When it comes to acquiring a new property, we can opt for a long-lived property with reliable building standards, or a modern property that gives you a cutting-edge construction with style.
Buyers looking for homes in busy neighbourhoods will find, on average, larger spaces and homes that cost more than the average.
Let’s review each of your options as a buyer:
Advantages of an old property
• Old properties have held out for decades, others for centuries. Some have been built by real artisans, with considerable attention to detail.
• Large patios: In the past, builders had large spaces that left room for garages and long corridors.
• Greater personality: Interesting architectural features such as arches, hand-designed elements and painted glass are the rule in these houses.
• Mature trees and abundance of vegetation (although there are almost few places like this).
• Close to entertainment areas and restaurants. Old areas are usually located to the city centre, or there’s been a growth of businesses around these areas.
Disadvantages of an old property
• High maintenance: Some properties suffered periodically, needing more and more repairs. Chimneys and foundations might require sealing and floors may be sloping.
• High costs for plumbing and electricity arrangements: If a house was built before the invention of sewer systems, you might have some problems. The roots of the trees may break the pipes and galvanized pipes tend to corrode.
• Need for improvement: In addition to environmental refrigeration systems, current trends suggest costly kitchen and bathroom repairs.
• Higher cost: Classic, outdated homes often have higher prices for their location, because of their proximity to schools, busy areas, shopping malls and other urban amenities.
Advantages of a new house
• Less maintenance. The new constructions are made for the purpose of lasting for a while, so new owners will not have to repair roofs or replace water baths.
• Modern artefacts. Many of the regular appliances include built-in dishwashers, refrigerators, microwaves and wine coolers, and offer suite bathrooms, technology and gymnastics rooms.
• Novelty factor: You must admit that owning new and unused things feels great, regardless of whether it’s an apartment or a house.
• Lower price: If the house has not been remodelled, it will certainly cost much less per square foot than an old house in the city.
• Larger space: It is typical to see two-bedroom houses with 160 square meters that are sold at the same price as two-story houses with 250 square meters.
Disadvantages of a new house
• Properties may have similar structures to other properties in the area: Some people say that these types of houses are identical to each other and lack individuality. The question is: do you really care?
• Structure settlement: New houses must settle, regardless of the type of surface on which they are built. Settlement can cause cracks in foundations, walls or door frames.
If you need the help of a real estate agent to buy or sell a property in Miami contact us at The Coto Group (305.422.9286 / 305.803.3059) or follow our social media channels @TheCotoGroup to know more about Real Estate all over Key Biscayne and Brickell. With over three decades of real estate experience, The Coto Group surely knows best.