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Reasons to buy in a development now


Reasons to buy in a development now

Category News

While the country has experienced the effects of the COVID-19 virus pandemic in all aspects of our lives, statistics show that buyers continue to browse the internet for properties on the market. The decision to do this may be strongly influenced due to the two interest rate cuts we have experienced during this period which will have a strong effect on lowering monthly bond repayments.


At the same time, it is now a little easier for first-time home buyers to qualify for home loans. With this sense of excitement in the air, the question a first-time home buyer may ask themselves is, should I buy in a development? Here are some key points as to why you should consider buying in development and use you money wisely.


  1. You get to make it your own. Some developments allow you to choose from a selection of finishes or you could speak to them and ask them to change/upgrade a few things in your new home. This is dependent on the developer but while the building staff are on site, they may be willing to accommodate your request.


  1. Its new. While buying a home that was built 30 years sounds great because you can get it at a good price, there may be "defect-work" or upgrade cost that you might come across at a later stage that you didn't plan for. A development still has most of its warranties by the suppliers in place, so you know you are covered for some time if anything goes wrong.


  1. Developments are usually priced better. Due to bulk buying of products, the amount of building on the land and not having to pay transfer duty, (you may still have to pay the conveyancing costs if they aren't included in the price) you end up saving some money on your purchase. 


  1. Less maintenance. Yes, you have to pay a levy each month, but the levy covers your building insurance and maintenance of the common areas and the outside of the buildings (this may not apply to freehold developments) so the HOA will oversee any damages and painting that needs to be done. In some cases, they will even cut the lawn so it's one less thing to do on a Saturday morning.


As we wait to see what will happen with the COVID-19 virus and the economy, it's clear that the property industry, although not physically active, electronically is still business as usual.

Author Gated Estates
Published 19 Apr 2020 / Views -
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