In this blog we discuss the benefits of buying a brand new property vs. an existing property as both options have their merits.
From quality assurance and modern features to customisation options and financial advantages, investing in a brand new property offers many compelling advantages that make it an appealing choice for property investors.
Quality Assurance and Peace of Mind: One of the primary benefits of buying a brand new property is the assurance of superior quality and construction. Developers of new properties strive to meet stringent building standards and regulations, ensuring that the property is built to the highest specifications.
This means that you can expect a structurally sound investment that requires minimal maintenance in its early years. Additionally, new properties often come with warranties that cover structural issues, appliances, and systems, providing buyers with peace of mind and protection against unexpected expenses.
Modern Features and Amenities: Investing in a brand new property grants you access to modern features and amenities that align with current trends and technologies. Developers are continually incorporating the latest advancements into their projects to cater to the demands of homebuyers and investors.
From state-of-the-art appliances and energy-efficient systems to innovative smart home features, a brand new property offers a contemporary and comfortable living experience. These modern features not only enhance the property’s functionality and convenience but also add to its overall value, making it more attractive to potential tenants or buyers in the future.
Customisation and Personalisation Options: One of the significant advantages of buying a brand new property is the ability to customise it according to your preferences. From selecting the color palette and finishes to choosing the layout and design elements.
This level of customisation is often limited in existing properties, where you may have to compromise or invest significant time and resources in renovations. With a brand new investment property, your tenant can move in and enjoy a space.
Lower Maintenance and Repair Costs: A brand new property typically requires lower maintenance and repair costs compared to an existing property. With new construction materials and installations, you can avoid the immediate need for costly repairs and renovations.
Furthermore, new properties often come with warranties that cover any potential defects or issues during the initial years of ownership. This means that you can allocate your resources towards maximising your investment returns rather than constantly dealing with maintenance problems.
Additionally, modern building practices and energy-efficient features can help reduce utility expenses, saving you money on monthly bills.
Financial Advantages: Investing in a brand new property can offer financial advantages for property investors and this is a biggie for many of our investors.
Firstly, as a new property, it is likely to attract tenants more easily due to its modern features, appealing aesthetics, and up-to-date amenities.
This can result in higher rental income (or a quicker resale process), enabling you to generate returns on your investment sooner.
Additionally, buying a brand new property may also qualify you for certain tax benefits or incentives provided by local governments to promote new construction. It is essential to consult with a tax professional or financial advisor to understand and take advantage of any potential financial benefits available to you.
It’s also worth mentioning that when buying off the plan you only pay stamp duty on the land, not on the building so there is quite a substantial saving on your stamp duty.
Investing in a brand new investment property offers a range of benefits for property investors.
From the assurance of superior quality and construction to the availability of modern features and customisation options, purchasing a brand new property provides peace of mind and a contemporary living experience.
Furthermore, the potential for lower maintenance and repair costs, along with the potential financial advantages such as higher rental income and tax benefits, make it an attractive choice for investors seeking long-term returns.
When considering your next property investment, carefully weigh the benefits and advantages that a brand new property can offer to make an informed decision that aligns with your investment goals.
If you’re ready to embark on this exciting journey of buying a brand new property in Australia, reach out to Leonie at leonie@wealthology.com.au. She will guide you through the process and help you find the perfect property that matches your needs and preferences.
