Pros and cons of buying an established house
May 13, 2017

When buying household property, it is usually best to get new ones as it is something cheap and short term use, but for a big property such as a house it may be difficult to decide. If considering to buy a house people need to weigh the advantages and disadvantages associated with it and I am going to outline these in this article.

Readily established houses are ready to move in there are no waiting periods, so it might be ideal for someone looking for instant accommodation solution compared to when one is building a new house which can take months or years for it to be liveable. Once the payment is in and the paperwork if finalised it is usually ready for moving in. It also saves a lot of time and hard work as all the building work is already done for you.

Buying an established house enables you to choose where you want to stay and there are higher chances that you can get houses close to the CBD or workplace compared to when building a new one. New stands are highly unlikely to be available in old suburbs hence buying an established house gives you a wide range of choices in terms of location. It also means buying an established neighbourhood with activities and services such as roads, shops and public transport around you and is often secure. Trees and gardens are also already established.

When you buy an established house, you know what you are getting and no other costs such as labour or transport costs will be incurred. You pay for what you see and the house is ready for you to move in. When buying a new house, the buyer also has a higher negotiating power compared to when building hence might be lucky to get a house for a very cheap price.

In every silver lining, there is a dark cloud. There are several disadvantages that buyers of established houses need to be aware. Already established houses are not flexible in terms of design and customizing the structure of the house which is offered in building a house. There is no chance to design or choose material wanted for the house. In older houses one might also unknowingly purchase a house with defects that will only come to light after a couple of months or years. In addition, most of the houses do not come with any warranty as it usually lasts for about 5 to 7 years. The buyer might then incur unforeseen costs for repair. This also proves that already established houses might be expensive to maintain and properties might have structural issues.

Furthermore, when purchasing an established house, it is highly unlikely to get exactly what you want as it is impossible for two people to think in the same manner. They often don’t meet the needs of the buyers as they are often old outdated houses that use old technology which may come with expenses such as high electricity bills.

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