Buy new house or old house: What are the Pros and Cons
Originally posted on December 15, 2019 @ 11:56 pmPros and Cons of buy new house or old house Buying a newly built property is certainly a better and exciting idea than compromising with the old via renovations and reconstructions. It is simply a blank canvas where you get to select the design for everything from the drapes to the appliances or even the countertops. Moreover, new property offers more space and better facilities. However, like any other purchase, buying home property too comes with its own disadvantages and advantages. especially when it concerns big cities like the homes in Indore. All these factors must be given a careful consideration before you commit yourself to any such purchase. Below is the rundown of the certain chief pros and cons to reflect on while buying a newly built house.Pro: The Modern Upgrades One of the biggest advantages of acquiring a newly built house is its upgraded features. When you are planning for a new home, you put in every little feature along the lines of the latest modern trends. From bathroom tiles to kitchen surfaces, everything is chosen under the most upgraded versions.Sometimes, you don’t even hesitate taking an extra leap with your budget for these upgrades. Most of the builders provide an upgrade for almost anything while at times you may have to consult a specialist. These days the usual house upgrades consists of intercom systems, lighting systems or integrated heating, security systems, extra parking, swimming pools and balconies.Con: Compromising budget for the Upgrades Picking on the most modern and luxurious facilities for your new home definitely seems appealing. And since buying a home is a once in a lifetime investment, you must gather the best from the available. Though extending your already planned budget a little on the upgrades is acceptable but going over board with it is not much of a wise choice.
The upgrade options will certainly allure you. However, it is best to make a list or at least have a rough idea of what you need in the new house. This will aid you in getting an estimate for the budget. Usually, mortgage lenders select the upgrades they lend for. In case their list does not include the one you desire, then you may have to search for an alternative source. Pro: You get to pick out your own builder An obvious part of the property buying procedure is to investigate the builders for the construction you are concerned with and overall reputation. In order to get the feedback for a particular builder, ask your friends or others who had purchased property from the same builder. Also, a quick screening online can assist you in estimating the decency in the reputation of the builders. Con: Facing builder issues before sealing the dealOnce you step in the real estate world to buy any type of property, you will be surrounded by ample dealers and builders, each trying to persuade you with their own best claims. You might even be pressurized into extra perks or a mortgage. Relax and take your time before arriving at the final decision. Wisely chose your fittings and upgrades. Sometimes, builders try to engage you into a mortgage from their own brokers. Therefore, you must make sure that you are provided with a good rate. Also, ensure that your builder is willing to compensate you for expensive and stressful business delays. Pro: Features that cut down both energy and money New buildings come with several electrical, new heating and even plumbing systems that help you to reduce costs. The properties in metro cities such as the homes in Indore are more prone to such features. Your home may be more energy efficient, safer and provide you with lower utility bills. Moreover, you make enquiries to your builder to avail for the benefits from the tax breaks on account of owning energy efficient systems. Con: Quality kicks the Cost As a general rule, the new construction will certainly be more costly than the old. Covering for special energy efficient systems and features definitely calls for higher investment. Sometimes, builders even add in the expenses of constructing new sewage pipes or roads. These costs ultimately fall to the buyer. Author Bio:Mark Schnell is a real estate agent who deals with the buying and selling of homes in Indore. He has been in the business for several years and has many leading people in his client list. Also he writes for https://mirchandanigroup.com/