6 reasons to buy new over established in 2023
When it comes to buying your dream home in 2023, the idea of ‘out with the old and in with the new’ has a lot going for it.
There are some very good reasons for this, ranging from lifestyle shifts to environmental benefits and unique market conditions.
Here are just six reasons why buying new over established could be just the thing for you in the year ahead.
1. Could be cheaper and easier
If you’ve been thinking about customising your home to your current needs, you’ll probably be weighing up whether it’s better to renovate or build new.
Renovating an established home can turn out to be a lot more costly, difficult and stressful then you anticipate. Your grand plans might end up being thwarted by limitations around old foundations, immovable frames or aging connections.
However, with a new build, you can choose the floorplan, features and stylings that suit your needs, explains Anne Flaherty, economist at realestate.com.au.
“Buying new gives you a greater level of control over the fit out of the property,” Flaherty says.
“When you move in, everything is already the way you want it, rather than purchasing and then having to renovate.”
Dreaming of a new kitchen? Building new might be the easiest path.
New homes are more sustainable, lower maintenance and perfectly designed to meet modern lifestyle shifts,
“People want more open-plan living, modern kitchens and bathrooms and that lovely alfresco experience,” she says.
“Buyers also want the space to work from home. New homes can be specifically designed for these reasons.”
They can also work out to be cheaper — particularly if you’re looking at doing a costly kitchen or bathroom reno.
If you’re dreaming of a brand-new kitchen or bathroom, then the costs will start to tip in favour of a new build. Adding new plumbing and gas connections or retiling large areas can quickly see renovating prices spiral.
“If your dream kitchen fit-out in a new build was $50K of the total contract price, that same kitchen being retrofitted to an existing house could well be double that — possibly more,
2. Reduce maintenance
Relaxed modern lifestyles and home maintenance don’t go hand in hand. The beauty of buying new is that upkeep will be minimal.
“You’re not constantly fixing things like you are in an old property. You have up-to-date warranties for building and appliances,”
Many new communities have excellent communal amenities.
3. Future proof for climate change
A growing reason to opt for new is futureproofing for climate change.
Buyers are willing to pay more for sustainable designs and features such as insulation, energy efficient heating and cooling and glazed windows.
4. Beat building price rises
It might seem contrary to headlines of rising interest rates, but there are some good financial reasons to buy new. One is to beat the rising cost of building.
ry little space is available for more development, she adds.