Brand-new house vs existing homes: everything to consider
Category Useful Information
When it comes to buying property in South Africa, whether it's an old existing home or a new development, there will always be pros and cons for either side. It is best to know all the information surrounding both options before making your decision.
Buying property is one of the best investments you can make no matter what part of the world you are in. However, as a first-time buyer, there are many aspects of the property industry that you may not have known to consider before making a purchase. Here are some key factors to acknowledge in order to make an informed decision.
The pros and cons of purchasing an existing home
There are various reasons buying an existing home will be more appealing. One of these reasons is that the home is usually move-in ready and you are able to transform it to your liking as you go along.
Another reason and probably the most common advantage to buying an existing home is that the suburb it is in is already established and so there is little concern about living with the disruption of ongoing construction. This also means that the area is likely to have the convenience of already developed infrastructures and an array of amenities like shopping centres, schools, sports facilities and places of worship. Older homes also tend to offer bigger erf sizes which coupled with revamps, can boost value.
Some disadvantages to buying existing homes include having to do renovations to upgrade the property to your standards and to meet your needs. This could prove to be a long and expensive process that you will need to consider before purchasing.
Older homes often require more maintenance as well which can prove costly over time. Homes with old heating systems or inefficient plumbing could be in such peril that they will not comply with modern building codes. You would need to take a careful look at the systems in place to ensure they are efficient and safe.
Buying a new home and the benefits that come with it
When it comes to purchasing a brand new home, there are more benefits than not. One of the benefits is that you will be able to enjoy a modern design with optimal technology, such as speedy WiFi and air conditioning.
Newer homes also tend to be going the green route with sustainable offerings including economical use of water and solar energy.
Another advantage of buying a new home is that there are usually more warranties in place which assists with quicker and more cost-effective turnaround times when dealing with any issues and defects. Buying new also alleviates maintenance costs for a long period of time.
Remember, when you are buying a new home there are a couple of things you will need to do first. Here are the steps:
- Determine what you can afford
- Assess your credit record
- Hire an estate agent
- Find your ideal home
- Create the 'offer to purchase'
- Arrange for a home inspection to be done
- Apply for a home loan (if required)
- Transfer the home to your name and register the bond
- Get the title deed registered to your name
Building a home in South Africa and the costs involved
Building a home has proven to be at least 20 to 30 per cent more costly than buying. South Africans are looking at paying between R10,000 and R20,000 per square metre. With that said, there are some advantages that come with building over buying.
Vat is generally included in the price when purchasing straight from the developer and there is no additional transfer duty to be paid on top of the purchase price.
Properties within the suburb will tend to be new as well which means they're still well-maintained, allowing for a good-looking suburb. You are also able to choose the design and layout of your choice in order to fit your needs.
So now that you know all the information on building, new and existing homes, you will be able to make an informed decision to suit your needs and lifestyle.
If you're looking for a full-title, freestanding cluster home in the most sought-after residential suburbs, a stone's throw away from Africa's richest square mile and largest business district and close to all major corporates; yet nestled by beautiful, picturesque greenery and nature, then Futuredev Properties has exactly what you're looking for.
Author: Futuredev Properties
