4 Things to Consider When Buying in a New Estate

4 Things to Consider When Buying in a New Estate

Buying in a new estate is somewhat different from buying in an established suburb. New housing estates are areas of land bought by developers who design and construct new sub-divisions, where they either also build their own properties (to sell them) or they sell the vacant blocks of land directly to the public for them to build their own houses.

New estates are often more affordable than older suburbs. There also tends to be a lot of green space because of the planning criteria that local authorities impose on the land developers. Buying off the plan or even building your own home in a new estate is a huge commitment to make, so here are the four things you need to consider before you buy in a new estate:

1. How far away is the estate?

The main disadvantage of buying in a new estate can be the distance from employment centres and amenities such as public transport, schools, and shopping hubs. If you decide to sell in the future, you may have a hard time finding a buyer because the distance may be off-putting for them. Make sure to consider the location of the new estate before you buy to work out if the investment will be worth it.

2. What are the future plans in the estate?

The developers in the new estate may have plans to put in supermarkets, parks, and shopping centres in the future. These developments can help with the future capital gain in your property, by simply increasing the convenience and overall utility of people living there.

3. Who are the developers?

New estates are being developed. Houses and amenities are being built. You may have bought a house and land package or an off-the-plan property. Whatever route you choose, it’s important that you have a trusted and reputable developer by your side. You want to make sure that they can proceed with their plans, as well as guide you through the building of your house.

4. How can you finance your house?

If you’re buying a (yet-to-be-built) house-and-land package, you can finance it with a construction loan. The payments are made in stages as the construction of the house progresses.

By contrast, buying off-the-plan will require you to make an initial deposit, then settle the rest once the property is completed. 

 
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