Do you like brand-new state-of-the-art appliances and modern interior designs? Or would you rather have a traditional home with wooden cabinets and colourful wallpaper? Depending on your lifestyle and taste, you may want to buy a sub-sale property over one that hasn’t been completed yet. Both have its share of pros and cons, so here are 10 things to consider when trying to figure out what you want out of a home and to decide which one is right for you.
Homes under development are usually more expensive than existing homes for one main reason: everything is new. Existing homes, on the other hand, are cheaper and usually more negotiable because they require many updates and repairs.
Developers will usually offer a list of financing options for you to choose from because of their partnership with subsidiaries or banks. This is not the case with sub-sale properties for which the buyers will have to look for loans on their own. This can be time-consuming, especially because existing homes require you to obtain an appraisal on the estimated value of the home.
You can move into an existing home immediately after purchase while properties under construction typically take two years to be completed. Though it may seem scary to be paying for something that won’t be in your possession for a few years, it does come with benefits such as the availability of early bird prices, rebates and other special rates. Additionally, during the years of waiting for a property to be completed, you can use that time to advance in your career and continue to save money.
Renovation or Repairs
As mentioned earlier, sub-sale properties are cheaper and so may seem like a tempting option for homebuyers. However, sub-sale properties come with outdated appliances and fixtures, which are expensive to replace. If the interior design does not meet your style, you may need to completely renovate. There may also be hidden damages like leaking pipes or a termite problem, which requires maintenance. All of this adds up to a surprisingly expensive bill, which needs to be paid on top of what you’re already paying for the house. Even if you are fine with an older traditional home, you’ll need to make updates to raise the value of your home if you plan to re-sell. Meanwhile, new properties come with brand-new appliances with warranty so there is no need to pay for maintenance or renovations.
Some people seem to have the impression that newly developed properties have a cookie-cutter style but boy are they wrong. Maybe your wife wanted granite countertops and stainless-steel appliances in the kitchen. Or maybe you want carpet in the living room so your kids don’t get hurt. Maybe you want to keep a bedroom on the first floor so your in-laws don’t nag you late into the night. There is a lot of flexibility on the design if the property is still under planning or in the early stages of construction.
Because your home reflects your taste and lifestyle, some people want the option to make the property entirely their own. That is not possible with sub-sale properties, where what you see is what you get. The style of the property may reflect the lifestyle of when that property was built, so if you’re not interested in a traditional style of home, you may have a harder time finding the home of your dreams.
Say you want an open concept so you can watch your kids play in the living room as you make dinner. One can only find such a layout in modern homes. Existing homes, on the other hand, have a more traditional look that some people find charming. However, the older designs of a traditional home may not suit your contemporary lifestyle.
When you move into a home, you’re also joining a new community. So before you decide on a home, you may want to look into the type of amenities that are available. New housing projects can usually be found in master-planned communities, which offer amenities such as resort-style community centers, swimming pools, and fully-equipped gyms. Depending on your lifestyle, however, you may just want a simple community without the flair. Fewer amenities also require less maintenance, which means you pay less for the Homeowner’s Association fees.
Because older homes are built with outdated building materials, there are potential dangers lurking within that could be a hazard to you and your family. For example, a home that was built more than forty years ago could have lead paint on the walls. Exposure to lead could result in damage to the development of the nervous system in children. There may also be asbestos within the walls, which could be a cause for lung cancer to those who ingest it. New properties are built with careful considerations for health risks and security issues.
Not only are there potential dangers lurking in an old property but there is a lack of awareness for energy conservation. New homes come with energy-efficient appliances and insulating windows that is good for the wallet, the environment, and the residents. For example, old properties will have single pane windows whereas new ones are built with multiple pane windows, which will more efficiently keep you cool against the Malaysian heat. Less energy is used to make the home pleasant, which means a more affordable utility bill.
No matter if you’re looking to live in the city or somewhere quieter, there will be properties both new and old that you could be interested in. New developments in cities, however, are often times located in highly accessible areas – near train stations, bus terminals, etc – making it super convenient for those who commute in and around the city every day. You’ll also never be far from that fresh cup of artisan coffee, the trendy restaurants or the cultural events that can only be found in the urban world.
Whether you want to buy a new home or an existing one, think about your financial situation and needs and do plenty of research. New homes come with more benefits than a sub-sale and are better suited for your modern lifestyle. Check out NuProp.my for a huge listing of newly launched properties and you’ll see why new homes are better than sub-sale!
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