There are many advantages to buying a new property over an existing dwelling, but as with all property-related decisions, caution is necessary.
To minimise risks, consider the following before making a purchase:
- Capital growth is NOT guaranteed. Whether you purchase a new or an older property.
- Research is essential. Be absolutely certain to do your homework on the property market and purchase in an area that is more likely to offer growth potential.
- Know with whom you’re dealing. Unfortunately, there are several stories of developers who go bust during a development or turn out not to be professional operators.
Take note of the developer’s history and speak to family and friends regarding developers they have used in the past.