Should you buy a new or an old home?
Yes, it's an age-old debate!
- Buy a new home with few maintenance issues? OR
- Buy an older property offering the opportunity to add value?
To make your decision difficult, there are pros and cons of each option.
BUYING A BRAND NEW PROPERTY
- Buying a new property does make life easier, especially if you're not keen to renovate.
- With the purchase of a new property you can expect not to have expensive repairs and replacements in the first years of ownership as fixtures and fittings are freshly installed and under warranty.
- There are fantastic depreciation benefits for an investor with the purchase of a new property.
- It may be priced a little higher to compensate for build style and the quality of appliances.
- Do check if curtains, blinds, floor coverings, gardens areas are included and completed.
- Investors and home owners should consider the property's value in the future.
BUYING A SECOND-HAND PROPERTY
- Buying a second hand property creates an opportunity if you who have (or you can delegate to someone who has) the knowledge and ability, to add value through renovations thus boosting the property's value.
- Second hand property sales are typically by 'mum and dad' owners, who are not professional sellers and don’t go to the extreme when styling the property.
- It can be argued you get more 'bang for your buck'.
- Wise painting selections and a simple flooring upgrade can be minimal costs, take little time to implement, but can add considerable value to a property.
- However ensure the renovations will add value … without over capitalising.
- You should consider using the services of a house stylist or even delegating to a professional project manager to complete any renovations.
So, in conclusion, the short answer is that it comes down to personal choice as to whether to nbuy a new or second hand property!!!