Major financial investment into old or new home

Buying your first home is likely to be one of the biggest financial decisions anyone can make

OLD OR NEW: Buying your first home is one of the biggest financial decisions to make. Picture: REA

BUYING your first home is likely to be one of the biggest financial decisions anyone can make and there are many factors to take into consideration.

One of them is the choice of purchasing a new home or an established one.

A new home will have, fresh paint, unstained carpet, new appliances and fixtures and fittings up to date.

The new home can even feature master suites, media room and standard modern conveniences.

Maintenance will be at minimal and buyer ensure research has been done the home was built by a reputable builder.

However, there are benefits to a more established home as some were built by genuine craftsmen with attention to detail.

They can also have larger blocks of land which mean a good size garden and more room for the children to play.

Sometimes older homes are closer to conveniences such as schools, public transport, shopping and urban amenities.

With older properties there sometimes can be maintenance issues that will occur due to its age.

Mortgage Choice Gladstone manager Tyler Carman pointed out several pros and cons of buying an old or new home.

"There is the financial benefit of buying either brand new or building a home is the Queensland First Home Owners Grant that is $15,000," Mr Carmen said.

"All first home owners receive a stamp duty waiver on the purchase up to the amount of $500,000.

In the current housing market in Gladstone, Mr Carman said the price of around $350,000 would purchase a good established home or build a new home for the same price.

"A lot of it comes down to personal preference of what the buyers want," he said.

"An older home can have the convenience of location to amenities that make living there easier."

However when purchasing an established home the first home owners grant is not available when for an existing home that is not brand new.

Old or new properties are a big financial investment and the purchase has many factors to be taken into consideration with home buyers.

Originally published as Major financial investment into old or new home