One of the biggest debates in buying a home is whether to buy new or to buy old?
A new home for you, whether it’s a flat, apartment or house is a big decision. After you make a decision on buying instead of renting, the next question is another challenge to overcome!
OLD vs NEW property – which is the better choice?
While the opinions are divided in these issues (as expected!), this guide for purchasing old vs new flat or apartment will give you the rights answers to help you make the best decision!
We will look at all the Pros & Cons, the advantages & disadvantages – meaning the complete benefits of purchasing old vs new, when you are in the lookout to find flats in Bangladesh to buy or even, in the case of flats for rent.
Popular Thoughts on Buying Old vs New Flats
There is substantial support for both not just in Bangladesh, but worldwide. Many people are attracted to older properties both due to the quality and style of build. For most others, they want to be represented by a newly built flat which reflects the 21st-century lifestyle.
Property seekers in Bangladesh mostly fall under the second category – those that buy new flats!
They can live in a new flat which is best accustomed to their current living standard with light room, modern day electronic appliances and gadgets, and overall, energy saving atmosphere.
When you buy old flats, it is mostly due to the appeal for period style architecture, or heavy-duty build, or even for the simple reason of a more affordable options. Not just in Bangladesh, but worldwide the preference for new flats is increasing due to the convenience offered by modern style builds.
There are pros and cons of both, and in terms of properties it is quite a balanced argument between the two. Government authorities are having to take important decisions of whether to conserve older buildings or build new properties to meet the demands of public housing. Several loans and other banking schemes are being provided to assist new buyers.
If you are among those looking to buy new flats or to buy old flats, but cannot make the decision, then this list of advantages and disadvantages both will help you to come to a decision. So without any further delay, let’s look at the advantages & disadvantages of old vs new flats in Bangladesh. To get more help to buy your home have a look here Find Flats for Sale in Popular Places of Dhaka.
Benefits or Advantages When You Buy Old Flats
When you buy old flats, you find a property which may have been built before at least 30 years ago. These older properties have not only established an identity for themselves, but also have a reputation for their authentic build. The style is unique and appealing and there is a sense of character in the house. The history behind the building becomes part of its brand.
Quality of Build
It is also true that even though a building is old style in building, the quality of its build is higher than most new built properties. The quality of building materials used for buildings even as little as 10-20 years ago in many cases is better than the materials used today.
Cost & Bargaining Power
While the cost of most old flats, apartments or houses may be lower than new flats to begin with, buyers also enjoy a lot of bargaining power. They are able to use its condition and age as reasonable factors to offer a lower purchasing price.
Spacious & Roomy
Old flats were built in a different architectural mindset in Bangladesh, when space was not an issue! So, old flats have larger rooms, more empty space for storage, more living areas, larger dining, kitchen, balcony, etc. as things like AC and electricity was not an issue, either.
Disadvantages of Old Flats
Long Wait Times
When you find flats in Bangladesh, you will see that old flats are in the market for a long period of time. You may make an offer and you will be left waiting as many others may also be interested. Old flat sellers also take a longer time to accept offers, as they are looking for a better price offer from another party. So, the overall process may be long, time consuming, and frustrating.
You will miss modern day security features in old flats such as the style of window and door locks, fire alarm or smoke alarm systems, voltage issues due to older electric lines for modern day appliances, etc.
Cost of Property
The cost of an old flat may be much more than a new flat with more number of rooms or other features. This is because old flats are built to be more spacious, taking up more space. By not offering too much money, you may be missing out on the offer.
Frequent Maintenance & Repairs
You may find an old flat for a decent price, but you must take into consideration other associated costs. You may need frequent maintenance work such as for repairing and renovating it. In many cases, the small costs of each repair may add up to be a lot more than you expected.
Benefits or Advantages When You Buy New Flats
As we briefly mentioned earlier, the government has availed many banking schemes for new buyers to encourage the increase of buying new flats in Bangladesh. In addition to this, many property developers are offering unbelievable easy ways to make a commitment to buy new flats. Check out the government’s in improving the housing sector of Bangladesh in this article Find Suitable Home for Rent or Buy in Dhaka.
With new flats, apartments or houses, you get a blank canvas to paint your picture of the perfect home for your family and loved ones. From the choice of tiles, wallpapers, fittings, etc. all can be decided by you when given the opportunity by developers. You will not have to worry about maintenance or renovations as it will be built to your liking.
New flats are built in small room sizes, and overall space to be more energy efficient. With rising electricity and other utility costs, you will be spending less to cool a room of reasonable size with an AC, and running modern day electronic appliances like fridges, TVs, washing machines etc. Find the best, energy efficient, home appliances in Bikroy.com’s Marketplace.
Disadvantages of New Flats
Delay in Completion
Even with all the pros, there are cons such as long delays in completion of development. Many new flat buyers have to wait more than 2 to 3 years for developers to hand over their new flat or apartment.
Quality of Build
Many people feel that new flats are built with cheaper quality materials, and are not built to last a longer period of time. While they may look nice and shiny, the quality may be poor.
Limited in Size
When you find flats in Bangladesh, you will see that new flats have very limited space. They are built in an economic size, with limited space and usually very unattractive when you think of things like a spacious
There are many different kinds of service costs associated with new flats in Bangladesh. Although this may vary based on your location, but you will have to pay a lot of associated services charges like security service, elevator facility, parking space, garbage disposal, etc. these costs will be significant almost as much as the rent or living cost of an old flat.
So, now do you have a better idea of what to do when you find flats in Bangladesh?
What will you do?
Will you buy new flats?
Or will take the decision to buy old flats?
The decision of buying a home in the form of a flat, apartment or house is a big long-term investment. It is your personal preference of whether to buy old flat or to buy new flats but, there are many options.
Some people are blindly attracted to the quality of an old flat and others enjoy the comfort of moving into a modern day new flat. But for many others, the decision is very confusing and they have no idea where to start!
After we have covered the many advantages and disadvantages of buying old vs new flats, you will be able to make an easier decision of choosing one. Read about the various prices and sizes of properties in Dhaka in this infographic by Bikroy based on the actual statistics of 2018 housing sector Real Estate Market in Bangladesh in 2018.
This is not an argument or debate where there will be a winner and a loser. It is all about making the right decision for yourself when you find flats in Bangladesh. Whether you are looking for flats for rent or to buy, it is always best to keep an open mind and explore all your options.
Hopefully, this old vs new property buying guide has helped you in your search for your home. Leave your valuable thoughts, comments and tips for property buyers or sellers in the comments section.