Kaya 959 Reporter
Developers are moving to fill the voids in the market as more purchasers opt for new residences.
Buyers have shown a strong affinity for these development homes in recent years, and this tendency appears to be continuing.
There are advantages and disadvantages to choosing a development property over an existing one, as with any property investment.
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Kaya Biz with Gugulethu Mfuphi recently spoke to Nthato Rabashanga, who is a property expert, wealth coach and CEO of Wealth Creation Network to unpack the pros and cons of buying a development property vs an existing one.
LISTEN TO THE FULL CONVERSATION HERE:
Rabashanga says consumers are looking for the best deal an it’s more prevalent for first time home owners.
“At this stage, it is a mixed bag, mainly that the first time entrants in the property space at more into new developments simply because of what it has to offer, purely speaking of the financial aspects it. It is much much easier for a person who is a first time home buyer to buy a developmental property.”
“They may not know it but retrospectively it makes perfect sense for them, when you are buying into a new development the upfront payment you need to pay for it cash is actually much more reduced, sometimes even more than an existing home.” says Rabashanga
There’s something appealing about moving into a house where no one has ever lived before.
Everything is spotless and immaculate, and every detail, from the largest appliances to the baseboard molding, was thoughtfully placed for your convenience.
However, because the policies, talents, and options accessible to builders differ, buyers’ experiences with new construction differ.
Gather all the data, conduct your homework, and think clearly about what you want in a home now and in the future to see if it’s the best choice for you.
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