5 traps in buying new

There are many brand-new homes on the market and, let’s face it, for many of us, the thought of living in a place that has not been occupied by others and being able to personalise its design has strong appeal. The many types of property include units, townhouses, duplexes and house-and-land packages in a new estate.

But before jumping in and committing to a new home purchase, it is important to be aware of the pitfalls. Here are five reasons why buying a new house-and-land property may not pay off over the longer term.

1 YOU ARE PAYING FOR SOMEONE ELSE’S PROFIT

Property development involves a number