The Pro’s & Cons
Owning your first home is a great achievement, it is something many people aspire to. Even buying a second or third home is something special, especially if it is your first time building or buying off a plan.
So when thinking about a new home, what is the best option? What type of property do you want to purchase? Obviously with most decisions there are pros and cons. So we have looked at the three most common property types to buy and the pros and cons to them all.
The first one is BUILD A NEW HOME.
There are so many home builders Mandurah who want to help you achieve your ultimate built home. They can help you build resilient homes and may even promise you a fast build. So…
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Pros – It’s new!! Everyone loves things that are new and not only new but has your finger print on it.
When building a new home you can have as little or as much input as you like. You can control the floor plan, the colours, the light fittings and so much more. You can even modify an already great design.
Cons – Building a new home takes time. Months of waiting can sometimes turn home owners off. It means paying rent for a lot longer and possibly even the mortgage at the same time. You can apply for a building loan which allows you to p
The second type of property is the ESTABLISHED HOME.
Pros – This is quite often a popular option for new home buyers as you can see exactly what you are paying for and you get to spend time imagining yourself in that house and that street.
Also, generally speaking buying an established home is usually priced a bit better than building your brand new home, but again in saying that a conversation should still be had with a home builder if you really want to build a home.
Cons – Upkeep can be hard. Compared to building your own home, with an established home you have aged materials which will need upkeep and possible replacing earlier than if you built a new home.
There may be hidden costs in replacing things so it is important to get a house inspection done when buying an established home.
The third type is an OFF THE PLAN home. Usually a unit or apartment that has not been built yet but is at a discounted price.
Pros – This is popular with investors as you don’t have to pay the full purchase price until settlement.
As the first home buyer grant in Western Australia is currently restricted to ‘new home builds’ this is a good time to buy something off the plan and make good on that grant.
Cons – Without seeing the final built product you trust the builder and their elevations which can be risky. Have a good sit down and chat with the builder before signing.
These are only three types of properties. In today’s building world there are other options like house lifting and renovation. Have a chat with Great Living homes now to find out more.