Brand New vs Renovated Second Hand – Which is the Better Value for Your Dream Home?
First-time house buyers or those experienced in doing so may already have a pretty good idea in mind as to what kinds of houses they would want: brand new or a second hand house that's been renovated. However, decision-making as in which option is the better value or which option is more suitable could be an issue for some. Join us today as we're gonna be walking you through the different benefits and drawbacks of both options.
Location
Whether it's brand new or renovated second hand house, or even something as far as a condo, almost everybody's top priority is where specifically do they want to live in. Amenities such as sky train systems, workplaces, hospitals, malls, and the overall surroundings are all factors which contribute to property prices.
Brand New Houses
Due to current land prices, brand-new housing projects tend to be located in the suburbs rather than in the "heart of the city". Prices are also relatively high for brand-new housing projects located within the city, while prices for brand new housing projects within the suburbs are subsequently cheaper (however, at the cost of more complicated travel).
Second-hand houses
Whether you would renovate a second-hand house yourself after buying one or you are buying an already-renovated one, you are able to choose your preferred location between living within the suburbs or in the middle of the city.
Inspecting the house before purchasing
Being able to inspect the house in person before purchasing is an absolute necessity for buyers and potential residents as this is a long-term residency one is about to invest substantial amounts of money into.
Brand New Houses
You have the option to make an appointment for an in-person house inspection with the project developer directly. However, due to reservations being open during the pre-sale period, the house you're after may not be completed construction-wise yet. Therefore, limiting you to purchasing the house without actually being able to physically inspect it. Nevertheless, buying a brand-new house comes at a cheaper price, a significant factor contributing to your purchasing decisions. Furthermore, various advertising and social platforms showcase realistic, practical floor plans and virtual reality (VR) images of the house itself.
Second-hand houses
Buyers have the option to physically inspect a second-hand house to examine the condition. Even better, if the house has been renovated, you will not have to waste time planning out self-renovation or repairs or gathering up necessary materials and furniture.
The Fees
Outside of the prices of the houses, unexpected fees you may be unaware of include additional renovations, furniture, electrical appliances, and many others. It is advised that you estimate the different fees regarding different kinds of renovations or modifications to the house before including decorations for decision-making convenience. In some instances, even after everything has been added up, you may find brand-new and renovated second-hand houses come in at equal prices. Therefore, consider necessary factors such as your preferred location and lifestyle preferences.
Brand New Houses
Most brand new housing projects offer pre-furnishing or built-in items. However, note that not all furniture or built-in items may suit the needs of certain lifestyle preferences. Therefore, it is recommended that you prepare backup money in advance for adding your own furniture, electrical appliances, and other items.
Second Hand Houses
It's typical that you have to prepare some money in advance in case of repairs such as the electricity, the plumbing, and the physical structure of the house itself. However, there is no denying that buying a pre-renovated/repaired second hand house is definitely more convenient.
Conclusion
Before settling on a brand new or second hand house, please carefully consider different factors such as your preferred location and what is you and/or your family's preferred lifestyle choice. As for which is the better value, this varies depending on each person's preferences and tastes.
Don't wanna waste time renovating on your own? Why not check us out at PropertyScout? We have an assorted collection of fully-furnished, renovated houses, ready to welcome buyers and eventually future residents like you.
If you have any further real estate-related questions and concerns or if you are interested in buying, selling, or renting a property, please get in touch with us. Our property consultant team will be glad to help answer your questions and concerns.
