I am currently looking to purchase a property and I am trying to decide between buying a new property off the plan, or a used property. Similar price range. There are a number of estates, all within the same area, that I have been viewing.
My plan is to rent it out for the first 2-3 years and move in myself aftwards. I will be borrowing 70% of the purchase price. I am a first time buyer. Looking at 3 bed property valued at $250K.
I was looking through the forum for some advice on buying a new propeorty off the plan VS buying an existing property (in my case - approx 8 years old). I appreciate that some of the pros to buying off plan are very obvious (newly built home, Homebound guarantee, etc) but I was wondering if anyone could give me more detail around Pros and Cons, with my situation in mind, in the event that there are some key things I am not taking into consideration.
Thank you!
My plan is to rent it out for the first 2-3 years and move in myself aftwards. I will be borrowing 70% of the purchase price. I am a first time buyer. Looking at 3 bed property valued at $250K.
I was looking through the forum for some advice on buying a new propeorty off the plan VS buying an existing property (in my case - approx 8 years old). I appreciate that some of the pros to buying off plan are very obvious (newly built home, Homebound guarantee, etc) but I was wondering if anyone could give me more detail around Pros and Cons, with my situation in mind, in the event that there are some key things I am not taking into consideration.
Thank you!