Benefits of buying or building in a new suburb

Benefits of buying or building in a new suburb

Last updated on December 10th, 2020 at 05:48 am

Looking to buy or build a home?

It’s worth considering making your next property move in a new suburb. Why? Let’s take a look at just a few of the benefits of buying or building in a new suburb.

Affordability

A high demand and limited supply in inner-city regions has driven government planners to find and develop new land in outer-city areas. These new developments come with one key benefit that all homeowners – whether it’s your first property or not – will love: a cheaper price tag.

This benefit rings especially true in Canberra, where the unique property market is still in growth-mode compared to the rest of Australia. Buying or building in a new suburb could help younger Australians meet their homeownership goals.

Modern homes for modern lifestyles

New suburbs mean new homes, and new homes come with all the bells, whistles, and innovations most of us have come to expect in a property.

Older homes can have costly and potentially dangerous structural issues. New homes, on the other hand, are built with the modern lifestyle in mind. For example, many newer properties come with additional rooms like rumpus and theatre rooms.

Be involved in community development

A new suburb can take some time to develop a unique sense of character. And while that may detract buyers looking for personality and charm, it does come with its advantages.

One benefit is that you can be involved in community development. Although you might find yourself living in a construction site for the first few years, you may be able to have your voice heard in town planning discussions.

What’s more, living in a suburb from the moment of its inception can foster a true sense of home.

Open green spaces

Many new estates and suburbs incorporate open green spaces into their design. For those that value a sense of space and natural features, a new suburb may be particularly enticing.

Potential for long-term price growth

Buying or building in a new suburb could save you money in the short-term – and also make you money in the long term. You will, however, have to wait to earn the capital gains seen by homes in more established communities. Focus on the short- and medium-term savings, and the long-term price growth.

Assess your individual circumstances

Living in a new suburb certainly has its benefits, but it isn’t the best option for everyone. It’s critical to assess your individual needs first, before you make a big decision. Get in touch with the team at Achieve Homes today to find out more.