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New home versus resale home: Which one to buy?

New home versus resale home: Which one to buy?

Like other parts of the world, taking a call on whether to invest in a new flat or a resale one may be difficult in Qatar as well. With new buildings burgeoning everywhere, there is a demand for new flats. And yet, many people opt for a resale house.
According to Al Asmakh Valuations and Research Director Gaurav Borikar, there are advantages and disadvantages to consider when determining whether one should buy a newer home or a resale home.
“It used to be that new homes cost more than resale homes, but that’s not necessarily true across the board anymore. As land costs increase, the size of new home plots has contracted. Buyers who look at inner-city homes in desirable neighborhoods will find, on average, larger house sizes, and the homes will cost more than entry-level new homes being developed in new subdivisions outside the city,” Borikar said.
He cited following advantages and disadvantages of buying a newer home or a resale home:
Advantages of buying a resale home
● Traditional construction: Resale homes have stood for decades, and may weathered many storms. Some were built by hand by genuine craftsmen with meticulous attention to detail and sometimes it is true.
● Larger land area: Years ago, when land was cheaper, owners built on larger plots with generous space for each activity.
● More character: In Qatar, the construction was more influenced by local Qatari architecture. Interesting features such as wooden beams, hand-carved decorative appointments, or stained-glass windows are in abundance in resale homes.
● Recognised neighbours: Some resale homes are passed down through generations. Many neighbours know each other. The neighborhood might be deemed historic.
● Established neighborhood: Zoning changes are unlikely to occur in resale areas. Mostly, hospitals, schools, and other facilities are available within the vicinity.
● Developed trees and vegetation: The municipal and individual gardens are flourished with developed trees and other vegetations.
● Closer to downtown, entertainment venues and restaurants: Not only do older areas tend to be located closer to downtown areas, but often residents can walk to local coffeehouses, antique stores, and restaurants.
Drawbacks of buying a resale home
● More maintenance: Despite how decent the maintenance is, the age always plays its role. Leakage in bath, broken tiles, algae on the walls are a few examples to be noticed.
● Expensive to replace wiring and plumbingcTracking:> If a home was built before sewer systems, the gutter might overflow into a sewer. Tree roots break up sewer pipes. Galvanized pipes are rust-prone. Sensitive electronics require grounded wiring, and non-metallic sheathed cable can’t be mixed with knob and tube.
● Smaller closets, storage space, and garages: Before people had less clothing, fewer personal items to store, and only one vehicle.
● Might require updates: Apart from HVAC systems, trendy updates involve pricey kitchen and bath remodeling.
● Often more expensive: Classic and vintage homes generally cost more because of the location, meaning they are closer to conveniences such as schools, mass transit, shopping, and urban amenities.
● Smaller average square footage: With the exception of estates, many resale homes are smaller in size, even though family sizes were larger when they were built.
Advantages of buying a newer home
● Little maintenance: New construction is meant to last for a while, so new-home owners are not likely to install a new roof or replace the air-conditioning. At least not for 10 to 20 years.
● Modern conveniences: Many items are standard such as built-in dishwashers, refrigerators, microwaves, and washing machine. The homes can feature master suite baths, workout and media rooms. Their wiring systems are networked.
● Builder’s warranty: The builders are mostly required to give buyers a 10-year warranty. The first line of defense is to buy from a reputable builder who will agree to stand behind the structure and its components.
● Energy efficiency: Many homes are built with solar panels that purport to save money on electricity. New appliances use less energy. Walls, ceilings, and floors are insulated. Dual pane windows restrict more heat and keep the home cooler in summer.
● Built to code: Building code regulations change all the time. Consumer safety issues are continually addressed in new construction and conform to current building codes.
● Emotional factor of newness: There is always something special to own brand new and has never been used, whether that’s a car or a home.
● Less expensive: If the new home is not custom, it’s likely to cost much less per square foot than an resale home in the city. Many households are moving to suburban areas for precisely this reason.
Drawbacks of buying a newer home
● Homes have similar floor plans: Some say homes are identical to each other. They have no individuality. Others prefer conforming areas.
● Undeveloped vegetation: It can take years for trees to grow. For example, many homeowners can’t afford to landscape the backyard. The fronts of these homes look magnificent but the backyard is still emergent.
● Longer commuting distances to downtown: If you want to be where the action is in a metropolitan downtown area or avoid the drive to work in rush-hour city traffic, the distance from downtown might make a difference to you.

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