Hope you are loving this series on the 6 Big Mistakes when Buying a Property! These are valuable lessons I learned and want to share with you.
Mistake number three is buying an old property.
The government is required to increase the housing stock to keep up with the growing population. As a result, all of the government incentives are geared toward newly built properties.
New properties are significantly better for cash flow. Older properties naturally cost more in maintenance. After 5 years, a typical house starts to need more maintenance. Once a house is 20 years old, you need to start budgeting about $5,000 per year in maintenance so you can give it paint, replace the air conditioning, and so on as needed.
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