BUYING A NEW PROPERTY V/S BUYING AN OLD PROPERTY

A very interesting and relevant topic today is whether one should buy a new construction or go for an old property when house hunting! 

While both options come with their list of pros and cons, which one should you opt for? Would an old cottage, already lived in, cozily furnished, serve as a better home or would a brand new plush flat with sparkling white marble flooring serve as a better one?

It used to be assumed that new homes cost more than older homes, but that's not true across the board anymore… As land costs increase, the size of new home lots have shrunk.

Buyers who look at inner-city homes in desirable neighborhoods will find, on average, larger lot sizes, and the homes will cost more than entry-level new homes being developed in new subdivisions outside the city.

We compiled a list of the pros and cons of both options to help you make the best choice for yourself.

Advantages of Buying an Old Home:

    1.  Old homes come with superior construction quality and stood and weathered for years and centuries. The craftsmanship, materials used and the designs can never be copied.

    2.  Older homes are more spacious! Remember, the shortage of space and land was not a burning issue around a century ago.. the result? Bigger, more spacious homes with garages, servant quarters and all!

    3.  In a social setting like India, neighbors play the role of family. Old homes mean better and ‘older’ neighbors…!

    4.  Older homes belong to established and developed neighborhoods. If you’re a social person, this might work in your favor.

    5.  Greenery is abundant. Most old properties are ornamented with mature trees and vegetation… some trees can be as old as 100 years old.

Drawbacks of Buying an Older Home:

    1.  Maintenance with a capital ‘M’! The older the house, the more maintenance it probably requires.

    2.  Plumbing, Wiring and painting may require a little attention!

    3.  Although spacious, the design may seem a little outdated. One might find the need to refurbish it according to contemporary themes…sometimes; this can turn out to be quite expensive.

Advantages of Buying a Newer Home:

    1.  Seems a little strange, but the fact is that new homes seldom require maintenance…unless of course the quality of construction is substandard.

    2.  Unlike old homes, new homes are ‘new’! Meaning, they are more contemporary in design and are up to date with technology.

    3.  Down the years, safety regulations and norms have become stricter. Most new constructions HAVE TO follow these!

 
Drawbacks of Buying a Newer Home:

    1.  People feel new constructions look the same and there is nothing unique or different about them. Meaning, the light switches in your home and the neighbor’s home are at the same place!!!

    2.  New houses settle. It happens everywhere, regardless of the type of soil. Settling causes cracks in foundations, walls and door frames.

    3.  New constructions are built in the outskirts of cities and towns… thus, longer commuting distances are a big drawback!