Should You Buy In a New Development?
Whether you’re a first home buyer, looking to upgrade, invest or even downsize, you have a range of options in the real estate market. But there are some striking differences between buying an established property and purchasing a home in a new development.
We walk you through these vital differences so you can make an informed decision.
How Does Buying In a New Development Differ From An Existing Property?
One of the biggest misnomers about buying a home in a new development is that you can’t inspect the existing building. But that’s simply not the case. Many master-planned developments have already built homes in the community. They also provide buyers with in-depth walkthroughs of a variety of property types (usually online), including detailed visualisations and floorplans.
With an existing home, you won’t get the convenience of all-new amenities that have been designed specifically for residents in a master-planned community. Instead, you may have to shop around looking for an area that includes everything you need nearby, such as schools, grocery stores, parks, and more.
Buying in a new development also means that the homes are generally lower maintenance because they haven’t been lived in yet. Most also offer significant stamp duty benefits for eligible buyers, and they may even include modern luxuries such as ensuite bathrooms, theatre rooms and swimming pools.
What Are The Positives of Buying In a New Development?
Whether you’re purchasing a home in a master-planned community or just buying the land, sometimes that will mean you’re investing in something that hasn’t yet been built. But that’s good news because there are some major benefits to purchasing real estate in a new development:
A new community: Master-planned developments are designed with the needs of the community in mind at all times. So rather than buying in an established area where there may be a number of amenities missing, many developments are deliberately built in areas close to things like public transport, shopping centres, schools, hospitals and more – and if not, they seek out those amenities to be built within their community. Not to mention the neighbourhood is made up of new residents as well, so it’s the perfect place to engage with your new neighbours.
Designer’s choice: Depending on the developer’s options, you may have a greater say in how your dream home is customised.
Master plan: New developments are completely master-planned communities, designed to get the most out of the available space while also creating a neighbourly atmosphere. Perhaps most important for buyers is that these communities often include all-new facilities like schools, parks, town centres and more.
Eligible grants: Whether it’s the First Home Owner Grant or First Home Loan Scheme (set to roll out at the beginning of 2020), there are a number of state-specific grants for new homes and land that you may be eligible for.
Good for all budgets: Are you looking for a small starter home to get into the market, a larger property for your growing family, or that big dream home you’ve spent years saving for? In a new development, you can find exactly what you’re looking for – no matter your budget.
Community spirit: The vast majority of people who move to a new development do so because they want a change in lifestyle. Whether that’s getting away from the fast-paced CBD or simply enjoying a more relaxed day-to-day, you’ll find an engaging community of like minded people.
What To Consider When Buying In a New Development
Depending on a number of factors – such as lifestyle considerations, whether or not you have school-aged children, and how far you have to commute for work – the infrastructure around the new development could be very significant. Think about public transport, local schools, proximity to the CBD and how far you’ll have to travel to your local supermarket. Make sure whatever is most important to you is nearby the new development.
Buying a home in a new development is an exciting time, and some of the best new suburbs have incredible infrastructure, modern amenities and exceptional homes that you can customise to your design preferences. So long as you do your research, you could be investing in a home that will continue to reward you for years to come.
Content originated from Harmony.