Advantages And Disadvantages Of Buying A Newly Constructed Property
Your initiative to buy a new home is understandable especially when you work hard to withstand the jolt of the EMIs of the home loan every month. In such a case it’s quite obvious that one would long for a newly built property or a property under construction. What the experts feel is their learning from hard reality and they stress that one should not be so obsessed in buying a new property and they give valid reasons for it too.
It is also understandable that many have an ambition of possessing a newly constructed property but that may not work out as expected because of delays in construction, shoddy construction, and troubles of shifting into a new place can create relentless problems for the owner. The experts note the advantages and disadvantages which have come up from their observations of varied cases. We detail them below.
Advantages:
There is certainly a change of psychology which gives an impetus to life when one shifts to a newly built home with the walls smelling of paint and there are no hassles of making the premises livable.
- In case a buyer buys an under construction property the interiors of the house or the apartment can be customized before one moves in. Choosing a color of the interiors is indeed a bonus to life and certainly brings a fresh air of a new beginning.
- Newly constructed apartments or homes can have modern design elements like customized wall to wall cupboards and closets, open kitchens and bathroom fittings with the latest sanitary designs. Modern day amenities like piped gas, video door bells, alarm systems, Wi-Fi systems, internet wiring's and DTH facilities are also being supplied.
- Major repairs in a newly constructed house or apartment are minimal as the wiring's, cables and plumbing are all new. This saves the owner from time, money and hassles.
- Few constructions in modern days use energy efficient construction materials which ensure the savings on electricity bills.
Disadvantages:
The new property comes comparatively at a price of 10 percent to 15 percent more than such existing properties of similar sizes and with same facilities.
- If one chooses a new property the chances are that it will be far away from their offices or schools of children. Even one can be away from one’s favourite weekend hangouts or the malls or supermarkets.
- If a well-established neighbourhood or a community is a prime consideration the best thing to do is to refrain from moving into a newly constructed property as it would take time for the neighbours to move in and provide the charm of a neighbourhood that one is looking for. Alternatively if one is new or first to move in then the noises coming from constructions of new houses will be a chronic problem for some time.
- If one is a connoisseur of art and is fond of creative and decorative interiors according to one’s choice then such properties may disappoint the buyer. In such cases it is best to buy existing properties and upgrading the home according to one’s preference.
Brand new apartments or homes may seem a great and exciting option but that would entail paying a hefty premium for it. But if one makes a decision considering the travel distances, one’s lifestyle and wants to optimize one’s savings, going for an existing property and upgrading it gradually as and when the budget permits may be a great alternative.
Very nicely narrated article, covered almost all the points what a home seeker will think before purchasing a home. I just wanted to add a point about neighborhoods, a newly constructed home may be far away from the localities so you don’t know who is going to be your neighbor and you have no idea how he is going to construct his building next to you; it might be a future problem for the buyer.
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