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VIC PPOR- New townhouse vs Old house

Discussion in 'Where to Buy' started by Jay, 6th Oct, 2016.

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  1. Jay

    Jay New Member

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    13th Sep, 2016
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    Location:
    Victoria
    hi, I am looking to buy PPOR in Melbourne east. My budget is around 700k. I cannot decide whether to buy a new off the plan townhouse ( house size 22 sq, land 290sq) with its own street frontage OR an old house (4/1/2) with decent land(land size 700sq). Any thoughts? Thanks in advance.
     
  2. JacM

    JacM VIC Buyer's Agent Business Member

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    12th Jul, 2015
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    Location:
    Melbourne, Australia
    Depends on your circumstances. Age, income, wife/kids etc
     
  3. albanga

    albanga Well-Known Member

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    19th Jun, 2015
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    Location:
    Melbourne
    Old house with land by the length of the straight.
    Can manufacture growrh via multiple avenues.

    Brand new townhouse for PPOR doesn't even have any tax benefits. It's just more shiny.
     
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  4. Big Will

    Big Will Well-Known Member

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    You cant improve on new and you cant add in more land.

    You can change the old house into new or knock down and put 2-3 townhouses on yourself.

    General rule - buildings depreciate and land appreciates, so if you are looking for long term gain you would be looking for the largest land content you can afford as this is the only thing you cannot change about a property.
     
  5. Angel

    Angel Well-Known Member

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    Paradise, Brisbane
    Are they both in the same location?