🎧 EP 293 - Buying New? Here's What Every First Home Buyer Should Know
Walking through a display home is exciting. The finishes are modern, the kitchen is beautifully styled, and everything feels fresh and ready to move into. It's easy to see why so many first home buyers are drawn to brand-new properties.
But buying a brand new home isn't simply an easier version of buying an established property. It's an entirely different process, with different contracts, different finance considerations, and different risks.
In this episode, Veronica and Meighan explain the key differences between a new build vs established home, helping first home buyers understand what to expect before signing a contract.
Here's what we cover and why it matters:
🏡 The Three Different Ways to Buy Brand New
Many buyers treat every new property as though it's the same process. In reality, buying a completed new home, buying off the plan, and choosing a house and land package all follow different processes. Understanding which pathway you're taking will shape everything from your contract and finance to your timeline and level of risk. Each option also comes with its own responsibilities, so knowing the differences upfront can help you make more informed decisions from the very beginning.
📍 Why the Fundamentals Matter More Than the Finishes
Fresh paint, premium tapware, and beautifully styled display homes can make a lasting first impression, but they shouldn't distract you from the things that drive long-term performance. Veronica and Meighan explain why location, future supply, demand, and scarcity still matter far more than cosmetic features, and why you should always ask whether someone else would still want the property ten years from now. It's a reminder that while finishes can be updated over time, the fundamentals of a property's location and long-term appeal are much harder to change.
🏗️ Buying Off the Plan Means Trusting the People Behind the Project
When you're buying from a developer, your due diligence extends beyond the property itself. Learn why researching the developer and builder is just as important as researching the home, what questions to ask about previous projects, and why speaking to existing residents can reveal far more than a glossy marketing brochure ever will. The episode also explains why a builder's reputation for fixing defects after handover can tell you just as much about the quality of their work as the finished product itself.
💰 Why Pre-Approval Isn't the Finish Line
One of the biggest surprises for first home buyers is discovering that finance doesn't stop once pre-approval is issued. Because construction can take many months—or even years—your financial circumstances, lending policies, and even the property's valuation may change before settlement. You'll learn why staying in touch with your broker and maintaining a financial buffer can make all the difference. The episode also highlights how seemingly small financial decisions made during construction can affect your borrowing position when settlement finally arrives.
📑 Contracts, Hidden Costs and the Details That Matter
New-build contracts are often far more complex than those used for established homes. Veronica and Meighan unpack why independent legal advice is essential, explain some of the clauses buyers should understand, and discuss the additional costs many people forget to budget for—from legal fees and connection costs to body corporate fees and optional upgrades. Understanding these costs before you sign can help you budget more accurately and reduce the risk of unexpected financial surprises later on.
🏠 Construction Delays, Inspections and Moving In with Confidence
Buying new doesn't end once you've signed the contract. The episode explores how to manage construction delays, communicate effectively throughout the build, and approach your pre-settlement inspection with confidence. You'll also learn why even brand-new homes can have defects, and how documenting issues early can lead to a smoother handover. By staying organised and knowing what to expect, you'll be in a much stronger position to navigate the final stages of the process with confidence.
🎯 By the end of this episode, you'll understand the different pathways to buying a new property, know the questions to ask before signing a contract, and feel more confident navigating the finance, contracts, and due diligence that come with buying brand new. Whether you're still weighing up a new build vs an established home or you're ready to take the next step, you'll have a clearer understanding of the process and the confidence to make informed decisions from the very beginning.
Episode Highlights:
01:22 - Why Buying New Is a Different Process
02:09 - The Three Ways to Buy Brand New
02:58 - Why Property Fundamentals Still Matter
05:49 - Supply, Demand and Future Resale
07:47 - Buying Off the Plan: Do Your Due Diligence
10:03 - Finance, Pre-Approval and Settlement Risks
12:49 - Contracts, Variations and Legal Advice
16:16 - The Hidden Costs of Buying New
19:36 - Construction Delays and Managing the Wait
22:52 - Pre-Settlement Inspections and Defects
24:55 - Questions to Ask Before You Sign
27:31 - Final Tips for Buying Brand New
02:09 - The Three Ways to Buy Brand New
02:58 - Why Property Fundamentals Still Matter
05:49 - Supply, Demand and Future Resale
07:47 - Buying Off the Plan: Do Your Due Diligence
10:03 - Finance, Pre-Approval and Settlement Risks
12:49 - Contracts, Variations and Legal Advice
16:16 - The Hidden Costs of Buying New
19:36 - Construction Delays and Managing the Wait
22:52 - Pre-Settlement Inspections and Defects
24:55 - Questions to Ask Before You Sign
27:31 - Final Tips for Buying Brand New
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Co-Founders
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.
