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The Pros and Cons of Buying a New-Build Property

The Pros and Cons of Buying a New-Build Property

If you are in the market for a new home, but you cannot decide between a brand new development and an established property, the following points can make your decision easier.

Pro: Design Flexibility

With a new-build property, homeowners have the flexibility to plan the design and build the space according to their specifications.

Bear in mind that if you are buying into an estate development, chances are you have limited chances to customise your new home in the greatest detail.

Pro: Modern Architecture

A new-build home will also take advantage of the latest construction regulations and use the latest building materials and architectural expertise available.

Pro: Sustainability Practices

Furthermore, new homes are often more energy efficient than already established and older properties as a result of the latest technologies and modern materials used.

Environmentally-friendly building practices result in good savings on heating and electricity costs.

Pro: Easy Maintenance

A newly constructed home is easier to maintain as all aspects of your home are brand new. For example, there is no need for upfront renovations.

If you are moving into a newly developed estate, you also gain the advantage of a cohesive neighbourhood with a consistent layout.

Cons: Building Delays

The downside to buying into a newly built property is the possibility of significant delays for any number of reasons.

Bad weather, problems with materials, delayed inspections or an overstretched contractor all have the potential to delay your project.

Any delays means you might have to wait longer than expected to move into your new home.

Cons:  Project Expenses

In most cases, it is more affordable to buy an existing home than it is to purchase a newly constructed property, providing you do your market research and can negotiate well the transaction price.

Project expenses can substantially increase for a modern new building. However, take into account the fact that older properties need significant updates, repairs, and remodelling, which means forking out more money in the long run.

Mobus Property Ghana Ltd. is a privately-held Ghanaian property investment, development, and management company focusing on commercial and residential property development. 

Try one of our upmarket, world-class developments. Contact Mobus Property Development today for more information on the range of properties in our portfolio.

Contact Mobus Property for more information.

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