How to invest in new or old real estate?

Characteristics of new and old property

Before choosing your real estate developer, you need to decide what old and new housing are.

The old real estate is more than 5 years old. This may be a building that has already been transferred as a result of resale, donation or inheritance from the original owner. Old real estate can be a house or an apartment located in a condominium building. On the other hand, a new property is a building that is less than 5 years old.

This can be a new build that is fully completed when it is sold (Véfa) or leased. From a legal point of view, a new property can also be a completely renovated old building (foundation, facade, floor, etc.).

What criteria should be considered when buying new or old real estate?

There are several elements you should consider and compare before you commit to buying a new or old property.

  • Specifics of accommodation

When you approach a developer to choose a property, you should let him know your preferences. If you are fascinated by old stones, stucco or authentic architectural details, then an old house is sure to satisfy your needs.

On the other hand, if you like modern architecture, bright rooms or living with open space, direct your choice to a new property. This is also the case if you want to adopt a modern style with the presence of innovative materials and new technologies.

  • Housing location

If you plan to settle in the city center, old housing will be easier to find than new. This sector offers a wide range of choices, particularly in terms of living space, proximity to public transport or neighbourhood. There are fewer offers in the new sector due to lack of space.

This type of property is often located far away, especially on the outskirts. However, if you are interested in a new apartment, do not hesitate to contact the developers. They can help you find properties in new neighborhoods that have been built up thanks to urban development projects.

  • House or apartment plans

Old properties are houses or apartments that have already been occupied or have not been occupied for some time. In this regard, it is necessary to plan a certain amount of work before moving in. Flooring, walls, plumbing or trim are usually subject to inspection. However, in an old house, it is easier to design independently. Thoughtful new houses are built according to previously established plans.

The space is optimized to offer comfort and practicality to all residents. The interior and exterior are personalized and furnished according to your preferences. You can use the virtual tour tools to project yourself.

  • Technical aspects of real estate

When you start a new real estate project or want to invest in an old one, the technical aspects of real estate are important. When choosing to invest in an old one, it is likely that work will be needed to bring it up to standard. They concern, among other things, heat and sound insulation or electrical and gas installations. In addition, the accommodation must meet the DPE (Diagnosis of Energy Efficiency) requirements set by the state.

Unlike the old ones, the new houses meet the latest standards. Since the documents for obtaining a construction permit are submitted before the start of work, they are designed in accordance with environmental regulations. In addition, these dwellings belong to category A or B according to DPE.

  • Charges in old and new

Expenses inevitably accompany the purchase of real estate, both new and old. However, in the new housing they are lower than in the old one. Roughly, if you invest in an older apartment located in a condominium, you will have to finance renovations in the common areas. You should plan for an additional cost of approximately 35% of the cost.

Tariffs are lower in the new market. Indeed, you shouldn’t expect major repairs within ten years of purchase, as the property comes with a ten-year manufacturer’s warranty.

In the old real estate market, the price changes according to supply and demand. These homes are often less expensive compared to new, except for homes located in posh or sought-after neighborhoods. Please note that prices advertised by builders often do not include renovations. In the new market, the amount is 15-25% higher than in the old one. It includes the cost of land, construction, taxes, etc. This difference is explained by the materials used, the modern equipment and the standards that must be followed.

  • Administrative procedures

When you buy an old property, you have to pay notary fees (7 to 8% of the price) related to the transfer tax (5.80% of the price). Professional fees are also included. They must be paid at the time of signing the authentic act in the amount of 90% of the value of the property. Please note that additional costs come from your personal contribution. If you buy a new property, transfer tax is 2 or 3% of the value of the home. VAT 5.5% or 20% is included in the price of the property.

As for the price of the house, payment is made as the work is carried out. You can also request a deferment, which will allow you to return the property after the house or apartment has been handed over.

If you have decided to invest in a new home, call Visiteonline. This developer will help you find the property of your dreams in the city or department that suits you. He can also advise you in creating an acquisition project.

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