Would you prefer to buy a new build house or an existing property?
On this page you'll discover some advantages and disadvantages of both new build and existing properties.
Several of the advantages for new developments have to do with the timing. The moment of buying the property may be essential. When the houses are being built, it may no longer be possible to change the layout or the interior.
Advantages New Build
In most cases you'll be free to choose the layout and all kind of options. You're free to pick a spot to position the kitchen, bathroom and other rooms. Most often you'll be free to pick the color and style of the bathroom, kitchen, tiles etc.
- Everyhing in your house will be new and modern.
- There's no deferred maintenance.
- You'll get some years of warranty for the house and installations.
- You'll have low maintenance costs during the first couple of years.
- You can choose the fences, pavement and garden design yourself.
- You don't have extra costs for transfer tax, real estate agent or valuation.
- Very often there's a discount rate for the project Loan.
- Nieuw buildings are more energy efficient and well insulated.
- "Green" property has even cheaper funding available.
Disadvantages New Build
- You don't know is everything is ok.
- The garden and fences are yours to create (and pay for).
- The area around the new development may be in development as well.
- You may live in a building pit for months (or years).
- The price is often non-negotiable.
- You'll have to pay a lot extra, for simple changes that you choose during the building process.
- There may be a lot of time in between the buying and the completion.
- You'll make a buying decision, based on drawings and sketches.
- You pay for a building inspection at the moment of completion.
- You're due a certain interest during construction.
- You'll have housing costs twice during the constuction period (because you're not able to live in the new development, but you're already paying for it).
Advantages Existing Property
- Everything is ready, you can move in right away (if you have bought a well-kept house).
- There's plenty of choice in existing properties.
- Prices are negotiable (especially during difficult times)
- The surrounding area already developed (not a building pit for years to come).
- You can see and feel the house. See what it looks like, location, layout, natural light etc. (your decision is based on more than a drawing or plan).
- You'll be able to buy an older house with character (granite, stained glass, antique tiles).
- It's very often possible to move in quickly (this is part of the negotiations).
- You'll have no double housing costs (you don't have to pay before you become the owner, and once you're the owner you can move in).
Disadvantages Existing Property
- Very often you'll have to do some maintenance (not every part of the house will be in great shape, so you'll have some extra expenses).
- Cost of maintenance is higher (related to new build).
- You'll pay for the transfer tax, your own buying agent, valuation, notary.
- Installations, fittings and appliances may be outdated (many parts of the house are still okay after ten years, but they're dated as well).
- The floor plan is set (unless you're going to do a big renovation).
- When you wish to change the layout, it's usually quite expensive.
- The kitchen, bathroom and other facilities and equipment, do probably not exacly match your taste (even when they're new).
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