Are you thinking about buying into new housing developments in Sydney? Any real estate investment is a big decision so you’re probably wondering whether or not it’s the right move for you. There are a number of potential benefits to buying newer properties versus buying established, but there are also potential drawbacks so it’s well worth weighing up your options.
Most people start off considering new housing developments in Sydney because established properties in their price range are in need of substantial repairs and would require a lot of extra money to be spent to get them how you want. Opting for new housing development in Sydney means you won’t have to worry about upgrading your home although it’s not always as straightforward as building a home that’s customised exactly to your needs. Read on below to find out the top things you should consider before taking the plunge and investing.
Pros
You get a brand-new home
This is the most obvious benefit. When you invest in new housing developments in Sydney, it means you get a home that’s all-new. That means that you’ll get to move into a house that has all the latest fixtures, appliance and design features and that is perfectly clean and has never been live in. This can be a very attractive benefit for many homeowners as older houses often have smaller layouts, old wiring and other undesirable traits.
Customisation options
One of the great things about new housing developments in Sydney is that they often offer you the chance to control some of the details of your home. New constructions give you the opportunity to make all the selections that perfectly fit your taste and style, rather than being forced to work with what you’ve got or what previous homeowners preferred. You can make decisions about everything down to colours and where lighting and switches are placed. Not everyone likes to make tons of decisions which is fine too as many builders will be building from a plan and can help you make choices.
Energy efficiency
Newer homes in new housing developments in Sydney are much more energy efficient than older homes will be. Old homes just didn’t have access to the same technology and are less likely to have insulation, proper air seals, good heating and cooling, and the latest appliances. Newer homes are much more likely to use energy efficient designs and features like energy efficient windows and LED lights.
Cons
Not all builders are good
One of the drawbacks of opting for new housing developments in Sydney is that it will require you to work with a builder. A good builder will be reliable and offer a great customer experience but a bad builder can be a nightmare.
Less room for negotiation
When you’re buying an older home, you’ll often have a lot of room to negotiate on the price. You’ll find this is less so the case when you are buying into new developments in Sydney. The developers often have a price list and are much less willing to budge on price. There may be a bit of wiggle room but they typically don’t have the discretion to adjust the price to whatever they want.
Less established areas
New housing developments in Sydney are often located in newer areas. Whilst most new communities will now come with a range of amenities you will usually find that because they are less established there isn’t usually quite as much around. There may not be shops or schools when you first move in for instance.