Pros & Cons of Buying a Flat in a Newly Built Building

Newly build buildings get hotter and hotter on the real estate market these days. People want to get a place where no one has lived before. Buying a flat in a newly built building has both good and bad sides. Let’s take a look at some common advantages and disadvantages of freshly built buildings.

Pros of buying a flat in a newly built building:

1. The price

Well, the first and often the most important advantage is the price. According to the statistics, the price on a flat in a newly built building is about 15-20% lower than the price on a flat in an existing building. Besides, there can be different discounts and good offers for those, who buy a flat when the construction works only begin.

2. Planning

Flats in new buildings have better planning and more room for new designs and ideas. Besides, it is much easier to replan a flat in a new building than do something with an old one.

3. Materials

New building means new communications and supply pipeline, modern materials, sound insulation, heat supply, new plastic windows that will make it warmer in winter and cooler in summer, etc. Buying a flat in a new building, you may not be afraid that old wiring or corrodible pipes will cause troubles.

4. Infrastructure

If several new buildings are being constructed in one area, new grocery stores, drugstores, hairdressing saloons, banks, etc. are opened, too. Builders take care of the parking places and children’s playground as well.

5. The feeling

Just a feeling of being an owner of something brand new is worth it. When you move in to some old place, you know that other people lived here, but with a new one you can feel like you start a history of this building.

Cons of buying a flat in a newly built building:

Before buying a new flat, you need to know a several things about the reasons these apartments are a bit cheaper.

1. Expensive repairs

Buying a brand new flat, you usually buy “naked” walls. It means that you’ll have to do a lot of repairing. Experts say that people usually spend about 10% of a flat’s cost on making the apartment ready for living in. And that doesn’t include buying furniture and household appliances.

2. Delay of moving

When you buy a flat in a building that is still being built, be ready that your moving date may be actually moving a lot, as often buildings are built a bit longer than constructors say at the beginning.

3. Annoying neighbors

Several years in a newly build flat may be very disturbing. It is a good thing if all your neighbors have enough money to hire constructors to finish the repairs in half a year. Unfortunately, usually it is not how it happens. So, you should be prepared for some constant constructing noises, cutting off the electricity, water, etc.

Buying a flat is a big decision and you should take it very seriously. Choosing a new building has both positive and negative aspects that you should think about. Look at all pros and cons and see whether pros are winning you over and whether you can handle the cons. Good luck with your new home!

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