23 May 2019
5 Reasons to Buy New, 6 If You're a First Home Buyer
Save on Stamp Duty
Buying new can save you lots of money. Take stamp duty for example, with a new home you only pay stamp duty on the cost of the land, not on the build (unlike an established home).
Get Exactly What You Want
Need a study, prefer bedrooms separate or together? With a new home you can choose and customise your floorplan. You can also choose which features you upgrade, colour schemes and materials.
One of the biggest risks of purchasing an existing property is the potential for issues. A new home will generally come with a 12-month maintenance warranty.
Save Money While You Build
When building your new home, payments are staggered. You generally wait 6-8 months for your house to be built, meaning you can save further as you wait for the house to be completed.
If you purchase land before it is registered, the same applies – you can secure your land at a good price, and save more as the developer finalises the site – hopefully you will see some uplift in your land price over the year or so it takes from pre-registration of land to hand over of keys.
Save Money On Bills
Generally, new homes have to follow stricter energy and water compliances. Often you will find your bills are lower because you will have had LED lights, water efficient taps and newer fittings as compared to an existing home.
First Home Buyer’s Grant
The Government offers $15,000 to First Home Buyers who purchase a new home, check their website to see if you are eligible. It’s only applicable for new homes, or significantly renovated homes – but the list to comply with what is considered significantly renovated is very, very long.