Buy New, Renovate or Build?

This is a hard choice you will always have to make when buying, it will always depend on your personal needs and budgets.


This is a comprehensive guide of what to consider to help you make your decision.









Buying in Project


Pros

Cons

  • It is usually a discounted price (but still a high “new” price);

  • You are often allowed to choose the cosmetical finishing like wall colors, tiles, kitchen and bathroom details, depending on the stage you buy in;

  • It comes with a 10+ years construction guarantee and you can take full advantage of it;

  • You can usually pay in installments as the construction advances, often 3 parcels.

  • You have to wait for it to be finished (they will give you the timeline);

  • There are often delays and you can’t do much about them, setting penalties in the buying contract may be a option but it will depend on how much demand the contractor has, they may not accept;

  • Same thing goes for the finishing and materials, it is better to include them in the contract;

  • There is always a (low) risk of the contractor not finishing.








Buying New or Pre Renovated


Pros

Cons

  • It’s fast you just have to sign the property and decorate/furnish, sometimes there even is the option to buy decorated;

  • It is basically ready to use, you just book the scripture and move in;

  • If it’s newly built there is a 10 + years construction guarantee where the contractor is responsible for any damage or problems in the structure.

  • It’s the most expensive option;

  • Customization is limited;

  • You must be careful with the construction quality, even with the mandatory guarantees of 10 years. It is not that long, and low-quality insulation and materials will give headaches in the future, the energy certificate is a good indicator;

  • Be incredibly careful with renovated properties, most of them have terrible cosmetic only finishing that will look good but fall apart very quickly.








Renovating



Pros

Cons

  • Customization, you can get things exactly like you want;

  • You can get huge deals on old unrenovated houses;

  • You pay the property and then the renovation as it goes, so you can parcel;

  • You can get a high-quality result with a lower investment;

  • There are often government sponsored programs and tax relief for recovering houses, it depends on the area. Low density locations are very often covered and in big cities it’s usually neighborhoods that are on the “renovation” plans.

  • Will take a while, usually 3 to 6 months if nothing structural is changed, if you want to make structural changes, add windows or anything exterior you need to license in the town hall and depending on the city that can be a lengthy process;

  • You need to find a contractor, and that is also something that should not be taken lightly, look for references and previous jobs and make an airtight contract with the timelines and agreed materials in it;

  • If taking advantage of a rehabilitation program, there is quite a bit of bureaucracy to go through;

  • It is a good idea to follow the progress on location or have someone do that for you.










Build your Own


Pros

Cons

  • ​You can customize everything to your personal taste and needs;

  • You get exactly what you want - if you choose the right contractor, architect, and specialists;

  • It is cheaper than buying the same thing but finished;

  • You pay things in parts as the project goes.

  • It is a lengthy process, at least a year, up to 3+ years, depending on complexity.

  • You have to find the right people – architects, specialists and contractors;

  • You must make the projects and get them approved at town hall;

  • You must have someone to follow up the construction in person, ideally weekly, minimum monthly, to make sure everything goes right.

We hope this guide helped you make your decision or at least gave you food for thought 😊 If you would like to pick our brain regarding your personal needs on property feel free to contact us, links in the footer!

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