First of all, I want to thank you for the opportunity that the Bloomberg Financial In order to write about topics related to the Real Estate sector, on this occasion we will talk about the purchase of used houses to renovate. Three out of every 10 people who buy a property to live in for the first time look for a house to remodel it.
The difference between a used or new home lies in its price. In a study carried out by StarUp Doorvel, the average age to purchase a property, at this time, is between 30 and 40 years old, with 30 percent of them looking to change their home in the 50s.
The issue of real estate income is important for the sector, but sales have been growing in those entities with greater purchasing power, such as Mexico City, Nuevo León, Jalisco, Quintana Roo, Baja California, Querétaro, among others” , comment the analysts of the technological platform.
The housing market has changed, the rental percentage is 60 percent while the sales percentage is 40 percent, this is because the new generation of actively productive people, between 20 and 30 years old, are focused on looking for work, traveling and enjoying their free time.
What the new generations are looking for is to travel, live new experiences, work remotely and they do not like to make commitments that tie them down for long periods of time, but after 30 there is a growing percentage that wants to stabilize, that is when they seek to acquire a permanent home to live in.
When choosing a new or used home, the most important factors that potential buyers take into account are security in the area, that it is a safe construction, that it fits their lifestyle and that it is preferably close to them. from their workplace, even if they are under a hybrid work scheme.
But it is also the price of the home, the cost factor impacts not only in the short term but also in the long term since the time to finalize the property can be up to 25 years depending on the bank’s policies.
The task is to investigate whether it is better for you to purchase a new or used property. It is true that each home has its charms, but before committing to pay for one or the other, contrast your tastes against your needs, lifestyle and budget. We recommend comparing the following items between a new or used home: cost; repairs versus maintenance; location versus space and security versus legality; capital gains, among others.
The advantages of buying a used house may be the price, since it is usually relatively lower than that of new houses and already built houses may have more space for the family.
On the other hand, the disadvantages of buying a used house are that it may be possible that remodeling expenses will have to be incurred due to deterioration of the property and the remodeling time could be longer than expected if the damage is extensive. Even hidden defects that are not identified at first glance or at least at the time of purchase, but after a while of living in it.
The advantages of buying a new house is that this type of property will not require immediate changes; From the purchase there is the possibility of making the house to measure, adjusted to the tastes and needs with respect to materials and finishes.
For its part, the disadvantages of buying a new house are that, as the first owner, the outlay of money can be greater and currently, the additional expenses of builders or developers are approximately 1.75 percent of the sale price. .
And finally, if you are one of the people who plans to acquire a mortgage loan, you should know that you can buy a used house with Infonavit credit.
The process to buy is exactly the same as if you buy a new house. The only difference will be the characteristics that the construction must have in the appraisal that will be requested of you.
The author is Co-Founder and holder of IT Leader in proptech.
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