New Home vs Sub-Sale Home, Which Is Better As Your First House?
Excerpt from the Waves, vol 14,2017
Spring homeowners today are faced with two options - to either purchase a new property or dig deep into their pockets for a sub-sale home. While each type has its own advantages, homebuyers should give careful consideration in weighting their options before taking the plunge.
How deep is your pocket?
Needless to say, one of the main factors that a homebuyer should consider is the price. Although house size and location contribute to the total cost, new homes are normally more expensive than sub-sale homes. With that being said, new homes are often made attractive with numerous financing options as well as rebates from developers whole sub-sale homes require the buyers to seek out their own loans from financial institutions.
The factor of time
Other advantages of purchasing a new home include modern design and defect liability period as sub-sale properties are more likely to spot an outdated design with additional cost for repair works. As for turnaround time, sub-sale homes have an upper hand since they are available immediately while buyers of new homes may be required to wait for the project to receive its certificate of completion.
Turning a profit
Whichever you choose, you can opt to rent the property out or use it for your own stay. Don't forget that the amount of rent may vary depending on location, house condition, and available surrounding amenities.