Today's new homes offer many advantages over old homes. Besides the fact that with a new home you often have the opportunity to get exactly what you want, new homes benefit from recent advances in technology and are less likely to need expensive repairs for many years.
However, there are of course benefits of buying a pre-built or exisiting home. Building a new home from the ground up can take up a lot of your time and it may be months, sometimes over a year before you can actually move into your brand new home.
In terms of applying for finance such as bank loan or mortgage, the lender may take into account the type and location of your planned property purchase before approving the loan. For example, buying into a new property development on the edge of a big city where there are few other houses may be seen as risky and by the same token, buying into a brand new development in the inner city amongst thousands of other apartments could also expose the lender to unwanted risks.
You need to not only choose the property that suits your lifestyle, but also the property that you can afford to maintain. Your Mortgage Store broker will help you to firstly get pre-approved for a loan and then to negotiate with the various bank and other lenders to get the best deal for your planned purchased. To find out all the ways we can help to sort out your finances, click here.
KB: Q0015
Last Updated: 26 Sep 2006
