Property buyers have to consider a number of factors when choosing a home, with one of the biggest being whether to buy new or previously loved.
Both options could be considered a great buy and offer their own benefits, says Mike Greeff, chief executive of Greeff Christie’s International Real Estate.
Older properties, he says, offer advantages that include “generally being larger in size”. This usually means having sufficient space for families and space to expand.
“The ability to expand a section of your home not only increases space, but could also add value.” In the current market, one is “bound to pick up” a larger property that is “excellent value for money”, he says. “You are able to select the property of your choice without too much difficulty. Sellers are eager to sell and are more willing to compromise on asking prices that may be inflated. The option to choose from a selection of fine properties in your preferred area is rare.”
Furthermore, investing in an older property means a bigger cash outlay with a bigger pay out, Greeff says.
“While you may not be looking at making profits in the immediate future, purchasing an older property, for the sole purpose of residential occupation, means you may not receive an immediate return on investment. However, if you have bought a property for the sole purpose of renting it out or having it act as an Airbnb, you may be looking at some immediate monetary returns.”
Newer builds also have advantages and one is that the owner is able to make use of new features in the property that other owners would not have had access to.
“Newer houses often feature some of the most desirable, sought-after features. Granite or engineered stone counter tops are commonly found in new properties and add value to kitchens and other areas. Other popular features include aluminium finishes around windows, special sanitaryware in bathrooms and kitchen ranges of the highest quality,” Greeff says.
Should one be purchasing to let, they could benefit from a regular income stream. Rental yields can be “significant”, depending on the area in which the property is located.