Thinking of buying a new property but can’t decide if you should go with a new or existing one? Don’t worry – we’ve outlined the pros and cons of each to help make your decision easier.
New build property
The case for buying a newly built property always begins with the fact that you have the flexibility to design the property you want. This is true if you are constructing your own home, but if you are buying into a development chances, are you will have limited chances to customise your new home.
Buying a newly built property means that your new home will be built according to the latest construction regulations, using the latest building materials. This is good news as new homes are often more energy efficient as a result of modern materials, which means you save on heating and electricity costs.
A newly constructed home is easier to maintain as all aspects of your home are brand new. If you are moving into a newly constructed complex, you have the advantage of a cohesive neighbourhood with a consistent layout.
The downside to buying into a newly built property is that you face significant delays for any number of reasons. Inclement weather, problems with materials, delayed inspections or an overstretched contractor all have the potential to delay your project, which means you wait longer than expected to move into your new home.
If you opt for an existing property, you will enjoy two main benefits: convenience and cost. Buying an existing property means that once you have been approved by your lender, you can move into your new home as soon as possible. This is a massive benefit for those who have a tight schedule and need to move urgently.
It is also cheaper to buy an existing home than it is a newly constructed one. Chances are that if you find an existing home on the market, with enough research and negotiation you will be able to purchase it below market value.
The downside to buying an existing property is that, depending on how old the property is, you may need significant updates, repairs and remodelling if you don’t want to deal with outdated features – which means forking out more money.
If you are purchasing an older home, its best to conduct a property and pest inspection to make sure that you are not buying a house with a number of hidden problems. Sometimes, in order to get a home property market ready, an owner will make a few changes here and there to mask bigger underlying problems.
When to comes to buying newly built versus existing properties, it is clear that there are benefits and disadvantages to both. Ultimately the decision rests with you as buyer and with what you are prepared to put up.
Contact Mobus today to find out more about the range existing and newly built properties in our portfolio.
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