In this episode, we take a closer look at new builds, breaking down the risks and rewards tied to house and land packages. Many first-time home buyers are intrigued by the idea of owning a never-lived-in property, but it's crucial to weigh the possible downsides.
Understanding that some first-time home buyers might still be considering this option, we present the facts to help you make informed choices. Our aim is to guide you towards minimising risks and maximising the benefits associated with new builds.
If you find yourself at the crossroads of real estate decisions or are already thinking about a new build, tune in now. Gain practical insights that will assist you in simplifying the complicated process of buying your first home, ensuring you can make well-informed decisions for your homeownership journey!
02:22 - Meighan's special house of the week
04:01 - There are a few pros with new house and land packages
07:44 - Risk #1: Oversupply of land in some locations
11:14 - Risk #2: The consequences of extensive land clearing in housing developments
13:20 - Risk #3: Lack of infrastructure
13:53 - Risk #4: Poor build quality
15:20 - Risk #5: Buying brand new means someone else is making the profit, not you
18:01 - Risk #6: How grants really work with buying brand new
20:25 - Risk #7: The possibility of negative equity for new suburban home buyers
22:34 - Tip #1 for reducing the risks: Buy in infill sites, not on the edge of the suburbia
24:37 - Tip #2: Having a good advisor who's an expert in their field
26:54 - Tip #3: Do NOT go with the people that the developer recommends
27:44 - Tip #4: Allow for a lot longer and more money than expected for the build
➼ Which is the best house to buy when they all look the same? https://homebuyeracademy.com.au/ACTION/best-house-to-buy
➼ Your First Home Buyer Guide Podcast Episode #119: Insider Secrets for Successfully Building a Home From Scratch https://homebuyeracademy.com.au/podcasts/119
➼ Learn how to buy property without making a mistake with our 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
➼ Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
➼ Work with Veronica: https://www.veronicamorgan.com.au
➼ Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
➼ Work with Meighan: https://www.linkedin.com/in/meighanwells/
Veronica Morgan & Meighan Wells
Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.
Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!
Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.
