New build vs existing house: The pros and cons listed.

Introduction

New-build homes are more popular than ever and many people are considering investing in a new-build home. However, it is important to be aware of the costs involved in buying a new-build home.  The aim of this article is to inform readers about the average cost of a new-build home and the variable costs to consider, as well as the financing options available.

 

New construction project Colonel Bourg in Evere, Brussels

 

 

How much money do you need for a new-build house?

The average cost of a new-build home can vary widely, depending on the size, location and equipment of the home. In general, new-build homes cost more than existing homes. It is important to take into account variable costs such as land costs, architect and engineer fees, permit fees, notary fees and insurance.

Financing options for new-build homes are similar to those for existing homes, and include a mortgage loan, a personal loan or a combination of both. It is important to evaluate your financial situation and talk to different financial institutions to find the best option for you.

 

New building project Eglegem Sunset in Hombeek, Mechelen

 

 

What will a new-build house cost in 2023?

As indicated above, the cost of a new-build home can vary greatly depending on several factors. On average, new-build homes cost between €250,000 and €650,000. It is important to conduct a thorough budgeting exercise to determine whether a new-build home will fit within your budget. Of course, prices also vary region by region.

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Is a new build house cheaper in terms of energy consumption and daily use?

New build houses typically offer modern facilities and energy-efficient solutions, which can result in lower energy costs in the medium to long term. On the other hand, the upfront cost of a new build house is generally higher than that of an existing house due to, among other things, the use of new and more expensive technologies such as heat pumps, ventilation systems, or even geothermal energy. For example, solar panels are now common in most new build projects. It is therefore important to take these elements into account when purchasing a new build house or renovating an existing property.

 

What are the disadvantages of a new build property?

A disadvantage of a new build property may be the high upfront cost. Additionally, it is important to consider any possible delays in the construction and uncertainty around the completion date. Furthermore, new build properties can sometimes exhibit faults that are only visible after completion. However, given the increasing regulations in this area, this is becoming more of an exception than the rule.

 

Is it still worthwhile to buy an existing property?

There are several reasons why people continue to consider buying an old house instead of a new build property. Some important advantages are discussed below.

Advantages of buying an old house:

• Old houses often have a unique appearance and character, making them attractive to many people.
• They are often built with durable materials and have a robust construction, meaning they often last a long time.
• Older homes are often located in established neighborhoods, with all sorts of amenities such as schools, shops, parks, and transportation options located nearby that have developed over the years around these neighborhoods. In new developments, entire neighborhoods are sometimes built, so local amenities are not immediately available.

 

Options for Renovation and Modernization:

• Old houses offer the opportunity to renovate and adapt to your own preferences and style, making them more personalized.
• This can not only improve the quality of life, but also increase the value of the house.

 

Lower Costs and Higher Value:

• Compared to new houses, old houses are often cheaper.
• However, after renovation and modernization, the value of the house can rise significantly, meaning investments can be quickly recouped.

 

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Conclusion

In this article, we have discussed the pros and cons of new construction versus existing homes, the cost of a new home in 2023, and why you may consider buying an old house instead of a new one.

To make an informed decision, it is important to consider both the benefits and drawbacks of both options and take into account personal preference and budget. In some cases, a new home may be a better choice, while in other cases, buying an old house may be a better alternative.