In the present market in Cyprus, it can be more lucrative to invest in new residences than secondhand ones. This post makes an effort to provide informational insights into the advantages of new properties as well as pertinent data to assist readers in making an educated decision. At the moment, a 10-year-old two-bedroom apartment costs just under €200,000, while a brand-new apartment costs roughly €280.000. Why, then, should you consider investing the additional €80,000?
New construction has the newest design and technology, including smart home systems and energy-efficient appliances. Designers make the most of available space by utilizing built-in cabinets and creative storage solutions. The presence of large window frames, thermally insulated walls, indoor gardens, and live green walls all improve the quality of life.
Options for customization: One key advantage of new houses is the freedom to modify them to your tastes. Choose layouts, components, and finishes that suit your way of life. In their 2015 research, the Royal Institute of Chartered Surveyors (RICS) found that customers favor personalized houses that fit their tastes.
Lower maintenance costs: Newer residences often require less maintenance and immediate repairs than older ones do. Maintenance expenditures for newly built homes normally equal around 1% of the purchase price in the first few years, but they might range from 2% to 4% for properties that were previously owned. Additionally, a home with an EPC Class C may save roughly €80 per month on energy bills compared to an Energy Efficiency Class A home (which is the standard for new builds).
Warranty and guarantees: New home developers or builders offer warranties and guarantees covering structural defects, serious construction issues, and specific systems and equipment. Cyprus typically offers up to ten years of construction warranty coverage, two years for plumbing and electrical systems, and one year for appliances. Homes for sale are usually located in established neighborhoods close to amenities. But given its old appearance, the region may need to be rejuvenated. Although resale properties are sometimes more affordable to purchase, it's crucial to consider the cost of modifications and the total return on investment.
Additionally, modern houses can be rented for higher monthly rates compared to older ones. Finally, when purchasing a resale home, there is usually room for negotiation because owners may be more flexible than developers of new houses. When comparing new homes to resale homes, carefully consider your finances and budget to see whether you can afford them. New homes provide contemporary conveniences, customization possibilities, and warranty coverage.
With resale properties, don't forget to consider prospective renovation tasks and repair costs. If they are reasonable, new homes follow modern designs for customized living areas, enhancing your quality of life and offering the possibility of long-term rental income. If possible, the additional expenditure becomes a prudent financial choice. You may choose wisely for a rewarding homeownership experience within your budget by assessing your unique needs, preferences, and financial factors.