Buying a new house or to renovate? Advantages and disadvantages
You want to buy a house and you still haven't decided whether better to buy a new house, maybe still under construction, or an old house, but completely to renovate? In this article, we list the advantages and disadvantages of each option.
House to renovate: the advantages
- The location and history of the property;
- The lower purchase price;
- We do tailor-made;
- We add cachet to our property;
- The property increases in value.
The old houses to be renovated are generally located in central areas and rich in history, and are therefore properties of great charm. In addition, a house to be renovated costs much less than a new house of the same size and offers larger and more spacious rooms. To check this, compare prices per square meter. In the past, the cost of land was much lower and there was more land available. Today, builders erect high buildings and therefore limit the area available for new apartments, for example.
Thanks to renovation works, it is therefore possible to remodel the property to your liking, to modify its layout and to personalize it down to the smallest detail. It's a real advantage to be able to knock down or add walls to save space and resize the rooms. The perfect example: in the old buildings, the kitchens were completely separated from the living room to avoid the diffusion of odors. Today, the trend is for large common living spaces, with a kitchen open to the living room for more conviviality.
With refresh and modernization works, you also undoubtedly add value to your property. For example, you just need to refresh the facade, add a veranda on your terrace, a swimming pool in your garden or replace an old oil heating with a heat pump to comply with standards and also save energy. In the long term, a house renovated and brought up to standard (thermal insulation, heating system, solar panels, repaired roof, recovery of rainwater, etc.) will cost less in maintenance and energy costs than this that it will have cost you initially in repair work.
As you will have understood, before embarking on the purchase and renovation of a property, it is necessary to anticipate all possible costs and to ensure a good budget. Estimate the share you wish to allocate to works before apply for a mortgage loan from a bank.
Once you have calculated the total amount needed, make sure the property is within your means. Consider that to get a mortgage for an apartment or house, you need to have enough income to cover the payment.
Optimize your budget and calculate your purchasing potential with our simulator.
New house: the advantages
- New is more ecological and less energy-consuming;
- The finishes are impeccable and often customizable;
- There are very few unforeseen additional costs;
- The good location of residential areas.
When it comes to new homes, the benefits are measured primarily in terms of energy and finishes. A new house is built according to high energy standards and has more ecological types of heating, differentiated distribution systems, solar panels, home automation systems and others to offer you the best comfort. In addition, if you buy a house on a project, which is not yet built, you can choose the finishes according to your tastes, which saves you from having to change them a few months after the purchase. For example, the type of floor, the color of your worktops, the tiling of the bathroom, the color and the handles of the cupboards, etc.
In a new house, it is much easier to define the costs in advance, especially if you rely directly on the company that takes care of the construction. The unknowns are practically nil, with the exception of a few small delays in delivery, which can easily be remedied in the contractual phase.
New house: the disadvantages
- delivery delays;
- Lack of space in new constructions;
- The location ;
- Additional costs for personalization;
- The lack of privacy.
We have noticed that many construction sites have come to a standstill during the pandemic. The construction sector may therefore experience delays in delivery, sometimes significant (several months).
The dimensions of the rooms are one of the main drawbacks of a new construction. Indeed, as explained above, the living area is expensive per square meter today and each centimeter is therefore optimized and charged ruby on the nail. Thus, you will find much less storage in smaller rooms than those of buildings from the 60,70,80s, XNUMXs, XNUMXs, etc. Also be careful if you want to personalize your interior: if you buy off plan, you can choose between different materials and colors basic for your floors, worktops, walls, cupboards etc., but to optimize costs during construction, most high-end materials and finishes are charged extra. Just like the installation of a custom dressing room not included in the plans, for example.
Location can also be a dissuasive factor: new homes are often located in well-served residential areas, but further from the city centre. These neighborhoods are rarely quiet because they are mainly inhabited by families, which nevertheless creates a lively atmosphere.
Of course, other costs can still come into play if you want to buy real estate. This article may interest you: “Buying an apartment in Switzerland: can you afford it?”.
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