Now is a good time to buy real estate. Banks are encouraging homebuyers to borrow money by offering low interest rates and tax benefits. Home prices have also been consistently high, making owners confident about the values of their properties.
The type of property to purchase is an important issue for homebuyers. There are considerations for old and new properties, and also whether to get a house or a unit. Houses typically allow more freedom and also include the land in the ownership, which is why they are still popular options for homebuyers.
Here are some reasons why new housing estates, especially in Melbourne and other locations, are a great investment choice:
New properties are ready to go
Should you wish to free yourself from thinking about renovations and maintenance, then new housing estates are the way to go. They require very little effort from you. The developer usually guarantees the structural integrity of the house and you can rely on them if problems or issues arise.
New properties are more attractive
Most new houses follow contemporary designs, so that means lots of open space and light. These are always attractive features in any home. If you are planning to rent it out, it is easier to find tenants. It is also generally easier to ask for higher rent for new properties than older ones.
New properties last longer
New houses usually last longer than older ones before needing repairs or renovations. The tax benefits from depreciation are also higher. Your new house’s durability, of course, depends on the materials used and on the quality of construction. Choosing a property from a reputable developer should ensure that you get more value for your money.
The price for new housing estates may typically be higher than for old properties, but if you think about it, saving on renovation costs, getting higher rentals and tax benefits, may be better in the long run.