Should one consider old houses in old suburbs or new houses in new suburbs when buying a property?
This is a million-dollar question of whether to buy an old house in an old suburb (like Blacktown) or buy a newer property in a new suburb(like The Ponds).
Let’s try to find the pros and cons of old houses in old suburbs as well as new houses in new suburbs: –
Old Houses in old suburbs in Australia
Pros of old houses in old suburbs
- Possibly more land
- May have subdivision potential.
- May be closer to the train station and may be easier to commute.
Cons of old houses in old suburbs
- The old shabby house which you may think that you will demolish and rebuild one day, but rebuilding is also not cheap.
- Maybe in a low socio-economic area.
- May have a shabby neighbourhood. Even if u rebuild it, it will be a new house among shabby old houses and old streets.
- Amenities like electricity wires may be over ground and hanging instead of underground new infrastructure.
- Depending upon the suburb, may not have many capital gains over the years as it is all old housing in it.
- More maintenance costs as the old things in the old house will require constant maintenance.
- Even more, maintenance if rented out as tenants will demand old things to be repaired/replaced.
- The old house in an old suburb is also not cheap.
- May never give a permanent feeling as the family will always feel that they will one day demolish and rebuild it.
- Even if your house is new in an old suburb, still all the neighbouring houses and the whole street is very old, which may give you a bad feeling.
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New Houses in new suburbs in Australia
Pros of new houses in new suburbs
- The good feeling of living in a new house.
- New neighbourhood.
- Better socio-economics as everyone buying in a newer area will have paid top dollars.
- More capital appreciation over the years as the next stage of land will be more expensive and the construction cost of more new houses coming into the area will be more expensive.
- Underground infrastructure like electricity and NBN.
- Newer look and feel of the whole area.
- This may fetch more rentals as tenants also want to live in new houses in a new neighbourhood.
- Less maintenance cost.
Cons of new houses in new suburbs
- May have lesser land area.
- May be away from the train station and difficult to commute.
- May have a smaller house as the construction cost is not cheap.
- May never give a permanent feeling as the family will think that one day they will move to a bigger and better house.
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Disclaimer: Articles in this blog are just the author’s or authors’ personal opinions.
It may or may not be correct. Please do your own due diligence and seek professional advice according to your own personal circumstances. The author or authors cannot be held responsible/liable for any content in this blog.
*all images are for illustration purposes only
