will be fresh off the factory line and of the highest quality.
2. Energy Efficiency: New builds are usually more energy efficient than established ones which can translate to lower bills in the long run.
3. Less Maintenance: Because the house is new, you won’t have to worry about spending money on repairs or replacements any time soon.
4. Modern Design Features: From open-plan living areas to walk-in wardrobes, all these modern features come as standard with a new build and provide extra value for your money.
5. Warranties Offered: Most reputable builders will offer warranties on their homes so you can be assured that if anything goes wrong in the first few years, they will take care of the costs for you.
Just like established homes, buying a new property does come with some drawbacks that should be considered before making any commitments.
1. Higher Price Tag: Generally speaking, new builds are more expensive than established properties so budgeting is essential when opting for this option.
2. More Flexibility Needed: Buying a new build often means having to wait until it is completed which can take anywhere from 6 months to a year or more depending on the complexity of the project. This means buyers will have to be flexible with their timeline and may need interim accommodation in the meantime.
3. Quality Control Issues: You may find issues with your property after moving in due to poor construction or low-quality materials. This can be difficult to deal with and may require you to contact the builder directly for a resolution.
4. Lack of Landscape/Gardens: Many new builds are located on plots of land that haven’t been landscaped yet which means you may need to dedicate extra time and money into creating a garden or outdoor space from scratch.
5. Unfamiliar Surroundings: New builds are often located in newly developed areas which can lack character and a feeling of community compared to established neighborhoods. In addition, these areas may not offer as many amenities as their older counterparts due to their recent development status.
Overall, both established homes and newly built homes come with their own benefits and drawbacks. It is critical to carefully consider all factors before purchasing. If you are unsure which option best suits your needs, it can be helpful to talk to local real estate experts who can provide advice on what’s available in your area. If you have any legal inquiries, don’t forget to ask for assistance from a conveyancer.
No matter which type of property you opt for, always ensure that you have a qualified inspector look over the home before committing to buying so that there aren’t any surprises down the road. This ensures the safety of your future investment and gives you peace of mind that you’ve made a smart decision.