Pros and Cons of buying second-hand housing
When acquiring a property an obvious dobut is buying second-hand housing or a new-build one?. Beyond no doubt, this query is entirely logical. From Hermes & Mathew we present the pros and cons arguments of buying a second-hand housing, so all queries will be quickly diluted by reading our post just below.
As it has been pointed before, it is not easy to find the perfect home. In addition, when deciding to purchase, the dilemma of whether to acquire a second-hand or a new home is common. In the end, personal and economic circumstances will end up tilting the balance to one side or the other. In any case, the advantages of acquiring a second-hand property are several, and it is advisable to keep them in mind.
Pros and cons of a second-hand housing. The first pro – A most affordable price
A property for sale which has been previously inhabited offers a significant economic advantage. Its price in the market is usually, lower than a brand-new home. Regardless upward trends likely to be encountered, a second-hand property is always sold at a lower price.
In addition, there are more economic advantages. When purchasing a property of this kind, less tax burden are applied, that is, taxes to be paid are lower. The tax burden of second-hand housing has to do with the property transfer tax, which is set between 4 and 10%, depending on the autonomous community where the property is located, compared to the 10% VAT applied to a new property.
Better location of a second-hand property
At present there is little room in cities – specially in capital cities – to build in downtown neighborhoods. New constructions are mainly carried out in areas far from the important arteries of the city, and in peripheric zones where there is still buildable land. When looking for a home and not wanting to leave downtown areas, go for a second-hand apartment as there is many more chances of getting it. In Hermes & Mathew, we offer a wide portfolio of apartments for sale in the most central and best-communicated neighborhoods of Barcelona.
Second-hand housing. More flexibility
A new home may be your dream home, but may have a feature which is not completely to your liking, such as – its distribution, orientation or any other aspect-. Then, in addition to having to pay for a higher price than a second hand property, there is an extra payment to perform a reformation, so the total investment can be overcharged. On the other hand, as a second hand property for sale is more affordable, there is more room to be able to perform any refurbisment, in case you want to change something inside.
Grants and subsidies
Second-hand properties can benefit from grants by public administrations for rehabilitation. Nowadays, there are subsidies in order to adapt housings for disabled people, or to get the property to be much more energy efficient. It is public money that aims to ensure habitability, accessibility and efficiency of properties. Town Halls are usually in charge of this procedures, and can give all the information about the process to follow.
Ready to move into
When buying a new property, it may happen that you can not move in until all the work is done. Waiting time may go from a few weeks to several months. On the other hand, when chosing a second-hand property, you would move into just as the entire purchase-sale process is formalized. Withdrawal time would be considerably reduced.
After getting to know all the advantages of buying a second-hand property, the purcharser has the last word. Just keep in mind that in Hermes & Mathew we can provide a wide portfolio of properties adapted to different tastes and needs. Please feel free to contact us to get any further information, with no obligation on your part.