Advantages and Disadvantages of Buying New Construction
Buying a home is one of the most important decisions throughout life, and we must assess certain aspects such as the location, its condition or amenities. And it is that on the one hand, the offer of second-hand properties is greater and possibly more central, but it is also possible that it is necessary to make reforms and improvements. However, buying new construction means more energy efficiency, more quality guarantees and greater customization.
Both can be attractive for different reasons depending on our preferences and needs. Therefore, before investing in a home, it is necessary to assess several aspects. In this case, we are going to focus on the advantages and disadvantages of buying a new construction house. Let’s start!
What is considered new construction?
New construction has once again occupied an important place in the real estate market in Marbella and the Costa del Sol. A booming, more professionalized and safer sector that makes more and more people opt for buying off-plan.
Homes purchased directly from the developer once their construction or rehabilitation have been completed are considered new construction. Of course, they cannot have been inhabited continuously for a period equal to or greater than two years. There is also the option that this new construction home is not bought by an individual but by a bank.
Logically, the initial investment when buying a new construction house is higher than buying a second-hand one (always depending on dimensions, area…), but in the long term, it does not necessarily have to be more expensive. And it is that taking into account that a new construction home will not require renovation costs or reforms and that its energy efficiency will allow savings in the long term, the perspective changes.
Advantages of buying new construction
We are going to see some of the most attractive elements that can make us opt for buying new construction:
- Brand new home: when you buy a new construction house, you buy a home ready to move into once finished, so it does not require reforms. And to make the most of natural light, the rooms are now distributed more efficiently. On the other hand, in some new works it is possible to choose the finishes or the distribution, achieving a home that is as personalized as possible. In addition, it is very unlikely that reforms will have to be made on the exterior or interior of the property, so the expense in spills or works will be much less than in a second-hand home.
- Energy efficiency: buying a new construction house means having a high level of energy efficiency in your home, which optimizes consumption. Aspects such as thermal insulation, low-consumption lighting, more efficient electrical appliances and electromechanical equipment, and the use of renewable energy sources allow considerable savings on the bill.
- Guarantees: the Building Regulation Law allows you to claim up to three years after the purchase if there are damages or defects in the facilities and for 10 years if there is damage to the building structure.
- Common areas and parking: new constructions usually incorporate amenities such as common areas and green areas, swimming pools in some cases and parking.
If you are thinking of buying a new build apartment in Marbella or on the Costa del Sol, one of the best areas to invest in housing in Spain, you may be interested in taking a look at the residential projects that Marbella WOHNEN Immobilien presents to you. Modern design and perfectly integrated into the already impressive natural enclaves of the area.
Disadvantages of buying new construction
Of course, buying new construction also has some drawbacks that should be taken into account before investing:
- The price: we have already seen it, the initial investment to acquire a new construction can be higher since the house is ready to move into. Of course, in the medium and long term they are more energy efficient, which favors savings, and they do not need reforms and other extra expenses.
- Location: In general, new constructions are not usually located in the centers of cities, but more towards the outskirts. Very few new construction properties are located in the center, especially due to requalification.
- Entrance: in case of buying a new construction house off plan, you have to wait until it is built to be able to enjoy the house.
So what do I choose? New build or second hand? Many factors come into play, especially the location, our needs and circumstances, which will make us opt for some comforts or others. However, in the question of price, we could say that it is not a determining factor, since what we save in the price of the house may have to be paid later for reforms, spills or energy efficiency improvements.
If you are thinking of buying a new build apartment or house in Marbella on the Costa del Sol, one of the best areas for property investment in Spain, you could take a look at the residential developments in Marbella WOHNEN.