The housing shortages in different parts of Australia lead rising demand in buying properties. There are always suitable existing houses on the market, many of which are cheaper than new dwellings.
Reasons for purchasing a pre-owned property:
A ready-made home
Benefits of buying a pre-loved house:
Buyers need to remember to add extra to their estimate for unforeseen costs for some renovations of the existing houses. To consider whether or not they are ready for the inconvenience of living in an unfinished house, whether they have the time and capability to take on such a big job, and whether they are prepared to accept delays and negotiate with the local Council so that the work is done to the correct standard.
Be wary of doing up a home so much that its value exceeds that of all the other houses in the area. This can be problematic if you decide to sell it in the future and cannot get the price you want for it.
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