The advantages and disadvantages of buying a new build home vs an existing home
26/02/2021
Everyone will have their own reasons for choosing either a new or older building when purchasing their home, and ultimately it’s about finding the home that’s right for you. Buyers should consider what they want in a property, and make sure to visit examples of both to get an idea.
Reasons to buy an old property
Neighbourhood and community – Most existing properties are situated within established neighbourhoods. There may also be more nearby amenities, like shops or restaurants, whereas new builds are built on more isolated plots. Character – Older properties have had time to develop a sense of character and a unique history that you will become a part of. You may want to personalise a home, and an existing home gives you more of a chance to adapt and change things, including building work.
Making an offer – With an existing property what you see is what you get. If you have done your homework with all the necessary searches of its legal status, and you are happy with their findings, then you can bid on a property with confidence. This is not necessarily the case when you buy off-plan.
Negotiating power – With existing properties the purchase price is negotiable between the buyer and the seller. The mutually agreed price may be influenced by consumer demand, the general condition of the property as reflected by the survey, and the desire of the owners to sell up and move on. As older properties are more likely to have issues, which will be brought up in your survey, this also gives buyers a little more space to negotiate.
Reasons to buy a new property
Personal taste – Moving into a newly built property gives you a clean slate to fit your home with the tiling, flooring, decorating and appliances suited to your personal tastes. This is sometimes not quite as easy with an existing property, as the home will have been decorated and fitted out to suit the tastes of the current occupants; consequently, it may prove harder to start afresh without considerable work.
No moving chain – Purchasing a brand new home means that you are not part of a moving chain that could threaten the completion date of your property purchase. This eliminates the stress and uncertainty that can sometimes come with purchasing an existing property. However, if there are any delays in completing the building work this will potentially affect when you can move in.
High specifications – Most new builds come fitted with modern, high-specification appliances and materials, usually more so than older properties. New homes must comply with the latest building regulations, ensuring the most up-to-date heating systems and insulation. This is great if you want to just settle into your home, without the worries of potential expensive DIY and maintenance costs.
Energy efficient – It is said new-build properties are six times more energy efficient than existing, older homes, generating around 60 per cent less carbon dioxide (CO2) emissions per household. Living in an energy-efficient home can therefore save you a lot of money on energy bills.
Whether you decide to buy an existing or a new property, as independent solicitors, Pellicer & Heredia advise you to get all your legal checks done prior to the completion date, ensuring everything is as it should be and giving you peace mind. If you are currently in the process of buying a property in Spain, why not contact our real estate specialists?
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