It is an exciting time once you decide that it is time to upgrade your current living situation. Whether you are wanting to move to increase space or downsize or are looking at purchasing for the first time, there is a myriad of choices to be made. One of these choices is whether to build new or look at an established dwelling. Below we will detail the pros and cons of each choice and help you make an informed decision.
Pros and Cons to buying an Established property
- A Turnkey approach – everything is done, and the property is ready to move in straight away.
- Finding that gem within a well-established suburb – while it may be hard to find vacant parcels of land to build on, properties are always being sold.
- Try before you buy – you can openly view the property and walk through to gain the spatial awareness first hand.
- Higher Costs – in a rising real-estate market, the costs are also rising. While it may have been more economical to buy establish in the past, when there is a great demand for property and a short supply the cost can skyrocket. This allows for established dwellings to be sold at a much higher price then what they are worth meaning that as soon as the market turns you could be left owing more on your property then what it is worth.
- Outdated and in need of renovations – while the property may be ready to move in straight away, most likely there will need to be significant renovations to bring it up to your modern-day standard.
- Get into a bidding war – with the supply and demand or properties currently favouring the demand portion, means that any home opens that you attend, you are being faced with many people looking at the same property. An increase of interest in the property means that you can find yourself rushing into a property to make sure you secure a home before you are truly ready or getting into the dreadful bidding war.
Pros and Cons to Building New
- It is brand new – you get what you want, your design and your choice of finish. Whether you need luxury builders Perth to accommodate your taste, or cheaper builders in Perth you still get what you choose, to suit you and your life.
- A better thermal home – new builds today all need to meet 6 star energy ratings, meaning that once your built, your home will be significantly better thermally then those of the past.
- Location to suit your lifestyle – with many new land developments around you can have your pick of land that will suit your lifestyle. Whether you are looking for a rural retreat, an ocean view of canal living, there is a multitude of choices.
- You know exactly what you are getting – there is no risk of moving into your freshly built home and finding that there is termite damage, or a significant water leak etc. You can be assured that once your home is ready it is liveable straight away.
- Longer wait time before you can get into your new home. As your home is being built brand new there will be waiting times. For a single storey house this can be from 9-12 months and increased to over 18months.
- A Daunting process – the thought of building and going through the process can be anxiety bringing for a few.
Whether your decision is a new build or an established property, Great Living homes can help you make the best decision for your lifestyle. You can find more information on our website at www.greatlivinghomes.com.au