Which is the better purchase; a new or existing home?

There is a lot to consider when buying a property. New homes come with fewer maintenance costs but you pay for it in the purchase price. Unless it is a turnkey property, the little extras they need can also increase the cost exponentially.

Buying old:

  • Older properties are sometimes cheaper than new ones, depending on the location and condition of
    the property
  • Older homes offer charming period features and, often, higher ceilings, quality timber floors and unique architectural features
  • Older properties may need renovation of major systems such as heating/cooling, wiring, plumbing, roofing. But, they can offer significantly more margin for turn around and profit

Buying new:

  • New homes are designed to suit today’s fashions and lifestyles. They’re more likely to appeal to a wider market of tenants if well located
  • New properties may be entitle you to claim depreciation, giving you extra tax benefits