Among the so many achievements in life that a person may possess,  having  a home you can call your own is definitely one on top of the list. But whether you build your own or buy is another thing. Here are some of the things that you need to know before making a decision that will have a lifetime impact on you.

Experts have been asked to weigh in what is better - an established house or a brand new property?

According to Domain, the common question that buyers have in mind when looking to buy a home is whether to purchase an already establish property or to buy a land and build their own from scratch. Though both have its own pros and cons, the "better" method still lies on the priorities of the buyer.

First, you need to take into consideration your needs and wants. It's like buying a mode of transport. They will all provide transportation, but your specific needs will determine which one you should buy.

An established home is appealing to the buyers for various reasons and several key benefits. In general, these properties are located near the city than a new home, therefore, closer to facilities and infrastructure like schools, employment opportunities, and public transport. Land size is also bigger compared to the current land and home packages being offered in the market. It is a quicker process to buy an established home than building a new one. Once the house hunting and viewing are done and a deposit has been paid, buyers can already move into the property within 30 days or so.

New homes, on the other hand, requires months or even years to build. A potential delays, burdens, and complications may also arise while in the process of building your new home. While the construction of the property is ongoing, buyers will have to continue renting another property. This will be an additional cost burden to them.

The price comparison is a lot easier for similar properties when you are dealing with established properties. It also offers a good understanding of the style, design and price point within the neighboring area. This will allow you to better understand the future financial value of the property.

A key question you must ask if you are a buyer or potential buyer is whether you are looking for your forever home or an investment property. If it's the latter, the better bet is generally the established home.