ESTABLISHED SUBURB vs NEW LAND ESTATE
So you’ve made the decision that it’s time to move.
Buying an established property is not an option, because you want to put your own tastes and flair into your new home and design something that fits you.
The next question is WHERE should you build this dream home? Are you better off choosing an Estate in a new and upcoming area? Are you better off choosing a one off block of land in an older, more established area?
Jared Duggan, our Estate Manager says there are major benefits to both, but there are a few things you need to know before making your decision.
“New Estates are an affordable option for many Buyers” Jared says. “You can really understand why brand new land estates are continuing to be so popular in Perth. The vast majority of developments nowadays include incentives that save you out of pocket expenses once your new home is complete. On some occasions, limited time offers are available to reward you for taking the leap. All of this is on top of the inclusion of Boundary Fencing and Front Landscaping, which developers generally provide within the lot price. This is a huge bonus not to have to think about.
Land Developers have a vested interest in the presentation of an estate so they will quite often include extras to ensure that their estate stays pristine to assist with sales.
“Another great thing about estates is the relative lack of surprises that can come up. Things like site works have a habit of blowing out when you are looking at established suburbs.” Jared says, “However developers generally ensure their site works are as affordable as possible to ensure sale-ability.”
“Public open space has come a LONG way in a short amount of time. A lot of developers are contributing HUGE dollars to ensure their residents have beautiful parks and facilities. This is often very hard to find in established areas given the nature of lot sizing etc”
“Established suburbs are still a popular option with buyers, established lots in Perth are as affordable now as they have been for years.” Jared says. “People looking to be closer to their workplace, or existing amenities, such as shopping centres, established schools, cafés etc. are the people most likely to buy in existing suburbs.”
“Building in an established area allows a certain “Try before you buy” mentality. You can already see how your neighbours treat their homes, you know what the surrounding amenities are going to look like before the first brick has been laid.” He goes on to say “You can also compare your potential new home with existing properties to be able to get a good idea as to how much your house may be worth on completion.”
“People who buy in certain older, established areas are also more likely to find a more traditional, larger lot size due to the reducing nature of lot sizes in estates. We are seeing Lot sizes reduce in newer areas due to zoning changes and affordability.
“If you’re looking for lots that are close to the city, an established area may be your only choice with housing density getting tighter and tighter, you may struggle to find an estate in a suburb that’s suitable.”
There are Pro’s and Con’s to both options, and at the end of the day it all comes down to you and your lifestyle.
We have an ever growing range of land within established areas and new land estates to help you choose your best location, whichever your preference.
Article source: ESTABLISHED SUBURB vs NEW LAND ESTATE