In This Post
– Pros of Buying a Newly Built House
– Cons of Buying a Newly Built House
There’s something so satisfying about living in a brand new house with immaculate floors, freshly painted walls, spotless kitchen appliances and shiny new fixtures. Buying a newly built house where no one has ever lived before gives you a clean slate, as you don’t have to worry about the potential structural damages the place may have endured owing to the neglect of the previous owners, neither do you have to worry about fixing damaged floors or leaking pipes. Regardless of whether it was specifically designed for you, buying a newly constructed home gives you the freedom to make it completely your own.
If you are a first-time homebuyer currently weighing your options, the idea of buying a newly built house may seem rather alluring. However, just like everything else in life, you need to calculate the pros of cons of investing in a newly constructed home before making any decisions – after all, buying a house is one of the biggest milestones in most people’s lives.
While there are quite a few advantages of buying a brand new house, it is pertinent to take a look at its downsides as well. So, if you’re ready to leave your current abode and move to a new home, this blog on the pros and cons of buying a newly built house might help you figure out if it’s indeed the right choice for you.
Pros of Buying a Newly Built House
Apart from that new house smell that all homebuyers like, here are some of the most significant benefits of buying a newly constructed house.
- More customization options
- Modern design elements
- Warranties and guarantees
- Low cost of maintenance
- More energy efficient
- Everything is new and clean
Let’s discuss them in a bit more detail.
More Customization Options
If you buy a home during the pre-construction phase or build it with a construction company, you will be able to customize it whichever way you want to. Granted, almost all new housing societies have their own construction bylaws that dictate how the exterior of your house should look to an extent. However, you still have the liberty to alter the interior according to your personal preferences and styles.
This is one of the main reasons why a lot of people prefer buying a house before its construction is completed. Although there are certain limits you might have to abide by, you can still choose the colour palette, style of moulding, light fixtures, window designs, wallpaper, and so on.
Even if you buy a newly built house, you can ask the contractor to make some changes before you move in to give it a more personal touch.
Modern Design Elements
Buying a newly built home not only ensures high building standards but also allows to revel in the luxury of modern design elements that cannot be incorporated in old, traditional houses.
Unlike most old houses, the newly constructed ones focus on open layouts that create the illusion of more space and make your place look bigger than it actually is. Although certain amenities in newly built homes depend largely on your budget, almost all new homes are equipped with essentials that address the latest lifestyle demands.
Amenities like giant built-in wardrobes, walk-in closets, hidden storage spaces, eat-in kitchens, concealed internet and cable wiring, wooden cabinetry and marble countertops were not as common in the past. But owing to their growing popularity in recent times, even small newly-built apartment projects boast some or all of these features to attract more home buyers.
Warranties and guarantees
This one is a no-brainer.
Most newly-built houses these days come with built-in appliances, such as oven, refrigerator and air conditioning units among others. Since no one has ever lived there before, almost all of these appliances would be under warranty. Similarly, most companies provide warranty for fixtures such as ceiling fans, lights and even hardware.
Although all of these items must be new and should ideally last you a few years at the very least, having a manufacturer’s warranty allows you to deal with any unexpected circumstances that may arise later.
Also, this particular advantage of buying a newly-built house leads us to our next point.
Low Cost of Maintenance
One of the biggest monetary benefits of investing in a new house is that you won’t have to spend much on maintenance. With undamaged floors, spotless walls as well as new wiring and plumbing, you will most likely be saved from having to repair anything for a few years. If your house comes with some furniture, you won’t have to polish or fix it as it will be brand new.
Moreover, new homes don’t require a lot of renovations, as you don’t have to deal with nuisances such as chipped paints, scratched wallpapers and broken bathroom tiles.
More Energy Efficient
Another noteworthy pro of buying a newly constructed house is that they tend to be more energy-efficient.
A large number of new housing societies across Pakistan are increasingly focusing on promoting the idea of sustainable living and a healthy lifestyle. Therefore, along with having dedicated green spaces and parks for their residents, they also ensure the new houses in the project are equipped with energy-efficient appliances.
Even if the contractor doesn’t consider this factor, almost all new home appliances in the market are manufactured to consume much less electricity than the older models. This means you will probably spend a little less on your utility bills after moving into your new home.
Moreover, new houses offer better insulation, which will most likely keep it warm during the winter and cool during the summer.
Everything is perfect and untouched
Last but not least, the most attractive advantages of buying a brand new home from a builder is that everything in there is clean, perfect and untouched. You don’t have to worry about mould infestation, cracked bathroom tiles, dirty grout, water damage, warped wooden cabinetry and rusty kitchen fixtures.
Clean and uncluttered homes also tend to look a lot more spacious than they actually are. Even if the place you’ve purchased is small, the brand new fixtures and other amenities will add to its allure and charm.
The Cons of Buying a Newly Built House
Now that we’ve discussed the pros of buying newly constructed houses, these are some of the major disadvantages that you might not have considered yet.
- New houses are more expensive
- They are away from the city centre
- Long development process
- Lack of established neighbourhoods
- Little price negotiation opportunities
- Smaller homes
Let’s take a detailed look at each of these downsides.
They Are More Expensive
More often than not, newly-constructed homes are up to 20 percent more expensive of old homes of the same area size.
All the modern design elements and world-class amenities that attract first-time homebuyers can actually add to a huge amount and subsequently make the property a lot more pricey. Especially if you are buying a house in its pre-construction phase, you need to bear in mind that all the customized features and upgrades can end up costing you a pretty penny in the end.
However, when it comes to buying old or used houses, you are usually just paying for what you get. Of course, there are quite a few hidden costs of owning a house in Pakistan, but older homes generally cost less than the new ones. So, if you are working under a limited budget, buying an older property and gradually renovating it might be a more suitable option for you.
Away From the City Centre
New houses are mostly situated in new housing societies and development projects. If you live in a sprawling metropolis like Lahore or Karachi, you would know that almost all new residential schemes are being constructed at a little distance from the hustle and bustle of the main city.
Of course, a lot of homeowners prefer living a little far away from the city centres to avoid noise pollution, traffic jams and security mishaps. Although the development of new roads and bridges have cut the intra-city commute time to a great extent, you still have to consider the fact that these housing projects, especially the ones still in different stages of developments, have a limited number of schools, supermarkets and hospitals in their vicinity. Not to mention, public transportation is also not readily available in most of the newly established neighbourhoods.
Long Development Process
If you buy a house in its pre-construction phase, you’ll have to patiently wait for it to be completely built before being able to move in. In some cases, this might not be too big of a deal, but if you are looking to relocate on an urgent basis, then you have to prepare yourself for the possibility of renting out a home and waiting for the construction to be over. Also, let’s not forget that building a house can take longer than you initially expected as a lot of different factors can impact the process.
Finishing the interior design also takes a lot of time. Installing cabinets and light fixtures, painting the walls and tiling the bathroom floors can also take up to several weeks. So, unless you want to live in a construction zone, you will have to wait for the project to be wrapped up.
Lack of Established Neighbourhoods
An important disadvantage of buying a newly built house is the lack of established neighbourhoods.
Most brand new houses are located in newly developed localities that are in the process of being populated. This means it may be a while before the houses in your neighbourhood are sold out and new residents begin moving in. Even then, it will take some time for everyone to settle and form a community of neighbours.
While there is nothing wrong with this, a lot of people admire the charm of well-established neighbourhoods. In case you’re one of them, relocating to a developing housing project may not be the best option for you.
Lesser Negotiation Opportunities
When you buy an old or used home, you generally negotiate the price with the property owner and then pay the settled amount, which could be lesser than the asking price given you are a good negotiator or have hired a capable real estate agent.
On the flip side, price negotiations are almost non-existent for brand new houses. Since you are directly buying the property from a housing society or a contractor, you won’t get any opportunities to bargain. Instead, you’ll have to pay the full amount set by the housing project, which, as discussed above, are usually higher than those for the older houses.
Generally Smaller Homes
Older houses focused more on front gardens, spacious backyards and vacant spaces between the neighbouring properties. Newer constructions don’t offer such luxuries.
Traditional houses may have outdated designs and old-fashioned layout, but you can most probably find a bigger used house for a lot cheaper than a brand new house of the same size. So, if you’re looking to buy a newly-built house with spacious front yards and lots of open space for your kids to play, you might have a hard time finding one that perfectly fits your needs.
At the end of the day, you’re the best judge of what is the most suitable option for. However, in case you have any queries or suggestions regarding the buying new house vs old house debate, feel free to get in touch with us by sending an email on blog@zameen.com.
Meanwhile, if you are a real estate entrant, don’t forget to take a look at our detailed guide on buying a home for the first time. Also, here is a list of property features one must consider while buying a house that might come in handy. If you have already decided on buying an existing home instead of a newly constructed one, you must check out our how-to guide on buying a used house.
To learn more about buying property, stay connected to Zameen Blog – the top construction and real estate blog in Pakistan. Moreover, please subscribe to our newsletter on the right to receive the latest updates about lifestyle, home décor, tourism, and property trends in the country.
