In new real estate, you will enter a home that smells of fresh paint, you can decide to arrange it as you see fit and provide the amenities you want. It will respect the latest energy performance standards, the notary fees will be lower (2 to 3% compared to 8% in the old one). As everything is never perfect, the problem with a purchase in the new one is that it is almost impossible to find a location in the city center (unless the city itself emerges from the ground, which is rare, you will agree). It will cost you more (10 to 20% more than an old property), and therefore, potentially, it will have a smaller area. Finally, you are not immune to a delay in the construction site. In the Fifth&Hazel blog you can get a proper idea.
In old real estate, the charm of old stones or of a apartment, a central location, the possibility of moving in quickly, more attractive prices: so many reasons that can lead you to make a first real estate purchase in the former. On the other hand, there is everything and nothing on this market, you may need to carry out work to bring the housing to your liking (or simply so that it is habitable), the thermal and sound insulation may leave it to desire and it is not sure that it meets all the criteria to which you are attached.
Estimate real estate market prices
The real estate market is the meeting between the sellers who seek to generate a nice added value and the buyers in search of a good plan and the lowest price. It fluctuates depending on a whole bunch of elements, such as the implementation of a specific urban policy, the construction of a tram line, etc. One thing is certain: goods are more often overvalued than undervalued.
You must therefore target one or more districts in which you want to make your first real estate purchase and then determine the price per real square meter. Three solutions:
Compare similar properties for sale in the same area and establish an average. We are not hiding from you that it is long, laborious, and not necessarily completely reliable;
Contact one or more real estate agents to ask them for an estimate;
Consult the notaries’ files. They are the ones who finalize the real estate transactions, so they know the market perfectly, and at what price the goods really sell. See you, therefore on the property barometer of notaries
Get advice for your real estate purchase
Another piece of advice for buying an apartment or a house: surround yourself! As a first-time buyer, you do not necessarily have all the keys in hand to decipher the pitfalls of the real estate market. Maybe you don’t know how to start your search either.