New Homes VS Resale Homes

• Cheaper: This does not refer to only the selling price. Renovations and redecorating is much easier and cheaper in new homes than in resale homes. A new home is like a blank canvas waiting for you to give it life.

• Haggling: With a less inflated price to contend with, you don’t have to haggle much. Most of your negotiating will likely happen prior to the building of the development and in the show flat. You are likely to get a much better deal and added amenities at a significantly reduced price.

• My First Home Scheme (MFHS): For young adults with an income not exceeding RM5,000 per month and looking to purchase their first home, the MFHS allows them up to 100% financing for their first home. The financing tenure is up to 40 years only. This is only applicable if the property is between RM100,000 to Rm400,000. Other terms & conditions apply as well.

• Standard design: You can expect new homes to follow a similar mould of design and layout. If you truly want to make the space unique, you’re going to end up spending a lot of money on decor.

• Time: This is arguably the main problem with new homes. You might end up waiting a long time for it to finish its’ development cycle. There were also cases in previous years of developers leaving their projects unfinished. New legislation has since curbed this unethical trend but if it happens, you’ll have to go through another viewing process with a new development.

• Neighbours: While you don’t really have any control over who your neighbours are, new homes tend to make this lack of selection more mysterious. At least in resale homes, you get to know about your neighbours from the current owner, thus making it easier to determine if you can fit in or not.

• Variety: The variety is in design, layout, location and costs. You can shop for your perfect resale home until you find it. Some older resale homes also tend to be much bigger.

• Homely: One of the main aspects of choosing a home is if you can see yourself living in it and a resale home provides you with enough homeliness to help with that.

• Faster: If you like a home and come to an agreement with the seller, you can move in as soon as the paperwork is done and the seller is ready to leave. With very little downtime, you can start on the redecorating process almost immediate.

• Decorating: In some cases, the current decor may suit you, eliminating the need to spend more money on furnishing. Ideally, a resale home is chosen not only by its selling price but by how little money you will need to spend after the sale.

• Costly: It is a well known fact that sellers tend to inflate the actual worth of their property. Some may even be resistant to negotiations, insisting on the quoted price. If you find your perfect home but the owner is reluctant to negotiate from his high price, you’re going to have to look elsewhereDistraction: While the decoration at a resale home can help some people to imagine living there, for others it is a distraction. This is especially so if the home is decorated in a style that is not appreciated by many people (e.g.: pink walls, pink decor, pink curtains and pink ornaments). If the style is overwhelming, the potential buyers may instead be turned off by the fact that they’re going to have to spend more money to fix the decor.

• Agents: It is advisable to seek the assistance of a real estate agent, especially if this is your first purchase. A good real estate agent will help you with the negotiating and purchase process. They will see to it that you do not part ways with more money than necessary. Find a good agent can take time which is why you can find one easily by usingPropertyGuru Agents. However, the interview process will still take up time. You’ll have to interview several to find the right one for you and factor in the agent’s fees into the cost of your new home. The number of pros and cons in each category does not indicate that one is better or worse than the other.

Keep Track of New Launches