New Home vs Resale, Who Wins?
The article weighs out the pros and cons of purchasing a new home and the ones that come with purchasing a resale to help you make a more informed derision.
You've now decided that it's time for you to purchase your new home! Congratulations! It can be a very exciting experience but also a very stressful one.
When deciding to buy a house or any property for that matter there are a lot of factors to consider. Such as the location, the price of the property, the size, the condition, amenities, the features, and even market trends. It can be a lot to consider and can become overwhelming.
In this article, I will be relieving some of that stress by helping you first decide whether you want to buy a new house or a resale.
Let's first look at what it would be like to buy a brand-new home,
A highly recommended situation is to view and inspect previous projects and properties they have built in the past to examine the type of materials they use, the type of architecture they favor, and the finishes of the property. They must also have a proven and verifiable track record with great reviews if possible.
The right developer should be able to build your property as close as possible to your vision that also meets your standards at the right price. Finally, it’s always a good idea to talk to several developers or builders to get a good feel of who will be able to do the best job most cost-effectively. One of the main reasons this is so important is that if done correctly and depending on the market condition you could make quite a bit of profit if you decide to sell in the future.
Now that we've covered some advantages and disadvantages of buying a new home let’s look at some pros and cons that come with purchasing an older property otherwise known as a resale.
When deciding to buy a house or any property for that matter there are a lot of factors to consider. Such as the location, the price of the property, the size, the condition, amenities, the features, and even market trends. It can be a lot to consider and can become overwhelming.
In this article, I will be relieving some of that stress by helping you first decide whether you want to buy a new house or a resale.
Let's first look at what it would be like to buy a brand-new home,
Choosing the Right Developer
Firstly, you have to decide who is going to build your new home. Picking the right developer comes down to a few factors. You need to pick a builder or a developer that understands or even shares your vision and standards.A highly recommended situation is to view and inspect previous projects and properties they have built in the past to examine the type of materials they use, the type of architecture they favor, and the finishes of the property. They must also have a proven and verifiable track record with great reviews if possible.
The right developer should be able to build your property as close as possible to your vision that also meets your standards at the right price. Finally, it’s always a good idea to talk to several developers or builders to get a good feel of who will be able to do the best job most cost-effectively. One of the main reasons this is so important is that if done correctly and depending on the market condition you could make quite a bit of profit if you decide to sell in the future.
Advantages of Purchasing a New Home
Customization
New homes often allow buyers to customize certain features and finishes according to their preferences, such as flooring, paint colors, cabinetry, and appliances. This guarantees that the property will be closer to your end vision and it will also have a bit of you in it.Modern Amenities
New homes typically come equipped with modern amenities and technologies, such as energy-efficient appliances, smart home features, and updated building materials.Warranty Protection
Often new homes come with warranties that cover defects in construction and materials for a certain period, providing buyers with peace of mind and protection against unexpected expenses.Lower Maintenance Costs
Since everything in a new home is brand new, buyers can expect lower maintenance costs initially compared to older homes, which may require repairs or updates sooner.Energy Efficiency
New homes are often built to modern energy efficiency standards, resulting in lower utility bills and reduced environmental impact compared to older homes.Permanent Residency in Cyprus
When buying a new property in Cyprus over €300,000 you become eligible for permanent residency. For more information about Cyprus's Permanent Residency scheme click here!
Disadvantages of Purchasing a New Home
Higher Initial Cost
New homes generally come with a higher price tag and with VAT compared to resale properties, reflecting the cost of construction, land, and developer profit margins. However, unlike a resale property you usually don't have to pay the full price upfront.Limited Location Choices
New developments are often located in suburban or outlying areas where land is available for construction, limiting options for buyers who prefer established neighbourhoods or urban settings.Construction Delays
Construction of new homes may encounter delays due to weather, labour shortages, or other factors, leading to extended wait times for buyers who are eager to move in.Lack of Character
Some buyers may find that new homes lack the charm and character of older properties, which often feature unique architectural details and historical significance.Unforeseen Issues
Despite warranties and quality control measures, new homes may still experience construction defects or issues that require attention, leading to inconvenience and potential disputes with builders.Now that we've covered some advantages and disadvantages of buying a new home let’s look at some pros and cons that come with purchasing an older property otherwise known as a resale.
Advantages of Purchasing a Resale
Lower Initial Cost
Resale properties generally have a lower purchase price compared to new homes, making them more affordable for buyers on a budget or those seeking to maximise their investment.Established Neighbourhoods
Resale properties are often located in established neighbourhoods with mature landscaping, amenities, and a sense of community.Character and Charm
Older homes usually feature unique architectural details, historical significance, and craftsmanship that can add character and charm to the property.Immediate Availability
Resale properties are typically available for immediate occupancy, allowing buyers to move in sooner compared to waiting for new construction to be completed.Disadvantages of Purchasing a Resale
Higher Maintenance Costs
Older homes may require more frequent repairs and updates compared to new homes, leading to higher maintenance costs over time.Outdated Features
Resale properties may have outdated features and systems, such as electrical and plumbing, which may require upgrading or replacement.Limited Warranty Coverage
Unlike new homes, resale properties typically do not come with warranties, leaving buyers responsible for any repairs or issues that arise after purchase.Potential for Hidden Defects
Older homes may have hidden defects or structural issues that are not immediately apparent during the buying process, potentially leading to costly repairs or renovations.Lower Energy Efficiency
Older homes may not be as energy-efficient as new homes, resulting in higher utility bills and environmental impact due to outdated insulation, windows, and heating/cooling systems.Picking the Right Agency
Just as you have to be careful which developer you pick to build your new home , you have to be just as careful when deciding which real estate company can help you buy the best Resale home. Many agencies only highlight to you properties that they get the most commission for and not a property that meets your needs. Make sure much like a developer they have a proven track record with a long list of happy costumers.Conclusion
In conclusion, when deciding what type of property you want to go for you should always weigh up all these pros and cons for both Resale homes and New homes. No matter what you decide you will need a convenient platform that all the developers and real estate agencies use to showcase their properties and projects to make you decision as easy as possible. BuySell Cyprus portal is not only the biggest property platform in Cyprus used by all the developers, real estate agencies and banks on the island but is also the oldest standing property platform since 1999 in Cyprus.Copyright © 2024 - 2024 BuySell
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