Benefits of buying an established home

18 May 2024

Deciding whether to buy an established home or take the plunge and build from scratch is a choice contemplated by many homebuyers.

The recent collapse of several Australian builders, lengthy supply chain delays and labour shortages has some buyers thinking twice about a long-term residential construction project.

And this hesitation to embark on a new build is putting added pressure on the established housing market, particularly in Perth where demand for homes – to buy and rent – is already at unprecedented levels.

In light of the uncertainty around the residential construction industry, buyers are focussing their attention on established properties as a quicker, less risky venture.

Less time

Buying an established home will almost certainly take less time and result in a faster occupancy.

If time is of the essence, you may not be prepared to wait a year or more while you find the right piece of land, design your new home, seek the relevant approvals and then navigate the construction process itself.

Projected construction timelines for new builds also have a tendency to blow out, particularly given the current supply delays for materials and labour, or if inclement weather is likely to have an impact.

More space

Often, established homes are positioned on bigger landholdings than the blocks that now come to market, so if you’re looking for room to move an established home may be the best option.

Established homes also tend to have well-established, landscaped gardens, mature trees and lawn, which are absent in newly constructed homes, so you can your new outdoor areas from the minute you move in.

Added charm

Many established homes have more charm, while newly constructed homes take time to create that appeal, especially if you need to consider interior décor and landscaping.

Older, character homes that have undergone contemporary renovations are some of the most appealing on the established homes market. They have a historical charm, but with a functional, new interior fit-out.

Proximity to amenities

Buying an established home in a well-known neighbourhood means instant access to all the amenities you need, including shopping centres, schools, public transport and recreation.

Investing in an existing home means you won’t have to wait years for these services to be set up as you might if you were to build a new home in an up-and-coming residential estate.

Avoid paying rent

Opting to build a new home means you will still need to have somewhere to live while construction is underway – and that may mean finding a rental and paying rent.

Perth’s current rental market has minimal supply and highly priced homes for lease, which means you may have to pay more than you would like to secure a roof over your head while your new home is being built.

Buying an established home will mean a swifter transition between your existing residence and your new home.

If you are in the market to buy an established home, let the Mont team help you find your new address.

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