28/05/2020 | Buy a property

New vs old – which property to buy?

Before you jump into buying a property, you should be able to identify the major characteristics of your future investment. Do you wish to buy a new or an old property? Situated in the city center or in its immediate surroundings? Do you need a ready to move-in property or are you buying off-the-plan? Would you be ready to bear renovation or rehabilitation costs? Both new and old properties have their respective pros and cons so you should not disregard your own instincts. Here are a few guidelines to help you find the right property.

New and old properties – the legal perspective

When we are talking about purchasing a new property, we either mean buying off-the-plan or buying an already existing flat that has not yet been lived in. Any other property is considered as « old », regardless of its condition and construction year. Terms « new » and « old » do not fully reflect the overall picture of the property, since even an old apartment or house could have been fully renovated. Before making up your mind and deciding between old or new, the first thing every buyer should do is to look closely at both their budget and their needs.

Buying an old property

Aged stone, woodwork, timeless charm, places that have already a rich history, a beautiful garden full of trees and flowers, etc. So many reasons to fall in love. It is not uncommon that one ends up buying a property with past, being unable to resist its magic, even if initially his plan was to purchase a brand-new property. Once the property of your dreams has been found, take your time during the visits and learn as much as you can. You must remain diligent to ensure that your dream house or apartment does not turn out to be a nightmare.

Advantages of buying an old property

You will certainly find more offers concerning old properties than new ones, especially if you wish to live in the city center. Buying an old apartment is also opting for a ready-to-move-in property (unless it requires substantial works). Furthermore, an old property is generally less expensive than a new one, except for high end properties in the very heart of the city center or wealthy neighborhoods. And one last benefit of buying an old property: if you have trouble imagining your future on the two-dimensional plan, this will be much easier when standing in the actual, already existing building.

Disadvantages of an old property

An old building that has never been renovated or upgraded may require extensive work to bring it up to the 21^st century standards (i.e. in terms of thermic isolation). An older property may require major capital improvements to meet to your personal expectations and to the needs of contemporary life. In any case, it may be reasonable to get the professional help of an architect who will estimate renovation costs accurately.

If the property was built before 1991 (the year when asbestos was banned), it will be important to ask the owners, whether the building was subject to mandatory diagnostics and inspections allowing to determine that it doesn’t contain any toxic substances.

Buying a new property

Except for special cases, buying a new property is less a matter of feelings and more of a calculation, especially since you need to accept the idea of buying the property that you can only see on the plan. You need to be able to picture your future home in your mind.

Advantages of a new property

You will own a convenient and functional accommodation, designed to make your stay as comfortable as possible thanks to the use of modern materials. Newly constructed buildings are often situated in new neighborhoods with easy access to all everyday facilities. All rooms are arranged rationally, with no lost space. Both thermal and acoustic insulation is provided meeting with the highest standards. Often there is also a balcony or a terrace. Parking lots are provided and sold along with the flat. You can choose by yourself the interior trim, colors and arrangement of your flat. Once it is handed over, the apartment is ready-to-move-in. When buying a new property, you can be sure to receive a fix price equivalent to what is the value of the surrounding properties of the same type.

Disadvantages of a new property

If you want to live in the city center, there are less offers concerning the new building than the old ones. New properties are mostly being constructed in the new neighborhoods in the outskirts of the city. It is also more difficult, even if you have a 3D visualization, to picture your future life and needs having the construction plan as the only reference. An advance payment may be required upon reservation which brings us to yet another aspect that needs to be thoroughly considered : You must bear in mind that it may take a long time between signing the contract and the moment when you receive the keys to your property…

Listening to both your heart and reason is not an easy task. Do not hesitate to contact one of Lookmove partner real estate agents. His experience and his expertise in the local market will help you identify your needs and make a perfect choice.