When buying an apartment, there are a number of decisions that have to be made. This includes everything from deciding on the size to finding the right location. Another decision you have to give enough thought is whether to opt for a new build or an older apartment. It’s just that there’s something about new concrete that makes buyers prefer new apartments. But in case you haven’t made up your mind just yet, let’s take a look at a few pros and cons of buying a newly built apartment.
PRO: It’s a blank canvas
Buying a new apartment is extremely exciting. If you’ve decided to do it, chances are you’re already imagining yourself and your family in it. This also means you’re thinking of ways you want your apartment to look. When buying a new apartment, you have the freedom to design it so that it suits all of your needs. With older apartments, this isn’t the case and the only way to do it is to invest even more money and renovate. Renovation isn’t only costly but can turn out to be a real hassle, depending on the size of the project.
CON: They can be expensive
There’s no doubt newly built apartments look attractive when you’re browsing brochure images. The only problem is, most of these come with a premium price tag. Although buying a new apartment means you won’t have to spend anything on the renovation, the price tag can still be too hefty, depending on your budget. The key is to find the location and size that fit into your budget and find a new build that matches the description. Bear in mind that the location plays a huge role in the price of a new apartment and sometimes opting for a less popular location is the way to go.
PRO: Fewer maintenance costs
Although we mentioned earlier that buying a newly built apartment can be expensive, it’s important to think about future costs involved. With used apartments, chances are more and more unexpected costs will come up in the future. For example, you might have to deal with a broken pipe or drafty windows. However, if you decide to buy a new apartment, the chances you’ll have to deal with issues like this are significantly lower. Of course, this is only the case if you invest in an apartment in a quality building. This is why it’s a good idea to hire a top real estate investment firm and have them help you find an apartment worth putting your money into.
CON: You might have to wait
Depending on when you make the purchase, you might have to wait until you can actually move into the apartment. This can be a good thing if you need some time to plan everything through but if you’ve already sold your old place, chances are you’ll have to rent until your new apartment is ready. This is why it’s extremely important to know the exact date when the construction part of the project will be finished and when it’s time to deal with the finishing touches. Make sure you have a plan in place and this shouldn’t be too much of an issue to deal with.
PRO: Greener living
If you’ve been paying attention, you probably know that all around the world people are trying to change the way they live and preserve the planet as much as possible. Buying a newly built apartment is a good way to aid in the cause as most new buildings are constructed in a more eco-friendly fashion. Better concrete is used and less hot air escapes during the winter, meaning that you have to use less energy to keep the place warm. Not to mention that living in a newly-constructed building also has numerous health benefits compared to living in old ones.
CON: Local atmosphere
Most new buildings are situated in new neighbourhoods. Although this can seem great, it also comes with a few issues you have to deal with. For example, it might take a little bit of time for a friendly local atmosphere to be established. Not to mention that you have to wait for trees around the building to mature and amenities such as shops and medical facilities to be opened. In order for this not to become an issue, do thorough research on all potential neighbourhoods and opt for one that’ll suit all your needs once the local atmosphere is established.
Buying a newly built apartment comes with both pros and cons and it’s up to you to decide whether it’s the right move for you to make. Consider everything from your financial situation to your preferred design and coming up with a decision will be easier.