Having a house of your own is a dream of many. Everyone craves a space where they can relax after a long and tiresome day. In the real estate market, people looking for a house of their own always ask – buying new homes vs older homes: which one is better?
This blog brings you a concise yet informative breakdown of both options so that you can make well-informed decisions regarding your future home.
Benefits of buying an old house:
Old houses, also known as readymade houses, are one of Pakistan’s most common housing options. Some of the reasons why people prefer old homes are:
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Convenience:
Old homes come with a lot of convenience and ease. People who do not have time to build their houses from scratch often go for readymade houses in Pakistan. There are many housing societies in Pakistan that provide people with ready-made houses.
Moving in:
It is seen that in the case of readymade houses, the gap between the booking of the house and its possession is significantly less. In short, readymade places are perfect for people who want to move into a home as soon as possible.
Better location:
Usually, readymade houses are located in areas already developed and come with all sorts of facilities, amenities and a good infrastructure. For example, many housing societies in Islamabad have a considerable number of already constructed houses, apartments, and farmhouses. Explore these top localities in Pakistan and find your dream house in no time.
Cheaper:
The historical trends and latest market conditions suggest that the readymade houses in Pakistan are relatively cheaper than the houses you build from scratch. The housing societies that construct multiple houses at a time face fewer costs than an average person who constructs his own house from scratch.
Drawbacks of buying an old house:
Following are some of the drawbacks that you have to encounter while buying an old house.
Repairs:
Old houses are usually several years old. This means they come with an ageing infrastructure that needs urgent repairs. Some of the repairs that you may have to incur include old walls, chipping paints, old sewage systems, worn-out floors, broken windows and tiles.
So, before investing in an old house, make sure you take a look at the home and examine it thoroughly. Do not fall for cheap readymade houses at first glance, and make sure you do your due diligence.
Limitations:
When you buy an old house, you cannot do much about its original structure. You can renovate here and there, but you cannot bring significant changes to the house.
Benefits of building a new house:
Buying a new house comes with many benefits. Some of the benefits of buying a new home in Pakistan include:
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Customization:
A house that is built from scratch can be customized in a variety of manners. This kind of freedom is not available when you purchase a readymade home. So, if you are someone who wants to build an exclusive house solely based on your personal preferences and needs, you should go for a new home.
Features:
Modern and newly built houses come with modern features and amenities that old houses usually lack. For example, current security cameras and fire alarms are generally absent from old houses.
Cons of building a new house:
Building a new house can be a tedious task as it requires a lot of resources, time and energy. For someone who has a busy routine, building a house from scratch may take time.
Following are some of the disadvantages of building a new house:
Costly:
Let’s get this straight – building a house from scratch can be costly because it involves a lot of direct and indirect costs. One of the reasons for new house construction is that raw materials needed for the construction fluctuate now and then. This alters the total cost of construction of the house.
Infrastructure:
The newly constructed houses are located usually in housing societies that are not fully developed and lack proper infrastructure. This is a feature freshly made homes typically lack.
So, these are some of the pros and cons associated with an old house vs a new house. Everyone should know new house vs old house pros and cons about to start house hunting. There is a clear difference between old houses and new houses and the factors associated with them. For example, there will be a clear difference between a 20-year-old house vs new house. Similarly, there will be an evident difference between a 5-year-old house vs new house
buying a new house.
It is safe to say, buying an old house might be a feasible option for many people, whereas many people will prefer to purchase a home in mint condition.
Give this piece a read and make a well-informed decision regarding your investment.