Buying an established home is the more common option these days, and as the name suggests is simply buying an established, existing property. This is a convenient option as you can move in quickly and there are fewer potential complications when compared to building.
However, buying established also has the disadvantages of the house not being specifically tailored to your needs, but rather the person who originally built it. Established houses can also be more popular, which means they can be harder to buy, and ones closer to desired locations can be very expensive.
One of the advantages of buying an established home is that it greatly simplifies the home loan process. Unlike a construction loan, which is drawn down in instalments at various stages throughout the building process and results in changing monthly loan repayments, an established home loan is one set loan amount with consistent repayments.
Another advantage is that you have the opportunity to look at the home prior to buying it and check it for quality. To be safe you, we always recommend arranging for a proper pest and building inspection to be conducted so there are no hidden surprises after you’ve made the purchase.
For further advice and insights on established home loans, call us on (08) 6461 5444 – or you can click on ‘Contact Us’ below, leave your details, and we’ll give you a call shortly.
