Those in the enviable position of being able to acquire residential property often face a difficult decision: new or used?
There's no doubt that older real estate can be very charming. Especially in Munich, condominium buildings from the late 19th century and condominiums in the city center with stuccoed ceilings are fiercely coveted and often correspondingly expensive. It isn't uncommon to pay more for a 20-year-old townhouse near a subway station in Munich than for a newly built condominium near a commuter train station.
1. New buildings are up to date. The rapidity of technological progress also takes place in chemistry, physics, electronics and mechanical engineering, so you can expect a new building to feature premium, healthy materials and very good soundproofing and heat insulation.
2. Newly built houses and buildings have the distinction of contemporary energy efficiency standards and relatively lower energy consumption. Given the steady rise in energy prices, that has a positive impact on wallets.
3. The room division in new buildings is often much more modern and appealing than in old buildings. That's because the way we live our lives and run our homes changes over the course of time. New buildings consider the requirements of contemporary division and design of our living spaces.
4. New buildings aren't hiding any undiscovered, age-related flaws. Every new condominium and house is carefully checked by experts (such as the construction foreman or government-certified technical inspector) before being handed over to the buyer. The legally prescribed five-year warranty also protects new homeowners.
5. Also important is the security you gain to plan and the security of your investment. When looking at a new building, you know your financing needs and you don't need to set aside any reserves for unforeseen measures. In addition, the value of new real estate can be calculated in exact terms and the forecast of expected appreciation can usually be determined more precisely than that of used real estate.
Therefore, unless you've got your heart set on a specific older property, you should always carefully weigh the pros and cons of new versus old. In certain cases, an older townhouse or well-maintained condominium can be a lucky find, but in general, new buildings are more sustainable and offer the real estate buyer greater security.