To buy or not to buy: Old Properties vs. New-built Home

Buying your new home is a very important decision. One of the things to consider when buying a new home is choosing from a newly constructed house or an old period property. Since both offer different advantages and disadvantages, it might be a tough choice to make. Don’t know which to choose? Consider the following information to help you decide the perfect house for you:

1.  Design and Flexibility

A newly constructed home will contain the latest appliances and amenities. Everything will be new and the idea that you’ll be the first ones to use it is certainly appealing. So what kind of style do you prefer? If you want a clean modern look, then a newly built house might be for you. A newly built house can also be great in terms of flexibility because you can customize it according to your preferences if you plan to buy it ‘off plan’.

An old property on the other hand saves you from a ‘copy and paste’ kind of home. You can choose among a variety of choices since newly constructed homes tend to look alike when building a community.

2.  Warranty and Mortgage.

Another advantage of a new home is that it offers warranty. If you find defects in your home, you can have it repaired as long as it fits the warranty. It is also easier to get a mortgage loan from a newly constructed home than an old property house.

3.  Maintenance

A newly built home is easier to maintain since everything is new. Your move-in can actually be hassle free. Since you can have the latest technology already installed in your home, you are actually much energy efficient.

However, keep in mind that most newly built homes are actually smaller in terms of area than an older property. They give the feeling of a boxed area as compared to the wider floor plans of an older property.

4.  Location of neighbourhood

The main advantage of an old property house is that the neighbourhood is already mature and established. A newly built community tends to be quite far from a city complex.

5. Price and Value

Watch out for hidden costs when buying a newly constructed house. It depends on the builder and it pays if you do your research. A newly built home can be difficult to place a value since it might go down after its trend has already come to pass. However, some older properties can be overpriced as well. Some owners can put a price higher than it should because of sentimentality reasons. The good news is that the price can be flexible unlike a newly constructed one which can have a fixed price.

Remember that whatever you decide on, read everything before signing a contract. Be sure to understand everything and clarify points you don’t understand.