I am looking a first home buyer looking at buying a pre-estabished home on a larger block as a future investment or building a new house on a smaller block of land.
Does anyone have advice for a first home buyer deciding to build or to buy?
I am thinking in the future the house with the larger block of land and also being closer to the city will be worth more in the future then the new house build on a smaller block further from the city.
Personally I think you would always be better off building a house as you have instant equity the day you get the keys. Downside is the cost depending on the area you want to be in. Buying a pre-established home will definitely be a longer term investment but you may get what you want for much less and in a better area.
Is it purely a monetary decision and what are you leaning towards?
Thank you very much for your reply.
Unfortunently the pre-established will have to be our 2nd investment as it's allmost in possible for a first home buyer to buy a older house as you get no grants and require $30,000 deposit it's laughable.
You think the goverment would what to stimulate older area's being re-vamped by the younger generation but it's all about stimulating the building industry.
We have to build but we still require 5% depost with most lenders and don't like any of the area's available. I have been given the advice to keep on the look out for loans as they change the same as specials and one day it could be 95% loan lending and the next it could be 99% lending with a 1% desposit.