Which is better: buying new build or old build properties?

Are you are racking your brains to decide what to buy – an apartment in a new building or in an old block of flats? The pros and cons will help to highlight key issues in this debate.

Old builds: benefits and disadvantages

An obvious advantage of apartments in old constructions is their price. They are affordable. However, the low price most probably hides a deplorable state that can only be remedied by major repairs. You will have to change everything – from communications to windows and doors.

As a rule, old builds are located in settled areas, with developed infrastructure. Nearby there are public transport stations, schools, shops and markets, hospitals, kindergartens. The disadvantage is the lack of parking spaces.

Care and maintenance of an apartment in an old construction is cheaper, but the bill for central heating will make you forget about such insignificant savings. In addition, you will have to put up with periodic hot water supply interruption, old lifts, as well as worn facades.

Also, apartments in old buildings are generally laid out disadvantageously: tiny bathrooms and kitchens, long and narrow corridors. Of course, you may come up with the idea to make a refurbishment, but in most old buildings you will not be allowed to do so. And if you fortunately are, it will require a lot of certificates and authorizations.

New builds: pros and cons

Although the price per square meter is higher in new buildings, you can be sure that you are moving into a new home. The design working life of monolithic structures reaches up to 200 years, for buildings made of brick and large blocks – up to 125 years, for blocks erected from prefabricated panels – up to 100 years.

The new house will have fresh facades, new lifts and communications, well-lit stairs, playgrounds in the yard, video surveillance or closed territory. But the first period you will have to put up with the noise, finalization works and adjustment of communications.

Apartments in new buildings have a better layout. Since new homes are often built according to original designs, the layout options for the rooms are much more diverse than in typical Soviet blocks of flats. In addition, you can choose not just the number of rooms, but also such things as the floor and building orientation.

Modern apartments are more spacious inside than the old ones. The average dwelling size in square meters, in new buildings, exceeds by 15-20% the surface of the apartments in the old houses. You will easily find 2-room apartments with an area between 50 and 80 square meters or spacious studio apartments.

In modern residential complexes, parking is always provided: underground or in the yard. And if you want, at all times you can purchase a private parking space.

Apartments in new constructions are sold with no encumbrance. Nobody owned this property before you, which means that all the documents are in good order, with no debts and hidden owners. In addition, it is easier to apply for a mortgage for an apartment in a new building. Often, real estate agencies and developers have mortgage brokers who will help you fill out all the necessary documents and conclude an agreement.

So, it’s up to you whether to buy property in a new block of flats or in an old build. However, if you treat real estate as an investment in the future, we advise you to give priority to the apartments in new buildings.