If you're set on buying a property, then one of the first things you're probably asking yourself is whether to buy a new build or go with a home that's already been lived in before.
It's true that both have their charms. But there are a number of significant advantages to buying a brand new property you might want to consider before you decide to use your first home loan on a three-bedroom villa from the 1980s.
The potential for customisation
While in theory you can simply renovate an older home and install the right cabling and pipes, this is likely to be an incredibly costly job. Older homes weren't built with modern needs and conditions in mind. A new home, however, gives you the leeway to include energy efficient air conditioning and other modern technological features into the design, so you don't have to pay for it down the line.
Not only that, but a number of builders will allow home buyers to provide input regarding a property's design. With a new home, you have the potential to be able to pick and choose where you'll place different rooms, creating a living space that is made with your specific needs and desires in mind.
Speaking of energy efficiency…
Newer properties tend to be more energy efficient on the whole, which will save you money on power bills down the line, and help get your home loan paid off quicker. New properties usually have features, such as high-efficiency doors and windows and insulation, to help them seal in conditioned air.
Newly-constructed homes tend to have green appliances and systems that older properties don't, such as toilets that use less water or energy-saving ovens.
Less wear and tear
New is often synonymous with sleek, clean and undamaged, and there's a reason why. Older homes have had a lot more time in which to accumulate the slow and steady deterioration that comes naturally.
New homes of today are often specifically designed to minimise the need for maintenance, meaning it's likely to take a lot longer before you need to make the kind of repairs an older home may require.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.