Buying into a new property development in Sydney can be very rewarding and it can be a great long-term investment but it is important that you do your homework before you make the decision to invest. New property development in Sydney has a number of unique advantages over buying established, read on below to find out everything you need to know.
How does buying into a new property development in Sydney differ from an established property?
One of the main differences between buying into a new property development in Sydney and buying established is that you’ll be buying into a much newer property which means your new home will come with all the latest features. A lot of people think that buying into a new property development in Sydney means that they won’t be able to inspect the property but in truth, even if the home isn’t built yet, most master-planned communities have similar properties built in their display villages that you can visit. You will get the opportunity to take a close look at your new home and often there are design drawings and renders to help you visualise your new home.
With an established home you’ll get to enjoy the convenience of modern amenities and master-planned facilities. Most newer estates and suburbs are planned around people’s everyday needs and will usually allow access to nearby schools, shops and parks. Of course a lot of established properties will be located in older properties where they will have a lot of amenities also close by. Buying into a new development in Sydney means that you’ll usually spend less time maintaining your new home. Additionally, first home buyers will usually enjoy significant savings on stamp duty and most newer homes include luxuries like ensuites and theatre rooms.
What are the pros of buying into a new development in Sydney?
Buying into a new development in Sydney often means you benefit from a number of perks, although you’ll sometimes have to wait for your home to built.
You will benefit from having a new, master-planned community built around you. Most new developers have learnt from the past when new suburbs would be built with many essential services and amenities missing. Nowadays you’ll find everything you need including transport, shopping and cafes close to home from when you first move in. The neighbourhoods are also always made up of new neighbours as well so it’s a good place for building a lively, friendly community.
An additional benefit of building a new home is that you will get a lot more control over how it looks, and you’ll usually benefit from having a planned community where all of the homes are kept looking nice.
A lot of homes in newer estates are also eligible for government grants like first home owner grants and first home loan schemes which make it easier for first home buyers to get into the property market. Another great thing about investing in a new property development in Sydney is that it is often much more cost effective than buying into and older, more established suburb and you get a newer home for.
What to think about when buying into a new property development in Sydney
Whether or not a newer home or an established home is the better choice for you will depend on a number of lifestyle factors. You’ll want to think about things like whether or not you will need to have access to public transport, schools or how close you’d like to be to the CBD.