Whether you’re buying your first home, your second, or your investing, the decision of whether or not to buy established or new apartment developments in Sydney is an important one. Both choices have benefits and drawbacks, and the right option for you will depend on your lifestyle and personal preferences. So, will you decide to buy new apartment developments in Sydney, or will you buy one that is well-established? To help you make your decision we have created this guide with the top reasons to buy new, and the top reasons to buy established.
Why buy new apartment developments in Sydney?
Lower maintenance costs
One of the big draws of buying a newly constructed home is that everything is new which means maintenance costs will be much lower and nothing will need to be replaced or repaired for a number of years. This is great for investors and excellent for first home buyers who don’t have a lot of extra cash to spare for repairs or replacements.
Access to grants and incentives
In NSW most new apartment developments in Sydney and off-the-plan homes are eligible for a number of grants and incentives, including the first home buyer grant. There can also be tax benefits to purchasing a newer property as you can claim the depreciation of certain areas of your home.
Better rental yield
One reason that many people love to invest in new apartment developments in Sydney is that often attract higher rental yields because they come with all the latest fittings and are designed with modern layouts. Many renters want to live in homes where the appliances are modern and living costs are kept to a minimum because of more efficient design.
Why buy an established home?
Add value with renovations
Established homes offer an excellent opportunity to add value with renovations which can help you to increase the equity that you have in your home. For people who update an older home, it can be an excellent way to build wealth and is a strategy used by many investors.
Know you’re not paying too much
It can be hard when buying off-the-plan or new apartment developments in Sydney to know what the value is likely going to be, especially if construction has finished. You’ll have more certainty about the value of a property with established builds.
Many newer homes tend to be built in newer locations. Most established properties only have small slivers of vacant land available to build on, so new apartment developments in Sydney in highly established areas are rare. The draw of established properties tend to be that they are in excellent, well-established locations with great access to a range of amenities.
Move in right away
Some new apartment developments in Sydney will be turn-key and move in ready when you purchase but if you’re buying off-the-plan then you’ll need to wait. With an established home you won’t need to wait or deal with any construction delays – you can simply move in once your home has settled. For many people this a great reason to consider established properties.
History and charm
Some people prefer the character that heritage can provide. Newer buildings and suburbs won’t have a long history or culturally significant sites which can be a turn-off for some people. Many people love to live in places that have a long history or areas of cultural significance.
These are just a few things to consider when weighing your options. The choice of whether to invest in somewhere new, or established one is ultimately a very personal one.