New building VS secondary market: what apartment is better to buy in 2021-2022?
Are you planning to buy an apartment? Undoubtedly, the first and foremost question will be choosing a new building or secondary housing. Before making your final decision, analyze the advantages and disadvantages of both options. Let's look at the main factors you should pay special attention to when buying and see the pros and cons of secondary housing and new buildings.
In the case of a new building, everything depends on the reliability of a developer. It is crucial to choose a company with a good reputation on the market and completed projects. To make sure, talk to investors who have already bought apartments and pay a personal visit to the location. If you choose a pre-owned apartment, then at least you will not have to wait for the building to be commissioned. But there can be other problematic situations like bad legal history and previous judicial proceedings. Therefore, it is better not to buy a pre-owned apartment without a lawyer.
In a new building, in contrast to the secondary housing, you will not be able to move in right away if you buy a property off-plan. First, you need to wait for the moment when the construction to be commissioned. But in new buildings, there are also ready-made apartments, sometimes with ready-made repairs, so there is an opportunity to move in faster. If you choose an apartment on the secondary market, you can move in within a month after making a deal. Sometimes it turns out to be done even tomorrow or in a week.
In a new building, you get an apartment from scratch. You will have to spend money on repairs, but you can do it independently. In addition, when buying an apartment on the primary market, you can choose the layout that suits you at the stage of purchase. Utilities are new, so you will not face problems like wear and tear of water supply pipes or electrical wiring for a long time. Also, in new buildings, soundproofing is always better. Chances are, you won't fight with noisy neighbors. Apartments on the secondary market have already been renovated. If you want to change the interior radically, you will have to invest even more than repairing from scratch. Changing the layout entails many challenges, such as getting permission for redevelopment. Outdated utilities that will have to be repaired at your own expense bring much trouble as well.
Developers create their unique infrastructure of apartment complexes. After a while, when many people move in, everything you need will be next to you. For example, basements and ground floors are most often designed for commercial premises. Therefore, to get to a store or cafe, you just need to take the elevator down and walk a few steps. Unlike new buildings, existing ones are located in an already built-up area. There are supermarkets, schools, kindergartens, and public transport stops nearby. Although, of course, it all depends on your chosen location. But if the building is an old one and located in a densely populated part of the city, the lack of parking could be a problem.
If buying off-plan, it will cost you less than on the secondary market. Yes, you will have to wait for commissioning, but it is still a profitable investment. Even an already built house apartment will most likely cost less than a similar pre-owned one. But keep in mind that a lot depends on the apartment complex's location: real estate will be more expensive in some areas. In comparison with a new building, secondary housing is often more expensive. Completed repair, the ability to quickly move in and live right away, the desire of the apartment owner to make money on investments can raise prices to sky-high levels. There is nothing you can do about this because pricing depends entirely on the decision of the current owners and the market situation. You can only agree or refuse.
Secondary housing or new building: what to choose?
In fact, as in many other cases, it all depends on your needs. It isn't easy to take an unconditional decision. But some conclusions can be drawn. If you want to move in as fast as possible, look for a pre-owned property with no doubt. Most likely, you will have to overpay, mainly if utilities repairing or renovating will be needed. But if you need a new home «here and now», this option is acceptable enough. New buildings win when it comes to convenience. Own infrastructure, high-quality utilities, excellent soundproofing, a variety of layouts – and these are not all of their advantages. If you buy off-plan, you will save a lot of money. But if the building is already built, the moment of moving in will become faster, just like when buying a pre-owned apartment.