Blog Article

It’s the big question of real estate – do you buy an established home or build a new one? You’ll have to weigh up the pros and cons for yourself before you make the big decision. Here are a few pros and cons for consideration to get you started.

PROS OF BUILDING

  • You get to choose the house layout and fittings.
  • Less maintenance of the building in the early years.
  • More chance of an energy efficient home to save money on utilities.
  • You choose the block and orientation of your house.
  • It’s all brand new!

CONS OF BUILDING

  • You may have to rent while the new house is being built.
  • Pay a mortgage for land and partially complete home you can’t yet live in.
  • Time-consuming liaising with builder and choosing fixtures and fittings.
  • Builder can’t give you an exact moving date until near the time.
  • Decisions, decisions, decisions!

PROS FOR BUYING ESTABLISHED

  • You’ll know the exact cost of the house to the dollar.
  • Less research and shopping time required.
  • Just a deposit to pay, no mortgage repayments until settlement day.
  • Don’t have the stress of building.
  • What you see is what you get, there’s no guessing.

CONS FOR BUYING ESTABLISHED

  • You may have to compromise on one or more features of the house.
  • Higher stamp duty and settlement costs.
  • You may want to renovate soon after moving in.
  • Location – established facilities and can choose somewhere close to the CBD.

Do your research and write out your own list of pros and cons to help decide. Whether it’s a block of land, a house and land package or an established house you are looking to buy, Whitney Real Estate are here to help you. Call us today on 07 4313 1111.