Whether is it you are buying a brand new property like Piermont Grand EC in Singapore, or an older one bought over from an existing owner like this farmhouse in Arizona, you need to understand that there are many factors to determine which is the better choice.
First, where are you located at?
A home with strong heritage may keep its value much better than a brand new cookie cutter house.
However, in major cities, lots of homes are leasehold, and the value of the property drops as it ages.
So be sure to understand that it really depends on the area that you live, how well your local real estate market is doing. Also take note if architectural buildings in your area have significant historical importance, as this may play a part in the future value of your house.
Secondly, are you buying as an investment?
Brand new homes are way more advantageous when it comes to being an investment property. Most of the time, you will have some from of warranty against defects form the developer, so you don’t really have to spend much on repairs and maintenance on the get go. Older homes tend to have much more problems especially if they are heritage homes. You may not even be able to do certain alteration or additions to the home if it is a heritage home. And also homes tend to need lots of constant repairs, such as leaking roofs, peeling paint, loose windows and blown lightbulbs.
Thirdly, what is your budget?
Brand new homes, just like cars, tend to be more expensive than comparable homes in the area just because they are brand new. You get to be the first owner of the property. However, this usually comes at a slightly premium price. If you do not like the feeling of staying in someone else’s previous home, then you may want to consider raising your budget to get yourself a home that is newly built. But do remember than you can always do a complete home makeover on an older house, and remove any form of the personality of the previous family who stayed there.
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