Are you Going to Buy a New House? Here are SEVEN things You Must Know!

Are you Going to Buy a New House Here are SEVEN things You Must Know! - real estate article by ireal projects Islamabad

Buying a new house is exciting whether you are buying it for residential or investment purposes. While an old house comes with a vintage style and a long list of renovations, a newly constructed house would most likely be designed with a modern and contemporary style. Newer constructions, nonetheless, are much more expensive than older houses. You might think what could go wrong with buying a new house? However, buying a newly constructed house also has its pitfalls which you might not be prepared for. Therefore, we have compiled a list of the pros and cons of buying a new house so that you can make an informed decision and be saved from unexpected surprises! 

If you intend to buy a newly built house or any house, this article is just for you! Keep reading to learn more about the possible pros and cons of buying a new house. 

Benefits of Buying a New House:

Before we dig into the pitfalls of buying a new house, let’s look at the benefits and pros that you can enjoy!

1. Low Maintenance

One major downside of buying an old house is that it must require high levels of maintenance. If you are someone who does not have the time and energy to constantly upkeep the basic features such as fix leakage, paint, sewer cleaning, treat a termite infestation, etc., you will certainly be happy to pay the higher price of the new construction. 

The freshly built house will most likely have the latest type of materials requiring less maintenance for extended years. 

Moreover, since you will be one of the first users, you do not have to deal with the misuse or lack of proper maintenance by previous owners. 

It is better to choose to buy a new house instead of buying an old house if you want a stress-free life at your home where small repairs don’t keep coming up as a nuisance. 

2. Modern and Contemporary Features

New houses often have modern features and amenities that offer maximum comfort while adding style to your place. These modern features can include high security systems, energy efficient windows and doors, thermal treatment, remotely controlled smart systems, and more. 

Such modern features enhance the life experience while reducing energy consumption and ultimately lowering the cost.

However, a new house might lack a specific appeal that old houses are known for, for example, fully grown trees and antique architectural details like antique mantels, and crown cornices. Nevertheless, if vintage is your preferred style, it can easily already be incorporated into a new construction as well. 

related: Top three Housing Societies Offering Villas in Islamabad

3. Better Neighbourhood

Although not necessarily, new houses are most likely to be found in newer communities offering the latest and modern amenities as well. Better road infrastructure, a newer community, and planned infrastructure with nearby amenities definitely add to the lifestyle offered by your newly bought house. So, while you are comparing old versus new houses, you must compare the neighborhood offered by both. 

4. Less Renovation

The new houses are built with the perspective of current and contemporary lifestyle. Therefore, the layout plan will cater to your family needs. As already mentioned, the new materials (such as fresh cabinetry) will eliminate the need to renovate both aesthetically and functionally. 

5. High Resale Price and Rental Income

Another plus of buying a newly built house is that they sell for a higher price when offered for resale. If you intend to buy a house for investment, whether for rental income or capital gains, it is better to go for a newly built house to avoid high maintenance and constant upkeeps. A new house brings a higher probability of earning higher capital gains and higher rental income as compared to an old house. 

Pitfalls or Cons of Buying a New House:

1. High Cost 

New houses certainly attract every home-buyer, however, price is a major limiting factor leading to the discussion of old versus new. Newly constructed houses are expensive for many reasons, including inflation, quality of materials, low maintenance, design, etc. However, it may not always be a con if your end product is value for its money. Another important factor in the higher price of a new house is the location and locality. New houses are most likely to be found in newer communities offering the latest and modern amenities as well. 

The cost of the elevated neighborhood is also reflected in the price of the house. So, if you are low on budget, you can easily opt for an old house and make renovations to suit your style. 

Moreover, new houses can often come with hidden extra charges such as landscaping or fencing charges. Make sure to check for any extra charges including “Society Fee” charged by housing societies to maintain the infrastructure they offer. 

2. Hidden Quality of Construction

Although your newly constructed house is nice and shiny, you might start to notice some problems once you or your tenants start living in it. Sometimes, contractors cut on the quantity or quality of the materials in order to cut costs. In that case, material or work quality starts to show soon after the house is inhabited. For example, leakage in water or gas pipes’ joints, paint wearing off, seepage at unexpected places, exterior weather sheet starting to wear off with the first rainy season, etc.

Don’t panic! There is an easy fix to minimize this risk, it is suggested to go for a reputable contractor or developer who would take the responsibility for the product. The idea is that a reputable developer will try to avoid such a scenario in the first place. 

related: Types Of Real Estate Scams In Pakistan

Conclusion

Having enough money to buy a house isn’t enough but should be done with meticulous attention. Assess the possible benefits and challenges you can get from the house you are going to buy. Inspect the house from all aspects and decide to purchase a new house only if its benefits are more than the disbenefits such as the structure of the house being highly durable against the cost; you expect to earn high returns on selling it.  

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