Embarking on the purchase of a newly built apartment or house can raise many questions. What are the advantages of each option?
We will review them together to help clarify your approach.
What are the Advantages of Investing in New Property?
Newness is an attractive feature for many buyers. Indeed, the main argument in favor of purchasing a new property is that no one has previously lived in it, and it requires no work. This is a significant point for many.
But that’s not all…
Here are the advantages of new construction:
1. Functionality and Layout
2. The Ten-Year Warranty
3. Insulation Standards
4. Lower Common Charges
Let’s now review each of these aspects:
1. Functionality and Layout
The flexibility offered by new construction is a significant asset. Indeed, it is often possible to make some adjustments, such as choosing the flooring (parquet, tiles, etc.).
Furthermore, new properties are generally more functional than older properties, as modern constructions typically focus on optimizing space and light.
2. The Ten-Year Warranty
The ten-year warranty is another significant advantage. For a period of 10 years, the builder is responsible for the construction and therefore for any repairs due to defects. Furthermore, buyers of new properties are also protected by the Breyne Law. This provides double protection for buyers, as this law imposes a number of new provisions on developers that must be respected.
You will therefore have peace of mind for several years.
3. Insulation Standards
Furthermore, builders are required to comply with strict construction standards, particularly concerning acoustic and thermal insulation. These standards constantly push them to improve the energy performance of buildings. Consequently, energy consumption costs are lower, and this is true in the long term.
4. Lower Common Charges
Among the many advantages of new construction are reduced common charges. Indeed, common charges are often less substantial in new properties than in older ones. A newly acquired property generally does not require significant renovation or compliance work, at least for the first decade.
Deciding to buy a new property is therefore choosing peace of mind, modernity, and flexibility.
What are the Advantages of Purchasing an Existing Property?
The charm of older properties, the old stones,… Especially if you wish to buy in the city, houses in the center of Brussels have a certain character that modern constructions cannot replicate.
Here are the advantages of buying existing properties:
1. The Charm of Older Properties
2. The Tax Allowance
3. A More Affordable Price
4. Faster Timelines
5. Physical Visit
1. The Charm of Older Properties
As just mentioned, and even if it remains a matter of taste, some people have a strong preference for older homes for their charm and character. The presence of architectural elements such as old fireplaces, vaults, or moldings provides an identity that appeals to many buyers. New properties may be more functional, but they are often more impersonal.
2. The Tax Allowance Advantage
Since January 1, 2017, a significant advantage has been made available to you: the tax allowance set at €175,000. In other words, you are exempt from registration fees on the first €175,000 of your property purchase, which amounts to an impressive saving of €21,875, subject to certain conditions.
3. A More Affordable Price
Purchase prices for older properties are often lower than for new ones, especially if major renovation work is required. This offers additional room for negotiation and the opportunity to design the interior exactly as you wish.
4. Quicker Move-in
Unlike new properties, where delivery times can be long, purchasing an existing property ensures that you can move in immediately after the deed, approximately three months after signing the preliminary sales agreement. A very valuable time-saver for some!
5. The Opportunity for a Physical Visit
Purchasing an existing property offers you the chance to physically visit the location. This is an option you generally won’t have with new apartments. You therefore know exactly what you are buying and can assess any necessary modifications. You also have the freedom to question the owner or neighbors about aspects such as the neighborhood, the local environment, the condition of the co-ownership, and more.
In conclusion, making the decision to become a homeowner and invest in a property, whether new or existing, is an important step that requires thorough consideration. Each option for these real estate projects presents its own advantages and disadvantages. Remember to consider your specific needs, your investment budget and interest rates, and your expectations regarding comfort and location before making your choice.
Whether you opt for new, with its modern amenities and guarantees, or for existing, with its charm, potential for personalization, and generally lower price, the important thing is to feel in harmony with your new living environment, especially for your primary residence.
Hermanns Real Estate agency is here to guide you in this beautiful and exciting adventure of real estate purchase!
