Hey guys, I’m looking at buying my first property – likely going to live in it for 6-12 months and then move out and rent it after. I’m just not sure whether I should be looking at new apartments or existing?
Benefits of new apartments
*nicer to live in
*more features, newer, larger generally
*depreciation to help save on tax
*pay less stamp duty (I think?)
Benefits of older apartments
*rent isnt as lower so better rental return compared to loan repayments
*might be able to negotiate harder on an old apartment, renovate and make some sweat equity
I would put aside the aesthetic side of things and focus on the numbers if this is meant to be an investment and you’re not realistically going to be living in it for a short period of time. I’d pick the older apartment and renovate – but it might be better to go for a unit with a small yard too which will give you more reno options for increasing it’s value than an apartment if your budget can afford it.