Is an older home right for you?

Whether to buy a brand new home or an established property is an age-old property debate, with many homebuyers firmly on one side of the fence or the other.

It’s not uncommon for first home buyers in particular to be attracted to new homes, where they can take advantage of government grants and move in with the knowledge that the home is new and up to modern day living standards.

However while an older home may not have all the mod-cons that a lot of people have become accustomed to, there is a lot to be said about buying a home with a bit of history.

Lots of room for value adding

Buying an older home and giving it a cost-effective makeover is a great wealth building strategy for a lot of people.

An older property can often benefit from a simple renovation or extension, which can be a great way to instantly add value.

When property shopping, keep an eye out for simple improvements that could be made such as painting or redoing a kitchen or bathroom. A lot of people find it hard to see the potential in run down properties, but if you can see potential where others can’t then you can come out ahead.

Established suburbs

Finding land for a new property build isn’t always easy, and can be particularly hard to come by in an established suburb.

In general, if you want to move into an established neighbourhood then you’re going to be limited by new land that becomes available or new apartment developments.

There will be a lot more property options available to you however if you widen your search to include established properties and those that require a bit of an update. 

Gardens already blooming

While there may be a lot less to do internally when you buy a new property, you may still need to create things like gardens, fences, driveways and paths outside.

These are often already done for you at an established property meaning you don’t need to spend a lot initially on setting up your outdoor areas.

Added character

Some people can’t go past an older property simply because it has a charm and history that can’t be found in a newer build.

The older a home becomes the more value it can potentially gain as homes from the same era become increasingly hard to come by.

Some things to be aware of when buying an older home:

  • Heritage listings – While a heritage listing can be valuable it may limit what can be done in terms of renovations. Always check with your local council if planning on renovating an older property.
  • Repairs and maintenance – The need for repairs and maintenance can be greater in an older home. It’s always worth getting a building report before purchasing an older home to find out if there are any hidden issues. 

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