Blog

New Homes vs Established Homes: What are the Advantages & Disadvantages?

Facebook
brand new homes vs established homes

When it comes to choosing new homes or established homes, it can be a challenging decision. Each option has its perks and drawbacks. In this article, we will discuss some of the pros and cons of each option to help you decide which one is best suited for your needs.

Buying a Brand New Home

There are significant differences between buying an older, established house and investing in a brand new one. Let’s delve into some of the pros and cons involved in buying a new home.

Latrobe Load new homes

New Homes Pros:

Attention New Home Buyers & Investors! Here’s a fantastic opportunity for you. With our unique $1000 Bunnings Buyer Bonus, exclusively offered by Property Brokerage, you get an extra perk when you buy a brand new turnkey home through us. Don’t miss out on this special offer! Contact us now to claim your $1000 Bunnings Buyer Bonus! (*Terms & Conditions Apply)

Everything is brand new:

A brand new house means everything is fresh, including the fittings and finishes. You won’t have to worry about costly renovations like replacing kitchens and bathrooms immediately. This convenience saves you time and money.

You have flexibility to design and/or customise the house you want:

Building a new home gives you the freedom to choose the floor plan and configuration of rooms according to what suits you and your family best. Turnkey homes may not offer quite as much flexibility for customisation.

You can choose an energy efficient house design:

Energy efficient homes: Building a new home gives you the chance to build smart, rather than trying to retrofit an established home. Plus, even the floor plan and house orientation on-site to face north can be optimised for energy efficiency to encourage plenty of natural light via the morning sun, and avoid west facing windows to maximise passive heating and cooling options.

Home owners grant & lower stamp duty:

Buying a brand new home qualifies for the First Home Buyers Grant, so long as you are eligible. Also, if you choose a ​​house and land package as the route to your new home, you’ll only have to pay stamp duty on the land part of the package. This saves you money compared to buying an established house of comparable land and building value.

You’ll be part of a new housing estate and community:

Building or buying a new home in a master-planned new estate ensures that every home designed in your new neighbourhood is built to a consistent standard including renewable energy systems. Plus, you’ll be surrounded by outdoor spaces and facilities that support a healthy lifestyle.

New Homes Cons:

You may not be able to move in right away:

Building a new home means that you can’t move in right away. The process might take less time than you think, but you should still expect to be subject to variable building schedules which shift and evolve over time.

Limited opportunity to add value:

Without the need to renovate or improve on a new home’s features, it can take more time to enjoy capital growth compared to an established home that undergoes substantial renovations.

Buying an Established Home

Buying established homes also has its perks and drawbacks. Let’s discuss them below.

Established Homes Pros:

You can track established homes history:

You can easily find the resale value of an established property, which can give you an accurate indication of a house’s current value.

You can move in right away:

Buying an established home means that you can more or less move in right away.

You can renovate to add value:

You have the option to renovate to add value. Once it’s done, your property will be more livable, and your property may be more valuable. eg: extend living areas, add a new kitchen, etc.

They often come with character:

Established houses often have period features and a certain sense of charm. Check our current established houses for sale Hervey Bay QLD.

Established Homes Cons:

The maintenance costs:

Older homes have normal wear and tear, which means you may have to address issues such as repainting, repairing structural components, or replacing building materials or outdated equipment.

The renovation costs:

Renovating an established home can be expensive, especially if you have to hire home builders, a handy man, renovation company, etc. How much money you’ll need can often be a bit of a moving target. You may need to borrow extra on your home loan.

They’re usually less energy efficient:

Depending on the age of an established house, there’s a good chance it may be less energy efficient compared to a new home.

Conclusion

Whether you prefer a new or established home, it’s important to consider your lifestyle, budget, and personal preferences. Both options have their own advantages and disadvantages, and it’s up to you to weigh them carefully before making a decision.

If you’re looking for an established home, we have a variety of properties available that may suit your needs. And if you’re interested in a brand new home, we have Turkey Homes that are being built, with some almost ready to move into. Don’t forget about our Great $1000 Bunnings Turnkey Home Buyer Bonus! Our team can guide you through the process and help you find the perfect home for you.

Contact us today to learn more about our available properties and how we can assist you in your search for a new home.

Read more of our New Homes Buying Tips Blog Posts

Turnkey Homes Hervey Bay

Hooray Turnkey House and Land Packages Hervey Bay Are Back!

Hervey Bay Property Prices

Table of Contents

You Might Also Like

We love hearing from you! Please share your thoughts, insights, or questions related to the post. Specific comments make for more interesting conversations.

Leave a Reply

Your email address will not be published. Required fields are marked *