4 questions to ask when buying a new build home

3 MIN READ November 16, 2022
New builds are looking more and more appealing for first home buyers and property investors alike. Not only are they brand new and unlikely to need costly repairs for a while, but new build properties may be eligible for lower home loan deposits and other…

1. Have you done your due diligence?

As with any home you’re purchasing, it’s important to do your due diligence. This includes enlisting the help of a lawyer to look over any contracts and other documentation to ensure everything is as it should be.

Particularly with housing complexes or house and land packages, it’s important that you understand just what you can and can’t do with your new property, and any extra costs that might be involved, such as body corporate fees.

2. Are you satisfied with the developer’s credentials?

When buying a new build, it’s a good idea to do some thorough research on who the developer is and their previous work. Some developers will have showhomes available for you to take a look at to assess the standard of work, but you should always look for independent reviews and background information to check the legitimacy of your developer.

If your developer subcontracts out to a team of builders for example, it’s also a good idea to take a look at the background of these companies so you can feel comfortable knowing your new home is in safe hands.

3. How much can you customise your potential new home?

Depending on the type of new build you’re looking to purchase, your options for customisation might be quite limited. With homes that you purchase while they’re in the process of being fully built, also called ‘off-the-plans’ homes, you don’t tend to have a lot of say in customisation.

If you’re buying a new home that’s being built on land you’ve purchased, you’ll have much more control over what customisations you can make to your home depending on the size of your budget.

4. Does the location suit your lifestyle now and in the future?

Given the lack of large plots of land that are available within metropolitan areas, many new builds tend to be in locations that are a bit further away from the main centres.

That’s why it’s important to check out the area and its proximity to where you work and where you like to spend your down time. If you’ll be holding on to this home for at least a few years, it’s important that its location serves your lifestyle now and in the near future.

If you’re looking at a new build for your first or next home, get in touch with our friendly team today. We can help you sort through your options for finance and insurance, plus if you’re an investor, we can make sure you’ve got all your ducks in a row when it comes to your tax obligations.

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