Buying a home can be one of the higher investments you have to face. Therefore, it is a decision we shouldn't take lightly. In general, the search starts from a simple question: what is better, buying a new or second-hand home.
There is no perfect answer. In the end, the choice will depend on several factors that we should consider calmly since both options have their advantages and disadvantages.
Factors to consider when buying a new or second-hand home
The first step is to set a budget. Have in mind that forecasts suggest that in 2021 there will be an adjustment in the prices of second-hand housing, while those of new construction will continue. Given that, it will be the turn to assess the advantages and disadvantages of buying a new or second-hand home:
Second-hand housing is cheaper, which allows you to buy larger houses. In return, it is usually necessary to carry out some reform, so this expense would have to get added to the final price.
Furthermore, we can't forget the taxes, which in Spain are different depending on whether it is new construction or second hand. The first is subject to a 10% VAT (4% if it is an officially protected home). While in the case of a second-hand home, we have the Property Transfer Tax (Impuesto de Transmisiones Patrimoniales) that varies between 4% and 10% depending on the region.
Old houses usually have better locations if what you are looking for is to live downtown. The lack of land to build means that new homes get built on the outskirts, sometimes even quite far from the centre, an issue that can force long drives.
It will depend on each property. A second-hand home is ready to live in immediately, as long as it is not necessary to undertake major renovations. In the case of new construction, when it is acquired off-plan, you have to wait several months until the construction finish, although if it is already complete, you can move in once the basic procedures get done.
In the construction of new homes, materials of modern design and better quality are usually used, in addition to energy efficiency criteria that, in the long run, imply significant energy savings. That doesn't happen in old houses. Although, if the intention is reforming, this issue can get solved.
Generally, a second-hand home has all the necessary services nearby (shops, health centres, schools, etc.). These are services that sometimes take time to reach new urban developments. However, there usually are more green areas, swimming pools, sports courts, parking space and storage rooms in new neighbourhoods.
Spainhouses helps you choose
Whether you are looking to buy a new or second-hand home, Spainhouses makes it easier for you. On our website, there is a section with statistics of housing price by geographical areas.
Besides, by entering your preferences in the browser, you will easily find your ideal home. Your dreams can come true now.