Pros and Cons of buying new and old homes 


Pros and Cons of buying new and old homes 
Pros and Cons of buying new and old homes 
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Buying a home is the biggest financial decision a person takes in his lifetime. While purchasing a home many factors like budget, location , specifications will be considered and one of the important considerations is whether to buy a new or old home.  Each option comes with its own pros and cons. Understanding them a little before finalising the property will help you make an informed decision.

This article tries to throw light on pros and cons of buying new and old homes.

Pros of Buying a new Home:

  1. Customization : You can do a lot of customization when you buy a new home or build a new one. In India a lot of home buyers believe in vaastu and vaastu completely depends on the individual preferences so you can customise your new home accordingly. 

Besides Vaastu you can choose the type and colour of the flooring tiles, countertops, paint colour and other design elements to create a beautiful home that meets your needs and preference.

Chennai is the fastest growing metro city in India and if you are planning to invest in new homes you can choose properties in Madambakkam which is closer to Medavakkam or in apartments in East Tambaram which is suitable for higher returns.

  1. Low Maintenance Cost : When you buy a new home the hardwares used will typically come with a warranty and will be less defective this means you will have lesser maintenance at least for the next 5 years. No maintenance means a high peace of mind.
  1. Modern Amenities :  New properties often come with modern amenities and latest technologies like smart home, app based functions, energy efficient appliances,modern elevations and ample parking spaces. These can add convenience and luxury to your daily life making your home pleasant and efficient.
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Cons of Buying New Homes :

  1. Higher Cost : Both construction materials and price per sqft of the land appreciated every year so is the cost of the new home. Besides construction cost home loan interest rates also increases over a period of time which leads to increased new home cost.
  1. Location matters : New homes are often built in developing locaties which are far from the developed neighbourhoods and city centres. This may be a drawback for the people looking to stay near their office which is mostly in the city centre or in developed localities.

Pros of buying a Old Home : 

  1. Affordability : Older homes are always cheaper than the new one based on their present condition. If you are buying for an investment purpose you can buy moderately older homes in the prime location and get a better rental yield with some minor repair works done.
  1. Established Landscape : You can find a home in the centre of the city or near your workplace. This can be a plus for those who appreciate living in the established neighbourhood.
  1. Unique Character : Some older homes come with unique architectural characters such as hardwood floors, crown molding and stained glass windows. They may also have historical significance.

Cons of buying a older Home :

  1. Higher Maintenance Cost : Older homes may require more maintenance than new homes due to wear and tear. Nowadays finding a plumber or electrician is a difficult task in metro cities like Chennai and Bangalore. This can increase your cost and a time consuming process.
  1. Less Efficient : Older homes may not be as energy efficient as new homes which may ultimately increase the electricity bills.
  1. Outdated amenities :  Older homes or society comes with outdated amenities and not having sufficient space for parking. Even some old communities don’t have lift and servant restroom facilities.
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In conclusion, buying a new or old home comes down to personal preferences, budget and lifestyle. Knowing the pros and cons of buying new and old homes will help you make wise decisions.


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