Buying a house is a decision that should not be taken lightly. Therefore, it is important that before you acquire a home in Merida, you analyze all the options. Pay attention to the advantages and disadvantages that exist purchasing either a new or a renovated home. There is a clear difference between one and the other.
Buying a Renovated Home vs a new construction
While there are benefits to both, you might find that buying a renovated home rather than beginning new construction or buying a new one fits your needs best. Especially if you have your perfect neighborhood in mind.
If you’re weighing buying vs. building a home, here are the benefits of buying a remodeled home that you should consider.
According to the Mexican National Housing Commission (Conavi) 50% of polluting emissions are produced by the construction industry. Therefore, we consider that to avoid affecting the environment it is better to give a second chance to properties that already have a privileged location and the rest of the advantages of a renovated home.
But what advantages and disadvantages do these types of properties have over new buildings?
Privileged Location
One of the advantages of buying a renovated or restored home in Merida is that their location is commonly in a privileged area. They are close to communication routes and shopping centers, so travel times decrease.
Also, if you are looking to invest in real estate, you will find that such a location is an advantage either if you want to rent it as a vacation rental home or if you want to resell it. Additionally, it keeps its competitive price, and the appreciation could be better.
On the contrary, the new buildings are usually located on the outskirts of the city, so the travel time increases.
Size of the property
You may have noticed that new houses are smaller and smaller. On the other hand, older houses usually have larger sizes and more spacious rooms inside the property.
Quality
First, an old house has a guarantee of quality, because its useful time shows that it has endured several years of life. And they have even endured weather and earthquakes, depending on the area they are located. Also, in Mexico, there are many colonial cities. The materials in old houses have endured centuries and can endure a hundred more years.
Finally, a remodeled or renovated home was built in such a way that the air could freshen the houses so there was no need for air conditioning. For example, Merida’s colonial houses have higher ceilings which make them less hot.
Privacy and amenities
Old houses are probably standalone homes. Secondly, they have much more privacy than the modern developments or condos. Also, they have as many amenities as the owner can afford or want.
As for the new buildings, many times they are part of modern real estate developments. And with the home come various amenities such as surveillance and 24/7 security, as well as green spaces, gym, multipurpose room, etc. Although if quality materials are not used for its construction, vices can arise in the first years of life.
Expenses
When you buy a renovated home , the only money you need to put into it is price of the property. But don’t forget that is not only the house but the taxes as well. However, this is not always the case when you purchase a home that has not been remodeled. It is important that someone knowledgeable checkup the house thoroughly.
The acquisition price of new housing, is 30% more expensive than a used one, even with similar characteristics, size, and location.
On the other hand, it does not require maintenance in the first 10 years of life. As we mentioned before if the materials used for the construction are not quality materials. You will end up spending much more for repairs. And when it comes to building a home, a lot of your costs are going to be eaten up with building materials and construction labor.
Final Word
Needless to say, it is also essential to consider the buyer’s budget. It is also important to have in mind the legality of the house. And finally, the projection of life is used. That is, how many rooms will be needed or if it will be a place where you want to live permanently.
If you’re considering in the neighborhood of your dreams, be sure to check out our listings at Top Mexico Real Estate. Don’t hesitate to contact one of our buyers’ representatives to know more. And remember…We make it happen!
