When it comes to buying a property you have two choices; buy established or build new. Each option has its pros and cons that should be carefully considered, especially when sticking to a budget. 

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Whilst buying established may seem like the obvious choice being physically in front of you, there can be hidden costs, necessary renovations and extra work to be done before the house feels like your home. 

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Building new, on the other hand, can offer a more flexible, affordable and tailored home buying journey with long-lasting benefits. 

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Let’s explore why building new may suit you, and why established may not be all it's cracked up to be!

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Customisation 

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New Build

Design your new home to cater for the needs of you and your family. With a new build, you have control over the layout, materials and finishes from the start! 

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Established

Customisation is limited and renovations are pricey. If you need to save before starting, moving out can be inconvenient too.

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Energy Efficient 

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New Build

New homes are built to meet current building standards and regulations, which means they're generally more energy-efficient than older properties. 

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Say hello to double glazing and proper insulation to keep your home perfectly ambient all year round, whilst saving $$ on energy bills!

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Established

Depending on how old the established home is, generally speaking, older homes are less energy-efficient in comparison to new-builds. 

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Did you know that single glazed windows can be the cause of up to a 40% loss of cooling or heating energy?

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Poor insulation and single glazing can result in higher utility bills and wasted energy!

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Low Maintenance 

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New Build

Low maintenance… Now you are speaking our language! Modern and brand new fixtures and fittings will last you longer meaning less hassle and maintenance costs! Enjoy your shiny new home for years to come before even thinking about repairs! 

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Established

Older properties may have that rustic lived-in appeal but old plumbing or electrical systems don’t lie… they will require repair or replacement to ensure your home is in working order and comfortable.

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… Cha-ching! Integral elements such as these don’t come cheap either!

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Government incentives

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New Build

Today is your lucky day; Government incentives such as the Queensland First Home Owners Grant, the First Home Guarantee and Stamp Duty Concessions are currently up for grabs for eligible applications which can, jointly, save you $42,000 on your initial deposit on a $600k build.  

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Making home buying more affordable and accessible, especially for first-time buyers. 

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But don’t sit on this vital info, act fast as there are limited numbers of grants available and expiry dates! 

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Established

Aside from the Queensland First Home Owners Grant, established homes don’t come with any other government incentives .

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Are you seeing the trend that we’re seeing here… Seems like established homes are costing more for less benefits?

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Full Warranties

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New Build

Peace of mind is the best way to put it! 

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New homes come with warranties for materials and workmanship to protect you from unexpected costs. You can enjoy the whole life of warranties on appliances, fittings, fixtures and fresh construction. 

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Established

Warranties for older homes may have expired by the time you purchase the property. This can be a significant financial drawback for you if something goes wrong.

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Conclusion

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To round it up, new-builds can be far more cost effective when taking into account energy ratings, maintenance, customisation, new materials and warranties. Established homes can come with larger costs and more hassle at a time when you want to be enjoying your new home.  

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Government grants are making your place on the property ladder more accessible and could save you thousands. The sooner you stop renting, the sooner you are building equity on your new asset! 

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Our advice

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Whether you buy established or new, it’s important to do your research, consult with experts and ensure that your decisions align with your current and future needs and home owning goals. 

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We are always happy to chat and offer guidance and help, just give us a call!