Newcastle and the surrounding areas have been undergoing a lot of regeneration over the past few years, and there are many great housing developments still in the pipeline.

If you’re thinking of a change of scene and/or lifestyle, many of these new developments offer some great opportunities. However, there are other factors you may want to consider and check up on beyond the shiny marketing material handed to you by the development salesperson.

Whether it’s a stylish city apartment, or a new property in beautiful new rural development, here are some of the pros and cons you’ll need to consider: 

Pros:

• To help fund the development, developers often need to sell properties while they are on the plan. This may mean there is more room for negotiation on the price and other aspects of the building if you get in early.
• As the property is new, there won’t be any immediate maintenance. Furthermore, maintenance and repairs in the first few years will probably be minimal, and many repairs and defects will be covered under the builder’s warranty.
• Generally, you will have some input in the property before it is built, particularly if it is a single dwelling property. This will include building position and layout for single dwelling properties, and for both types, many of the internal fixtures and fittings, such as the number of plug sockets and where they are located, and the decor.
• Properties in a development also frequently come with a strong resale value.

Cons:

• Be prepared for setbacks! While many developments run on time, building can be unpredictable, and some developments may run over. Some developers do offer compensation if the development is behind schedule, so ask the questions, and check the terms and conditions.
• Despite being designed to capture and establish a community environment, new developments may lack established facilities. This will probably not be an issue for a city apartment, but buyers in developments on the outskirts of town may need to factor in traveling time to larger retail outlets, doctors, schools etc.
• Some argue that while the newer properties have modern features, they lack the character and history of older ones, but this one comes down to personal taste.

Other considerations

While the property may not have been built yet, or has yet to be completed, housing developments, such as a block of apartments, may also come with the standard additional costs associated with that type of building and community set-up such as:

• annual owner’s corporation fees to strata or body corporate
• annual building insurance

Finding the right property is never easy; however, it is paramount to always consider all aspects of the property itself and its location before embarking on selling up.

However, if you’re thinking of selling, or would just like to know what your house could get in today’s market, contact us for a free, independent and non-obligatory quote. Our experienced team will also give you tips and ideas so you can get the best from your property.

Being one of Newcastle’s longest established real estate offices, our innovative team can give you great advice on what you can do to improve your property right now and we are constantly achieving great results for our clients. Plus, we have a database of potential buyers looking for many different types of properties, so we can get your property directly in front of people genuinely interested in your type of property.

We’d love to see you in our Cardiff office or you can give us a call on 02 4956 9777. Or send us an email to: mail@newcastlepropertymanagement.com.au.

If you’re looking for more handy tips on selling your property, or what to look for when buying or selling