There’s nothing quite like the feeling of something new, they say however does that imply anything when buying a new home? There will always be that particular rush that you can feel when buying something new, whether it be new clothes, a new car or even a new house.
This is exactly why it isn’t a surprise and can easily be understood why purchasing a newly constructed home or investment property is a trendy buying pick for many Australians.
Buying new requires fewer upfront costs; this is just one of the most titillating features of buying new.
Several unanticipated costs, such as maintenance fees or repair bills, for instance, can immediately consume into the money you intend to put aside by purchasing an existing dwelling.
What is more, and basically the very apparent reason to buy something new is, newly built properties traditionally carry a warranty of several years so if it happens to run into problems with your new purchase, the warranty can save you.
A new home can without doubt be an intelligent pick if you are in the market for an investment property.
Contemporary building standards can mean a greener, more sustainable investment aside from the new look and design that will certainly appeal to potential tenants.
In addition take into account that new utilities and appliances, for example bathroom, kitchens and heating can be a massive draw card for tenants and should be measured when you come to bargain the weekly lease.
Lastly, don’t neglect the depreciation and taxation benefits allied with buying an investment property over and above the government incentives that can go along with purchasing a new home to live in.
Benefits are most of the time at their peak when a property is brand new.
But you must take note that new and older properties mutually have their pros and cons and whether a new asset is right for you is eventually down to your precise state of affairs. If unsure, seeking for professional advice would be an excellent subsequently decison.
If a new property does fit your financial and investment strategy, though, the benefits should be considerable.
Tread with caution: There is much compensation to buying a new property compare to an existing dwelling, but remember that regarding all property-related decisions, vigilance is necessary.
To lessen risks, think about the following prior to making a purchase:
•Capital growth is NOT guaranteed, whether you purchase a new or an older property. •Research is essential. Be absolutely certain to do your homework on the property market and purchase in an area that is more likely to offer growth potential. •Know with whom you’re dealing. Unfortunately, there are several stories of developers who go bust during a development or turn out not to be professional operators. Take note of the developer’s history and speak to family and friends regarding developers they have used in the past.