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