Buying property for the first time is similar to being the new kid at work. Everyone else knows what they’re doing, have grabbed the good spots and have a network with other investors.
But, with government incentives trying to assist first home buyers with getting into the property market, it’s time to start contemplating taking that first leap.
So, what really is the best property for investing in? The age old debate, do you buy an established property or buy something new?
We’ve compared the two and listed a few things for you to keep in mind if you’re thinking about buying.
Buying an older property may be cheaper initially than a newer one, but it can also mean more investments in maintenance. An aging house will require much more upkeep than a new one, so you’ll need to keep in mind the tell-tale signs that a property is getting old.
Alternatively, buying a new property means you can feel secure knowing that the building and most utilities will be up to date and in good condition.
Eventually, a new property becomes old. So, those trendy, hip architectural choices or contemporary designs might become old fashioned fast. With an established property, you aren’t betting on a “trend” lasting, instead, you’re sticking to the vintage appeal.
Are you able to update and remake your property when necessary? More importantly, do you want to?
When buying an older property, you are purchasing the land over the bricks and mortar. If you have a keen eye for innovation or a vision for something new, you can turn that older property into something new, increasing the value.
The golden rule. Old or new means very little in comparison to location, and an old house in a good location is much better than a new house in a remote location.
It also plays into buyer’s lifestyle choices. Most buyers today want convenience as well as a trendy suburb. Sometimes, the reputation of a name can mean so much more than the property itself. Plus, you can end up renovating or bulldozing the property to make way for an even better property, with a great location.
So, with all those things added up, what do you think is right for you? Are you after great potential or something that’ll be reliable for the coming years? If you need a bit more guidance, talk to us at OBrien Real Estate on 1300 062 743.