When considering the purchase of a home, the question commonly arises as to whether it is better to buy new or second-hand. This decision is crucial and in this article, we will provide you with a detailed overview of the advantages and disadvantages of opting for a new home or a second-hand one.
The choice between a new and second-hand home does not have a single answer. Both options have their own benefits and challenges. Newly built homes tend to be more energy efficient, although they tend to be slightly higher priced. In contrast, second-hand homes are often in central locations, but may require improvements. Your final choice will depend on your preferences and needs as a buyer.
Advantages of New Construction Homes
Some of the advantages of buying new construction homes include efficient distribution, good lighting, large windows, large terraces and balconies, and greater integration of home automation compared to second-hand homes, as well as usually having common areas such as swimming pools. , gardens, playgrounds and open areas. Another advantage of purchasing new homes off plan allows you to customize finishes and distribution, offering flexibility in adapting the property to the buyer’s preferences. On the contrary, the disadvantage is that you will have to wait until it is built to move in. Other things to keep in mind are:
- Energy Efficiency: Newly built homes tend to be more expensive, but are highly energy efficient. This results in lower energy consumption and therefore savings on your utility bills. The technical building code (CTE), which unifies construction and efficiency regulations, establishes that all new buildings must guarantee “rational use of energy.” This document requires that homes have thermal insulation to control their temperature, low-consumption lighting and that part of their energy expenditure comes from renewable sources (produced in the same building or outside). This level of efficiency is recorded on the energy rating label, a mandatory element for any home that is sold or rented.
- Lower expense: As it is a new construction home, the buyer will not have to make major renovations, either inside the property or in the building, so the possibility of having to approve community payments is much lower than in one of the second hand. “During the first 10 years, most of the common expenses will be ordinary: elevator, community electricity and water, cleaning and administrator.”
- Quality Guarantees: New construction homes have quality guarantees backed by the Building Planning Law (LOE), this ensures that every new property has one-year coverage for damages or defects in the finishes of the work. , three for defects that concern the habitability of residents and 10 for failures in the structure of the building.
- Tax: Taxes are another factor to take into account when it comes to a new construction home, the buyer must pay value added tax (VAT), which is 10% of the final sale price. In addition, you must face the tax on documented legal acts (AJD), which varies depending on the autonomous community.
Advantages of Second-Hand Homes
Second-hand housing usually has a more affordable price, but usually requires renovations. Second-hand homes often require rehabilitation or renovation in many cases. Furthermore, the updating of regulations, in fire safety systems, for example, forces owners to undertake changes in the building. Other things to keep in mind are:
- Central Location: Many second-hand homes are located in more central and established areas, which can be convenient for those who value accessibility.
- Renovations: The age and state of conservation of the home will determine the magnitude of the renovations. It is essential to check its condition before purchasing the property. It is also interesting to inspect the home at different times of the day to check if it has enough natural light or if there is excess noise. This review must also be carried out on the façade and in communal areas, such as the elevator.
- Taxes: Taxes are another factor to take into account when it comes to second-hand homes, the buyer must pay the property transfer tax (ITP), the amount of which depends on the percentage that is applied to the purchase price that appears. in the deeds and the autonomous community where the home is located, or the reference value for purchase and sale purposes that is indicated in the Cadastre if this is higher than the sale price.
Banking entities consider the appraisal and profile of the applicant, not distinguishing between new and second-hand homes when granting mortgages. Your choice will be based on preferences, personal circumstances and budget. Both types of homes have advantages, the final choice will depend on what suits you best.
If you are interested in buying new or second-hand construction, whether new or second-hand, do not hesitate to take a look at our list of homes. Additionally, you can contact us and if you let us know your requirements, we will offer you the available options that suit your needs.