Established Home Vs. New Development: What is the best bet for a new home buyer?
Established Home Vs. New Development: What is the best bet for a new home buyer?
Although there are great things to be said about buying an off-the-plan home, for example a new borey home in the suburbs or a condo unit in a downtown new development, that option generally works better for people with more means than your typical first-time home buyer. Here are some key pros and cons, from www.realestate.com.kh.
For most first-time buyers, the following advantages of an established home will make more sense:
• Because it has already been built, you can move in far more quickly than into an off-the-plan home. It can take a year or more for a house to be built when buying a new development or borey off-the-plan.
• Established housing has had time for upgrades to be added, so it tends to have a lot more character. Off-the-plan homes tend to be more generic.
• Established homes are more of a known quantity in terms of financial details. Thus, they are far less risky and more of a sure bet in terms of resale value and appreciation.
• Since the most prime locations of any city tend to get developed first, established homes also tend to be in better locations.
There are some potential upsides to buying off-plan, and you should be aware of them before you make any decision:
• It can give you more time to save for the deposit while the house is under construction.
• You lock in the price now, but pay later. If it appreciates in value, this can result in substantial equity gains even in the short term.
• New homes typically have lower maintenance costs than older homes. This can help offset the typically higher purchase price.
Checkout more great real estate insights today, on www.realestate.com.kh/news, Cambodia’s home of Real Estate and the best place to find your next property.
