How to invest in new or old property?

Characteristics of new and old properties

Before you choose your promoter to buy real estate, you need to determine what is old and new housing.

The old house is over 5 years old. This may be a building that has already been transferred as a result of resale, gift or inheritance from the first owner. Old real estate can be a house or an apartment in an apartment building. On the other hand, a new building is a building that is less than 5 years old.

It may be new construction, the work of which is fully completed, when it is sold (Véfa) or when it is rented out. From a legal point of view, a new property can also be an old building restored in such a way that its condition is completely renovated (foundations, facades, floors, etc.).

What criteria should be considered when buying a new or old property?

You must take into account and compare several elements before proceeding with the purchase of a new or old property.

  • Accommodation specifics

When you contact a developer to select a property, you must let them know your preferences. If you are fascinated by antique stones, stucco or authentic architectural details, then an antique dwelling will certainly satisfy your needs.

On the other hand, if you like modern architecture, bright rooms or open spaces, look to new properties. This is also the case if you want to embrace a modern style with innovative materials and new technologies.

  • Housing location

If you are planning to settle in the city center, old housing will be easier to find than new. This sector offers a wide range of choices, especially in terms of living space, proximity to public transport or neighborhoods. In the new sector, the supply is lower due to lack of space.

This type of property is often located far away, especially on the outskirts. However, if you are interested in a new apartment, do not hesitate to contact the developers. They can help you find properties in new areas that have been developed through urban planning projects.

  • Plans for a house or apartment

Old properties are houses or apartments that have been occupied or vacant for some time. In this regard, before settling, it is necessary to plan a certain number of works. Floor coverings, walls, sanitary facilities or finishes are usually subject to inspection. However, in old housing it is easier to design yourself. Thought out to the smallest detail, new houses are being built according to pre-designed plans.

The spaces are optimized to provide both comfort and practicality for all passengers. The interior and exterior are personalized and equipped according to your preferences. You can use the virtual tour tools to project yourself.

  • Technical aspects of real estate

When you start a new real estate project or want to invest in an old one, the technical aspects of the property are important. When choosing to invest in the old, it is possible that work will be required to bring it up to standard. They concern, among other things, heat and sound insulation or electricity and gas supply. In addition, housing must comply with DPE (Diagnosis of Energy Efficiency) requirements set by the government.

Unlike old properties, new homes are up to the latest standards. Because building permit application files are submitted before work begins, they are designed to comply with environmental regulations. Moreover, these dwellings are classified as category A or B according to DPE.

  • Chargers in old and new

Costs inevitably accompany the acquisition of real estate, both new and old. However, those of the new dwelling are lower compared to the old one. Tentatively, if you are investing in an old apartment located in a condominium, you will have to finance renovations in the common areas. You must plan for an additional cost of approximately 35% of the fees.

Prices are lower in the new market. Indeed, a major repair should not be expected within ten years of purchase, as the property is covered by a ten-year manufacturer’s warranty.

In the old real estate market, the price fluctuates depending on supply and demand. These dwellings are often less expensive than newer dwellings, with the exception of dwellings located in posh or sought-after areas. Please note that prices advertised by developers often do not include renovations. In the new market, the amount is 15-25% higher than in the old one. It includes the price of land, the cost of construction, taxes, etc. This difference is due to the materials used, modern equipment, and compliance with standards.

  • Administrative procedures

When you purchase an old property, you must pay notary fees (between 7 and 8% of the price) associated with the transfer tax (5.80% of the price). Professional fees are also included. They must be paid at the time of signing the original deed in the amount of 90% of the value of the property. Please note that additional costs are related to your personal contribution. If you choose to purchase a new property, the transfer tax is 2 or 3% of the value of the property. VAT of 5.5% or 20% is included in the price of the property.

As for the price of the house, payment is made as the work is completed. You can also request a deferment that allows you to pay off the property after the house or apartment is rented out.

If you decide to invest in a new home, call Visiteonline. This developer will help you find your dream property in the city or department that suits you. He can also advise you in setting up your acquisition project.

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