It was high time you bought your own apartment and gave up living on a rent once and for all. What will your new home be like? Will it be an apartment in an old building or one in a new residential complex?
If you haven’t decided yet on the kind of property you should buy, here are the advantages and disadvantages of each option.
Advantages for buying an apartment in a residential complex
- The apartment is brand new and you’ll be the first one to live there
- You are offered flexible financing options to purchase your new apartment – why spend the same amount of money on rent when you can invest in your own property?
- You won’t need to worry about losing time and money on renovations or repairs
- The finishes and amenities of such apartments are modern and of high quality
- You get a much safer investment for the long term
- You’ll become part of a new community and you’ll enjoy beautifully landscaped and maintained public areas
- You’ll always feel safe due to features such as fire extinguishers, alarms, smoke detectors, surveillance systems for public spaces, etc.
- The additional facilities and services that you benefit from increase the quality and comfort of your life
- In a residential complex you have access to a variety of types of apartments, at affordable prices;
- The developers give you the opportunity to compartmentalize the space, depending on your needs
- You will have a sufficient number of parking spaces available for yourself & your future visitors.
Disadvantages for buying an apartment in a residential complex
- Unlike old buildings, residential complexes are not always located in the central areas of the city
- The possibility of monthly costs additional to the regular ones, depending on the building’s amenities
- The purchase price can be higher than that of old housing, mainly due to the high demand and long-term benefits.
Advantages for buying an apartment in an older building
- You may invest minimally in the acquisition of a property
- Old apartments may be found in any area of the city
- The decision on choosing the quality and type of furnishings in case of renovations after you’ve bought the house will belong to you and you only
- You get to pay only the monthly costs of maintenance and standard utilities.
Disadvantages for buying an apartment in an older building
- Oftentimes you will need to do an all-inclusive refurbishment, which will involve another considerable investment after having bought the apartment
- The lack of facilities and modern finishes, both inside the apartment as well as in the building;
- Old buildings are frequently not thermally insulated. Therefore, heating costs will go much higher in winter, while during the summer the air conditioner will work more intensively
- Useful areas are smaller than those of new apartments in residential complexes
- The lack of additional services you get in a residential complex
- Insufficient parking spaces.
You can certainly find other advantages or disadvantages for each of the two options, but it is important to be as informed as possible and decide having the long term in mind. You are about to make a very serious investment for you and your family, so make sure you go down a new, rewarding path together!
