The biggest debate for anyone who is shopping for a home in Australia right now is the decision of whether to choose a home in an existing suburb or to invest in a new land estate. There are pros and cons to each, but the case for new land estates is quite strong in the current housing market.
People who are building homes for themselves have a different set of criteria and priorities than those who are investing or looking at the bottom line. Plus, there are many different factors to consider and each has its own weight in your decision, depending on what is most important to you. To make a case for a new land estate, here are some things you should keep in mind.
New Land Estates Don’t Have City Issues
In an established suburb, you may have nice homes with longstanding neighbors and a sense of community. However, you will also have the growing pains that many cities and suburbs experience, including things like parking issues, new developments changing the neighborhood, and more. A community development is separated from the rest of the city, offering a quiet, uninterrupted space to call home without the hassles.
New estates also mean newer homes. This guarantees that you will get more bells and whistles, find better technology and have to make fewer concessions on the creature comforts that you want in a home. You may even get some input on the community development process if you buy in early enough.
Unlike established neighbourhoods where there may be century homes and properties that hold higher price tags because they have been well-maintained and updated, new estates offer more affordable housing. They may not have the prestigious address associated with many suburban homes, but they also won’t have the same high price tag. Plus, you can often build a custom home or purchase a home that is bigger and better than what you might be able to afford in the suburbs.
In cities like Canberra, the property market is still in a unique growth mode, which has caused housing prices to increase substantially. First-time homebuyers are limited in their purchase options because of these inflated markets throughout the country. New home estates aren’t as affected by market conditions because they don’t have as much history, which makes them much more affordable for young Australians who are looking to make their first purchase.
Living in a new estate has the potential for creating a solid long-term investment out of your home. Not only are you saving money in the short term when compared to buying in an established neighborhood, but you are getting in on the ground floor with an investment that will pay off big in 20 or 30 years when the neighbourhood finally has some roots.
You can buy low, build a home that suits your needs, and guarantee that you’ll get more out of your investment in the future if you are planning to settle down for at least a few decades. This also might be the only way that younger adults and those with limited budgets can make an investment in the housing market.
Pre-Planning and Set Costs
Building a home involves countless decisions and budgets. When you choose an estate, the building process is streamlined and there are typically set processes in place for the entire project. These estates are designed to be completed quickly and efficiently, and homebuyers can trust the developer to handle all of the details. This is the ideal way to get a new construction home without the hassles involved in building a house.
Plus, many of these estates have a selection of floor plans or demo homes that people can visit to see what their options are for building in a new estate. There are often finishing packages available, allowing buyers to make one easy choice about the level of finish that they want (high-end, affordable, etc.) for all fixtures rather than having to pick out every single fixture, one at a time.
It’s All About Options
Established neighborhoods have established homes, but they also have established market values that could make ownership unattainable for many. Even the land plots in suburban areas aren’t cheap (when they are available). Building or buying a home in new land estates offers more flexibility, customization, and a chance to get the homestead of your dreams, even when you thought it was out of your budget.