What kind of property is better?
Should I buy Old or New?
Older homes tend to be situated in more established suburbs with better facilities such as
shops, public transport and services around them.
An older home will have established gardens, paths, sheds and outdoor entertaining areas. These are usually additions required for a new home and often involve a great deal of time, effort and expense.
Older homes may have structural issues. Structural problems are less likely in a new home under the current building codes and are addressed by the builder’s warranty.
Plumbing, roofing and wiring problems are more common in older homes and may be expensive to rectify. Newer homes are often better designed to suit your individual lifestyle as you control the layout of the build to meet your needs. Newer homes generally tend to be further out from the city and may not have the same easy access to facilities and services initially.
With an existing home you can move in once it has settled, preventing the need to have another property to pay for (rent or mortgage) as you build your new home.
When building a new home delays may occur and you may experience issues over the quality of workmanship.
Either option has advantages and disadvantages, overall it really comes down to individual choice based on your personal circumstances and preferences.
Other things to consider are access to facilities and services like shops, schools, public transport, cafes and restaurants, entertainment, sports, doctors and hospitals, vets.
The condition of the property and maintenance requirements.
Ongoing expenses like council rates, water rates and strata levies. Is this property a short term renovation project, or will you keep it long term and add value to it with extensions?
Does Community Title or Strata Title property such as a unit or townhouse suit your needs, or do you require a Torrens Title with a free standing home?
There is no right or wrong answer whether to go for an old or new home, your decision really comes down to fulfilling the need to find an affordable property which is in an area that suits your lifestyle.