New vs. old is an age-old question when it comes to buying a home. What are the pros & cons of each, and which should you choose?
Buying a property is an exciting time with endless possibility at our fingerprints. But there’s also plenty of decisions to be made. The very first one is deciding between a new home and an old home. Whether you’re a first home buyer, empty nesters looking to downsize, or a property investor – there’s pros and cons to each choice. In this blog, we break down new homes vs. old homes to help you make an informed choice.
Pros – New Homes
You’re the very first to use the property: there’s no wear and tear with a new property, no maintenance costs early on all your appliances and fittings are brand new, so still under builder’s warranty.
Environmentally friendly: new homes are built with environmental features in mind like energy and water efficiency. This will save you money in the long run and help our planet as well.
Modern conveniences: the latest kitchen appliances, split system heating/cooling and smart home compatibility are all modern features that many of us expected in our homes. With a brand-new home, you’ll be treated to every modern inclusion.
Government assistance: the first home buyers’ grant and stamp duty subsidies apply to unused homes only. If financial initiatives are your deciding factor, then newer houses have a distinct advantage over existing properties.
Cons – New Homes
Location: new developments are often located farther out of the city than established recidences.
Pros – Established Homes
Larger block of land: many older homes were built years ago when land prices were lower. This means they often feature sprawling front and backyards, without minimising space in your home.
Established neighbourhoods: old homes also mean older neighbourhoods; with long-running community programs, facilities and centres nearby to fulfil all your needs.
Cons – Established Homes
Maintenance & renovations: an older house is going to need more repairs and potentially even renovations to bring it up to modern living standards.
Expensive: that established neighbourhood that you love so much is likely to put a premium price tag on any older home.
Is it better to buy new home or an old home?
Old versus new is an age-old question; not only for homes. There’s no perfect answer and it mostly comes down to personal preference. What’s important when buying a home is to do your research. Don’t count out a new housing development before you’ve considered the benefits.
Buy with Perth’s most experienced property developers
Norm Carey has over three decades of experience developing 5-star residential and commercial projects. With housing estates in some of Perth’s most sough after suburbs; we’re sure you’ll find a suitable residence in our portfolio. Enquire today to learn more about our upcoming residential projects.
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