What is better – new building or resale?

Buying an apartment is one of the most important decisions in life; it is a long-term investment that should bring only benefit and joy to its owners. Choosing an apartment is a complex process. Most often it begins with a question:where to look for housing - on the secondary market or in a new building?Each of these options has objective pros and cons.

Let's figure out together which solution will be best for you.

ADVANTAGES OF NEW BUILDINGS

Modern architecture and landscaping

Among the new buildings there are more beautiful houses that amaze with their architectural splendor. Developers are focused on creating safe, functional, beautiful courtyards and thoughtful public areas. Many developers collaborate with famous design bureaus to develop a unique style for the house and surrounding areas.

Apartment layout

New houses are distinguished by a variety of modern planning solutions, panoramic windows and high ceilings. In addition, you can choose not only the layout, but also the floor.

In almost every new building, you can independently install partitions, organize space, determine the functionality of zones, the purpose of rooms and their size.

Every year developers try to offer clients the maximum variety of layouts.

The apartments are more spacious

The average square footage of an apartment in a new building is approximately 15–20% larger than in old ones of the same compactness.

Quality of materials

New houses are now being built from high-quality materials using modern technologies.

Modern landscaping

Modern houses are equipped with stylish entrances with space for bicycles and strollers.

During construction, the following are installed by default: high-speed elevators, ramps, double-glazed windows, water and electricity meters.

Parking places

Most often, new complexes are designed with underground and surface parking. However, the cost of an underground parking space is comparable to the cost of a brand new foreign car.

Cleanliness and tidiness

It will be nice to come home when everything is new and clean: courtyards, surrounding areas, entrances, elevators and staircases.

Pure legal side

Since you are the first owner of the apartment, you don’t have to worry about encumbrances or unexpected surprises, such as illegally evicted tenants. Apartments in new buildings are the most “clean” from the legal side.

Transaction process

Buying from a developer is safer than buying from an individual, the transaction process is transparent.

The effect of new housing and the lack of apartment history

Many people like the fact that they will live in a new house, in an apartment where no one has lived before and you will not have to check its history before the transaction. This saves time and reduces the risk that people who have the right to use the apartment will show up and the agreement will be declared void.

Prices

As a rule, housing under construction costs about 30% less than the final cost of the apartment: after all, these apartments have to wait. With the same budget, you can purchase a more spacious apartment in a new building, with a spacious kitchen and hallway, than in the existing housing stock. You are also likely to get a cozy entrance, ramps and a freight elevator.

Promotions and discounts from developers

Since the developer is interested in the deal, there is a chance to receive a discount or an additional bonus from him:

• finishing as a gift;
• free parking space;
• discounts on goods and services of partner companies;
• free transaction support.

Repair

If you buy property in a new building, you won’t have to redo someone else’s renovations and spend extra money on dismantling. You can immediately decorate the interior “to suit yourself” without spending extra money and time.

Distance from the center

Most often, new buildings are not located in central areas.

Durability

If the developer followed all the technologies, the new building will serve you for as long as possible. For example, the service life of modern monolithic houses is up to 200 years; large block and brick - up to 125 years; block and large-panel - up to 100 years.

Neighbours

In new buildings, your neighbors will be people of similar financial and social status, almost certainly young families, working people and businessmen. In addition, there is a high chance that neighbors will have children of approximately the same age, and this is an important factor in additional socialization.

DISADVANTAGES OF NEW BUILDINGS

Expectation

It is profitable to buy housing in a house under construction, but you have to wait several years before moving in, and then make repairs. If you live in a rented apartment and are planning to take out a mortgage, waiting for a housewarming party can be painful and costly.

The risk of delaying the delivery of the house

Often, even responsible developers delay the delivery of a house for six months or even a year.

Risk of losing investments

The house may not be completed. No one is protected from bankruptcy, and wasting several years of waiting and a lot of nerves is not a pleasant pleasure.

Limited selection and overpriced

In the final stages of construction, the number of apartments is reduced. Therefore, another disadvantage will be the limited selection at an inflated price

Quick move and registration

Among the disadvantages of primary housing, probably the main one will be the impossibility of quickly moving and registering for registration, since the new building must be completed and handed over by the developer. And also, it is worth recalling the long period of registration of property rights.

Repair costs

If you buy an apartment with a rough or pre-finished finish, you will have to spend additional money on repairs, which often take longer than usual.

And if the apartment was purchased with a mortgage, and you are renting, it is not a fact that you will have enough money for good repairs. Taking out a consumer loan can also be expensive.

Noise from renovation

After putting the house into operation, everyone around will be doing repairs for about 3-4 years. So get ready for noise, constant dust, strangers in the entrance and piles of construction waste in the surrounding area, in the entrance and in the elevator.

Lack of infrastructure and transport accessibility

You may encounter a lack of developed infrastructure and transport accessibility. For a long time there may be no roads, lighting, exits, public transport stops, etc. etc. Often developers first build residential complexes, and only after completion they begin to care about the convenience of residents. Or they shift this responsibility onto the shoulders of the state.

Shrinkage

In the first 3 years, any house shrinks; this can cause damage to repairs in the apartment, it can ruin the interior decoration of entrances and curtain walls, or it can even lead to the appearance of cracks in load-bearing structures and walls.

Debugging communications

At first, the elevator may not work, the electricity may suddenly turn off, the supply of water or heating may stop, and the ventilation will hum loudly.

Sports grounds and children's playgrounds

Some developers buy the cheapest and poorest quality for sports grounds and children's playgrounds, and a year after the completion of a new building, its yard may look worse than a Khrushchev-era building.

Parking problems

Often parking spaces turn out to be very expensive for residents who have already spent money on buying an apartment and renovating it. As a result, motorists are forced to park their cars in their yards, interfering with pedestrians or children's games.

There are also situations when the parking lots drawn in the project turn out to be much smaller in reality.

ADVANTAGES OF RECYCLING

A huge selection of apartments that you can immediately see in person

The secondary market is many times larger than the primary one, and even in those areas where there are no new projects at all or they are very expensive, you can find housing. Here you can set clear parameters for area, type of house, layout, condition of the entrance, view from the window and select the most suitable option.

No imagination - only your eyes, which will see the condition of the house, the real improvement, contingent, landscaping, courtyards, parking lots, and the apartment itself. No renderings and standard disappointment from the “expectation/reality” ratio.

Infrastructure

The secondary housing is located in well-developed areas with more developed social infrastructure, transport accessibility and landscaped areas. Public transport has long been established, the roads are asphalted.

You can find an option near a park area, hospital or school. Any wish on the secondary market can be taken into account.

Distance from the center

You can buy an apartment in any area. You have freedom of choice.

Registration in the apartment

In old houses you can register immediately, this is especially important for families with children. But it wouldn’t hurt to check the owner’s documents for inheritance and children registered in the apartment.

Bargaining with the seller

Buying a secondary one,You can bargain with its seller.

Communal payments

Compared to new buildings, where the numbers on bills often turn out to be an unpleasant surprise, in the secondary market you will know exactly the size of utility bills. Just ask the seller for a receipt.

Quick move without repair noise

You can move into secondary housing almost immediately and avoid repair and noise work. You can immediately register at your place of residence. The move-in date can be pushed back a little only if you meet the former owners halfway and give them a little more time to get ready.

Repair

Sometimes buying a finished apartment allows you to save on repairs, it depends on the condition of the apartment. Even if there is a need for minor cosmetic repairs, the costs are not comparable to repairs done, as they say, from scratch.

DISADVANTAGES OF RECYCLING

Typical layouts

Standard layout is one of the disadvantages of secondary housing. A kitchen and a cramped bathroom are the norm, and a ceiling height of 2.5 meters is considered the minimum for comfortable living.

If now you think that such housing suits you, then imagine yourself in 10 years. How convenient will be the location of the rooms and their size, will there be enough space for children or parents.

Think about all the nuances in advance so that you don’t reproach yourself for making the wrong choice in the future.

Condition of the building

In the old housing stock, the facades and appearance of the houses themselves are much more modest.

Newly plastered exteriors may hide rotten floors and leaking pipes. Let's add to this dirty entrances, old elevators and stale facades.

The condition of many houses on the secondary housing market leaves much to be desired. Often the percentage of technical wear and tear is more than 40%.

Deterioration of internal communications

You can make good repairs at your place, but the entrance and communications will remain old, the plaster will continue to fall off the facade, and the ventilation will remain poor.

Lack of proper parking

In the past, houses were built without parking spaces in mind, since cars themselves were a relative rarity. Today this problem concerns the majority. Therefore, when choosing a secondary apartment, think about space for a car.

There are very few underground parking spaces on the secondary market (usually only in expensive renovation projects or recent new buildings).

Remember! The older the house, the fewer parking spaces are provided on the territory.

Legal risks

The main headache in the secondary market will be the “rich” legal history. Violated rights of minors, legal capacity of the elderly, criminals, division of property between spouses, sudden heirs whose rights to privatization were once violated and now they want to take revenge, illegal redevelopment - these are just some of the problems that may arise when purchasing secondary real estate. Therefore, it is necessary to carefully check the legal purity of documents.

Also, the apartment may be encumbered or, in general, the deal is being carried out by swindlers.

Complicated deal

Often transactions take place with the participation of several sellers and buyers: chains can reach up to 10 or more clients. Often you have to wait for the seller to find a suitable moving option, which delays time. At the most unexpected moment, the seller may refuse or raise the price only for reasons known to him alone.

Cost reduction

In the first years, apartments purchased in the “new resale” will become more expensive. An ordinary resale property inevitably becomes cheaper if the house does not have historical value.

Repair

Firstly, in an old apartment you will first have to spend money on dismantling everything, then there will be a long stage of leveling the walls and ceilings, replacing communications and other things, and only after that you can start finishing.

Secondly, it often won’t be possible to do the redevelopment as you want.

Damp smell

In old houses, the entrances smell damp. Entrance areas remain worn out even after cosmetic repairs; the condition of elevators is often unsatisfactory and sometimes in disrepair.

Complex selection process

You will have to study each option in detail, communicate with the owners, look at dozens of apartments that may look decent in the photo, but in reality turn out to be terrible.

Neighborhood

When buying a secondary car, you may find yourself in an unpleasant neighborhood or it will be very difficult for you to enter an already formed social circle.

In older housing stock, neighbors may include people with low social responsibility. Such a neighborhood can be fraught with many inconveniences and dangers.

Some may feel uncomfortable moving into a neighborhood where everyone knows each other well and social relationships have already been established.

Of course, it can be difficult to immediately figure out whether you need a new building or a resale one. When making such a decision, you can use an old psychological trick: write down the pros and cons that are important to you in different columns and see which outweighs. It would be a good idea to consult with a real estate lawyer or an experienced realtor.

Buying an apartment is an expensive and risky business. However, we must decide! Your own apartment is undoubtedly worth it!

Conclusion

The choice between an apartment in a new building and an apartment in an old building includes certain advantages and disadvantages. New homes offer modern architecture, flexible planning, quality building materials and technological features, but come with wait times, financial risks and potential infrastructure inconveniences. On the other hand, older houses offer variety in choice, developed infrastructure and the ability to move quickly, but often come with standard layouts and risks associated with the condition of the building and communications. The best choice depends on individual preference, budget, and tolerance for certain inconveniences. It is important to carefully consider all aspects to make an informed and appropriate decision.