Older homes
Pros:

• They may have some character and history
• Character homes in sought after locations often have higher potential for capital gain 
• If they have survived well it usually indicates they are built solidly and will remain so.

Cons:

• Older homes generally require more maintenance, which can be expensive
• They may not have all the modern conveniences of a newer home.

New homes
Pros:

• Will typically have most modern conveniences
• Should adhere to current building regulations (although as the leaky homes phenomenon shows they are not immune from problems)
• If it is brand new the builder should sort out any settling-in problems.

Cons:

• The design may become dated quickly
• Likely to require landscaping which can take time and effort to establish
• Likely to be in newer and less established suburbs.

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