The pros and cons of buying development property
There are several advantages to buying development property instead of a pre-existing home, but there are also disadvantages. Before you decide to buy a development property, it would be in your best interest to weigh the pros and cons first to make certain your decision benefits with your financial and property goals.
The pros and cons of buying development property
If you’re shopping for a new home, chances are you’ve already got your eye on some property developments — nowadays, they’re popping up everywhere in the city. Investing in a property development, just like buying a pre-existing home from a current owner, has its benefits and its drawbacks.
Perhaps the most significant of the advantages is the absence of a transfer fee and low deposit as the developer usually take the transfer costs upon himself. The cost of maintenance is quite low for the first few years as all the fixtures and fittings are brand new. Speaking of brand new – property developments usually come with the latest technology and home features – think faster internet speed and high-tech security. If you have a clear vision of your dream home, the developer will be able to build a home that perfectly matches your design preferences.
As for the negatives, developers and builders often have unique goals that can sometimes be very different, so what seemed like a mansion on the design paper, may end up looking like an ordinary townhouse. The fixtures and fittings in the show house on the development may also be different to those that you end up getting, and it’s not uncommon for defects to pop up soon after you move into your new home.
Buying a property is one of the biggest financial transactions you’ll ever make so when it comes to development property, it’s best to do as much research as you possibly can. Don’t fall for love at first sight and view several newly build properties to find the one that best meets your financial and housing goals.
