Buying A New House VS Old House, Which Is a Better Investment
Buying a home always generates doubt about opting for an old house or a new house. In the first instance, it is the cost that can influence the purchase decision. At first glance, it may seem that an older house is cheaper. But, will there be a significant difference in the cost of the old house and the new house? What are the advantages of choosing one or the other?
Old House and New House, Which One Sells More?
There is no debate over it that old houses sell more than new ones. As we discussed earlier that most home buyers think that old houses can be bought with less investment. Secondly, old houses come fitted with all the necessities and with fewer renovations and fixes can be transformed into a good condition.
Advantages and Disadvantages of Investing in an Old House
Old houses have advantages and disadvantages that you should consider when you want to invest in them.
Advantages
Location
Old houses are located in developed areas, the city center, or populated localities of a city. In these areas, there are all the services, such as hospitals, restaurants, schools, colleges, shopping malls, etc.
Investment
Old properties are cheaper than new houses, so require less investment to purchase.
Price Increase
After renovation, old houses are valued more in the market and, in addition, the location can also play in favor s some buyers who prefer to buy in developed areas.
Ready to Live
Without major changes, more construction, or problems with installing Gas or electricity, old houses are ready to live in when you buy them.
Disadvantages
Among the disadvantages of buying an old house is that it requires fixes, paint, and renovation, which is more investment that must be considered.
Advantages and Disadvantages of Investing in a New House
New houses are the dream of many, and they provide many advantages. But they also have some specifics to consider.
Advantages
Among the best advantages of buying a new house are:
Modern Design
You will have a house with an innovative, fresh, and modern design.
New Structure
The house will be made with new materials and which would have a longer life than an old house.
Newly Developed Area
Buying a new house mostly means that you are moving to a new beautiful area, which would have those amenities which are difficult to find in old areas.
Disadvantages
Higher Investment
Although there are a few disadvantages of buying a new house, we can mention that its cost is higher, which can mean higher initial investment.
Distant Location
In addition, an area far from the center city can be a disadvantage for some, especially if you have to travel to the main city every day.
Old House VS New House: Initial Investment
- This is one of the most important factors which can influence to decide between an old house and a new house. We have already seen that the initial investment of a new house is higher than that of an old house.
- But, if you buy an old house and you plan to carry out renovations or restructuring, that will bear an extra cost. For this reason, you must calculate what the cost of renovating an old house will be and then add it to the initial investment. That way you will have the exact total cost of the old house.
Old House VS New House: Other Factors
- Investment is not the only factor that is considered when deciding between an old house and a new house. Moving from one place to another implies a cost in initial settling, then you must consider the cost of travel. Between the old house and the new house, which one offers a better living experience?
Buy a House of Your Dreams
Whether you want to buy a new house or an old one, at Manahil Estate we offer you the best help so that you can choose between the best options.
So don’t wait any longer, contact us and get the house of your dreams.
