Your ultimate decision will depend on the relative price differences between new and established homes, and whether you will be able to find your dream home already built and fully established by the previous owner.
A brand new home has these benefits:-
– You can choose your own design, style and pick individual colour schemes etc. – There is a written warranty on the building and the various fixtures and fittings such as electric stoves and hot water systems.
The main disadvantages in building a new home are:-
– The costs of establishing the property with all of the finishing touches may not be included in your long-term mortgage loan and may well exceed your budget estimates.
The purchase of an established home is preferred by seven out of ten homebuyers, probably because, among other reasons, they can see the financial benefit in the inclusion of the chattels (moveable extras such as carpets, drapes etc.) in the one purchase price and they do not need to pay rent plus graduated payments during the building.