Buy new or scout for old charms? It is a common tussle between homebuyers.
When you have tight budget, new properties may work best as secondary market properties often require heavier upfront costs and possibly higher renovation costs, unlike in primary market properties where the developers offer more incentives and rebates.
However, it does not mean that secondary market is less attractive. In fact, buying in the secondary market property comes with its upsides as well. We have listed five advantages of buying a secondary property that you should take into consideration when making your purchase decision!
1. Better location
Subsale properties usually boast great location, unlike primary market properties which are mostly located in newer areas that have yet to mature. When you are buying a subsale property, you would be assured those amenities, such as schools, healthcare and so forth are aplenty and at the reach of your doorstep. This ensures that there is no disappointment should a promise made by the developer to deliver such amenities nearby a new project not get fulfilled in time.
2. Assured of what you are getting
Unlike a new property which you don’t get to see the actual unit in most of the cases, there is no need to second guess or be in a state of shock when you get your new home keys from the secondary market because the property is already erected. What you see is what you get. If there are damages to the structure on the property which is beyond repair, you can make the call to turn down the offer.
3. Know the neighbours
You would be able to find out who you will be living next to, the overall environment and what kind of neighbourhood it constitutes when you do the subsale house and area viewing. You can see if the neighbourhood or the neighbours are to your liking. If they are not, you always have the chance to move on to the next property. However, for primary market properties, you would only know all these after you’ve moved in.
4. Suited to your taste
In many cases, buying a subsale property is more like buying into the location. If you have a deep pocket, you have the opportunity to totally rebuild the house in a mature location according to the styles and preferences you like, just like those gorgeous home rebuild sample you see on Pinterest and blogs. Defy the conventions, go crazy but remember to ensure that the property is easy to maintain and sustainable in the long run!
5. Health reasons
Most new projects are known to release fumes and toxic substances from the glue, paint and solvents used. They can result in health complications to the occupiers, especially in younger children. However, secondary market properties are older and the pollutants have decreased over the years, making it a safer place to live in, especially you need to move in immediately.
[Image source: House photo created by pressfoto]
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