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Established Home Vs. New Development: What is the best bet for a new home buyer?

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Established Home Vs. New Development: What is the best bet for a new home buyer?

Although there are great things to be said about buying an off-the-plan home, for example a new borey home in the suburbs or a condo unit in a downtown new development, that option generally works better for people with more means than your typical first-time home buyer. Here are some key pros and cons, from

For most first-time buyers, the following advantages of an established home will make more sense:
• Because it has already been built, you can move in far more quickly than into an off-the-plan home. It can take a year or more for a house to be built when buying a new development or borey off-the-plan.

• Established housing has had time for upgrades to be added, so it tends to have a lot more character. Off-the-plan homes tend to be more generic.

• Established homes are more of a known quantity in terms of financial details. Thus, they are far less risky and more of a sure bet in terms of resale value and appreciation.

• Since the most prime locations of any city tend to get developed first, established homes also tend to be in better locations.

There are some potential upsides to buying off-plan, and you should be aware of them before you make any decision:
• It can give you more time to save for the deposit while the house is under construction.

• You lock in the price now, but pay later. If it appreciates in value, this can result in substantial equity gains even in the short term.

• New homes typically have lower maintenance costs than older homes. This can help offset the typically higher purchase price.

Checkout more great real estate insights today, on, Cambodia’s home of Real Estate and the best place to find your next property.


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