Are you ready to dive into the market head first and find a property that you can settle in.
The good news is that brand new real estate supply has continued to flow into the market in the past year. According to the Australian Bureau of Statistics, construction had commenced on a record 211,976 properties in 12 months to the June quarter this year.
It could be worth your while giving these freshly-built homes a good look.
Here are four reasons why brand new real estate could be worth their premium price tag.
1. Newness
This attribute in itself deserves its very own special mention.
New homes have a smell and feel that you simply cannot put a price tag on. Just like a car bought straight from the dealership or a fruit-branded smartphone you waited six hours in line to get your hands on, newly constructed properties ooze a certain freshness and appeal.
You could try and put a finger on it, and attribute it to their crystal clear new windows or the scent of fresh paint.
Either way this is unique to new builds, and no amount of renovation or air freshener used in an older home can hope to capture this quality.
2. Desirable designs
Our needs and the design solutions to meet those needs change with the times.
As stated by the Housing Industry Association (HIA), new property is built to satisfy the demands of modern living in a way that’s efficient, attractive and comfortable.
For instance, real estate today is often designed with modern trends in mind like open concept layouts and contemporary kitchen plans that emphasise flexible and organised use of space. These features also help homes look more spacious, which should be a plus in anyone’s book.
Furthermore, these properties will feature some of the most current technology in the market such as electronic locks and state-of-the-art security systems.
When you put your home loan toward a newly constructed house, you get what you pay for.
3. Warranty protection
A great advantage of buying a new property with your home loan is that it’ll be covered under warranty. If you’ve bought anything recently that required a good handful of hard-earned cash, you’ll understand how important this is.
The HIA notes that in most states and territories, all new homes must be protected under a warranty for a period that is defined by the local government.
For instance, the Queensland Building and Construction Commission requires that all new homes are covered by a home warranty insurance policy for six years and a half.
This will cover faults or defects in the house’s structure, materials and construction-related work. If you had ordered for a house to be built yourself, the warranty should also account for non-completion of the property.
While you’ll have to fork out a little more for the warranty, it’ll go a long way in giving you peace of mind. After all, a home is a massive investment, and you don’t want to have to skimp out on keeping it properly insured.
4. Environmentally-friendly
Newly built homes generally tend to be far more sustainable and eco-friendly than older properties.
The HIA remarks that “today’s new homes show that environmental responsibility, energy efficiency and healthy indoor living go hand-in-hand with comfort, convenience and great design”.
For example, much of the timber used in housing is now produced from renewable resources, while window glass can now come with a glazing that reduces heat gain in summer and loss of warmth in winter. Furthermore, space and hot water heating have been combined into a single, energy-efficient system.
Living in a new house with such features will not only help you cut down on energy bills, but will also go toward preserving the future of our environment.