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Real estate buying – buying a home always need to focus on many things such as location, financial status, future plans or investment options. Buying an old home in terms of weak financial status might be a better option, see how to choose? Choosing a home is never an easy task because it involves a lot of hard earned money and the risks. Buying a new home or an old home have their own pros and cons and understanding these pros and cones can make you to choose your dream home. It depends on many factors whether you are willing to invest in a newly build house or an already used old home. Purchase of a principal residence or rental investment, attraction or not handling the trowel and brush, financing terms, amount of investment are some of the things that come into play when choosing between the new or the old one. So here are some advantages and disadvantages of both new and old homes which will help you decide better. New homes sellers, in general provides quality services and charges money accordingly.
The benefits of new housing: - A new house provides the benefit of ten-year warranty (the manufacturer is responsible for 10 years for the quality of its performance).
- New homes require no work unless you want some more customizations to suit your own living lifestyle.
- New homes enjoy the latest standards in terms of sound, heat insulation and ventilation.
- Purchase can be financed, like a loan assisted by the State (New loan at 0% for example) as in general, there are many attractive schemes offered for new housing projects.
- Acquisition costs (legal fees, compensation expense of the intermediary, taxes, etc. ....) are lower than for an existing dwelling.
- They are part of the tax provisions of the law on rental investment.
- In some countries, the purchaser of a new home is exempt from property tax during a few years following the completion of construction.
A well understanding of real estate investment in residential property also helps in choosing your home. The disadvantages: - The prices of new homes are higher than 10% to 20% in general than the former.
- Contemporary architecture like the selected furniture can sometimes have less charm than the old.
- Existing homes provides more attractive prices be careful and must watch out for the construction work.
The advantages of existing homes: - Prices of older homes are often lower than new.
- The opportunity to benefit from subsidized loans, some grants or tax credit, particularly in cases of significant work.
- A rental yield (rent / purchase price) is higher in case of an already established home/property.
The disadvantages: - Acquisition cost is higher, although prices often lower than new.
- A dilapidated condition sometimes requiring heavy work (heating, plumbing, insulation, cleaning, ventilation etc.)
- A cost of upgrading can be very high.
If you are still in doubt, you can ask real estate consultants for more options, but beware the consultant you choose should be well established and a reputed name in the real estate industry. Many of the estate agents/consultants only care of their commission money and always try to just force their customers to buy the property. Author has good knowledge of real estate property and recommend investment in residential plots in noida for better return on investment.
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