Is it better to buy a new construction or a second-hand property?

Should you buy a new build or a used home?

2 March 2018, 11:58

When buying a home, the choice of whether to buy new or used is an important one. Naturally, both have advantages and disadvantages, but here are some things you ought to take into account:

Location: Depending on your desired location, one property type or another will be better. Older properties are generally in developed areas with more life, like town centres, but they are noisier as a result. New constructions, on the other hand, are often in the outskirts of cities, built on quiet, vacant lots, which does mean there is lots of space for development in the future.

Decor: The good thing about a brand-new house is that you can decorate it any way you want, although the existing style present in a previously owned property may be historic or unique, and thus highly attractive.

Financial considerations

Price and preservation: It stands to reason that new properties are in a better condition than used ones, but thanks to this they normally cost more. The inevitable deterioration of second-hand homes makes them cheaper, in general, but the maintenance costs make them more expensive over time.

How easy it is to buy: It is usually easier to get a mortgage on a new build and there is less competition from other buyers because there are so many new apartments and developments. That said, the fact that second-hand properties often come fully-fitted and furnished makes the buying process easier.

Expenses: The features of a new house, like the insulation, heater and windows, are more modern and efficient and help to reduce fuel and water bills.

Of course, the choice is yours, so research carefully and choose wisely.