You want to invest in a home or a flat. But should you build a brand-new home or renovate an existing property?
It’s important to have a good think about what kind of home you want and where you want to live. Take all the time you need to make a decision. We have summed up the main differences between building, buying (and probably renovating).
Get an overview of your financial resources
Buying or building a home is a huge commitment, so you need to know in advance how much you can spend.
The difference in cost between building a new home and buying an existing one depends on a lot of factors. So first get an appointment at the bank to discuss your options and start looking for a loan.
Building the project of your dreams
- If you build a new home, you can spread the costs. For example, you can buy the land first, and then save some – who am I kidding? – A LOT of money to build the house of your dreams.
- But the big advantage is that you can have your home customised before construction works are done. So everything – from the color of the walls to your favorite kitchen island or walk-in closet – can be personalised for you.
- All those works are done for you, so you won’t have to lift a finger.
- With everything – from heating, plumbing to appliances – being brand new, you probably won’t need to worry about maintenance for the next 10 years.
- New built homes adhere to modern building regulations like fire safety, insulation, ventilation and double glazing. This means your new built home will be more energy efficient and cheaper to run than older homes.
- Don’t forget however that these extra features can make your new home cost more than you originally planned.
Buying (and renovating) an existing property
- When you buy an existing property, you will never get exactly what you want. You will have to take renovation works into consideration to turn the place into ‘you’.
- During a renovation, unexpected problems might pop up.
- On the other hand, if you want to live in a particular neighbourhood – near work, school, friends or family, close to town … – your best bet will be an existing home since most of the land will have already been built upon.
- Usually new homes are built on much smaller lot than older homes, so you are less likely to lack space in your existing home.
- You might even be lucky enough to find a nice house with a garden in a charming tree lined neighbourhood!
- And last but not least – timing. Once your offer is accepted, you may already be able to move in within a month or two.
- You can always remodel and redecorate the home to match your needs and desires – at your own pace.