New home or Established home??

Which is the way to go?

You have decided its time for a new house. Should you build or purchase an existing home? There are advantages and disadvantages to either option.

Advantages of Building a New Home

1. You will know the quality of the materials and the workmanship since you will be involved in the process of choosing and designing these things and monitoring the building progress.

2. A new house often comes with a warranty. This can provide peace of mind in the first few years.

3. You can design the landscaping exactly how you want it.

Disadvantages of Building New Home

1. Houses in housing developments are often very similar and therefore lack the character and the personalised touched.

2. You will not be able to have a home inspection because the home will not be finished yet.

3. New housing developments often include ongoing construction in the area which can make it difficult to resell and can be disturbing.

Advantages of Buying an Established Home

1. You can often get more house for less dollars than you can when buying a new home.

2. Established neighborhoods often have mature trees.

3. The entire process is much shorter and you can be in your new house that much sooner.

4. You can have a home inspection and you know what you are getting. There are usually no surprises.

Disadvantages of Buying an Established Home

1. Older homes often have problems that require repairs and maintainance.

2. If you want to make renovations you will have to pay for these with cash or other methods of financing.

When you have decide on a new home, it is important to consider your options carefully. Consider the pros and cons of either building your new home or buying an established home and make the choice based on your priorities. What works for your friend might not be right for you.

Contact us at loans@financeandmortgage.com.au to discuss your options and to decide what is best for you.