First home buyers: New versus established property?

By the resi financial blog team, 23 September 2013

Should a first home buyer purchase a new or established home

As a first home buyer, it can be difficult to wrap your head around all the nuances of finding the perfect property. After all, you'll probably want to find the perfect property first time around, which can add up to a lot of sleepless nights and hectic days.

However, one of the first aspects to investigate and understand is the type of property you're interested in purchasing. When choosing between properties, understanding the basic differences between new and established can help streamline your decision.

For example, new homes tend to require less maintenance than established homes, based purely on the fact that they've only recently been completed and should be made to a high level of quality.

Furthermore, for those involved with sustainability efforts, many builders these days are inclined towards utilising cleaner and greener products and construction practises - making your home a more environmentally-friendly place right from conception.

There are also a number of Government initiatives like the First Home Owners Grant, which are designed to help buyers purchase their first property with financial assistance. Many of these Grants are aimed at encouraging the purchase of new dwellings, so seek advice about your state before proceeding.

Established homes, however, have a charm all of their own and could be a great option for first home buyers entering the market. Unlike many new home blocks, which feature similar looking homes, there tends to be a degree of individuality to established home designs.

Many of these homes were also built with large backyards and gardens in mind, potentially offering mature trees and vegetation for you and your family to enjoy.

Taking up living in an established neighbourhood also provides a community for your family, with proximity to amenities already established. Many new subdivisions can seem comparatively sparse and bare, which could be a dealbreaker for some individuals.

Categories: Home Loans