Should you buy old or new properties? The opinion may differ among buyers, investors and other property enthusiasts. At Crest Property Investments, its a question we’ve been asked many times. In this market insight we highlight some of the general key differences between the two opportunities.
Buying new properties:
- Buying new will offer greater longevity
- Investors receive great tax benefits through tax depreciation
- Investors will generally see higher rental income
- Stamp duty exemptions are available to certain buyers
- Modern kitchen appliances enhance the property
- Modern plans, in particular open floor plans
- Lower maintenance costs
- You can choose your own builder
- Custom floor plans are available to suit your needs
- You will be entitled to a 90 day defect period post settlement
- You will have a builder’s warranty
- There are various warranties from the fixture and fittings
Buying old properties:
- You are inheriting potential issues within the home
- You pay full stamp duty
- Maintenance costs are higher
- You have a great amount of choices to buy
- Location may be better suited, particularly within school zones
- You may have a renovation opportunity
Buying new or old properties doesn’t suit everyone. However some of these key differences will suit certain buyers, particularly investors.
Want to buy a home?
At Crest Property Investments, we specialise in sourcing brand new and off the plan properties for buyers. We have been working with many buyers from first home buyers, owner occupiers and savvy investors purchase a suitable home that will allow for this growing trend. If you’d like some assistance in buying the right property, please don’t hesitate to contact us. We welcome the opportunity to help you make the best property decision.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
March 2022
