Without a doubt, buying a new residential property or building a one of your own is one of the most demanding, complicated and costly decisions a Sri Lankan can make during their lifetime. Since the right to have a roof above your head, is commonly considered as a basic human right, using this freedom to make the correct decision is up to each individual. Therefore, check out below for both the pros and cons, of what to expect when buying a pre-owned home or constructing a brand new house here in Sri Lanka.

1)  Pre-owned home: What you would like and what you might not

Understand the pros and cons of choosing a pre-owned home for residential purposes.

A. The pros of choosing a pre-owned home

  • It can save you money: A pre-owned home is usually cheaper than a newly built home, largely due to the depreciation that happens over time. Typically, there are no hidden charges when buying an old house and what is mentioned is the final amount.
  • You’ll be saving time: Buying an old house can save you a lot of time since you won’t have to wait for months before moving in. As soon as the money is paid and the documents are signed, you can move into your newly owned house.
  • You’ll be saving the environment: It may sound strange at first, but you’ll actually be saving the environment when buying a pre-owned home. Owning a pre-owned house is tantamount to recycling a residential property since such a house will not consume additional construction materials.

B. The cons of choosing a pre-owned home

  • Unseen structural defects: One of the biggest disadvantages of buying a pre-owned home is that such properties may come with structural defects, such as wall stains, cracked tiles or disintegrating electrical wiring that can be difficult to fix.
  • Might require more maintenance: Given the fact that the property has aged throughout the years, it may require frequent maintenance even in the short term, in order for it to operate at its optimum level to facilitate its occupants.
  • Difficult to customise: Since most pre-owned homes are built according to the wishes and requests of its original owners, making new modifications according to your liking can be both time consuming and costly.

2) Brand new house: The good, the bad and everything in-between

Below are a few positives and negatives you can expect when selecting a brand new house.

A. What are the positives of going to a brand new house?

  • Less maintenance: Newly built houses are meant to last for a while. This means the owner of a new house will not have to replace the floor tiles, install a new roof or renovate the plumbing system in the short run.
  • Energy efficiency: The construction of modern houses include more energy-efficient building techniques. Apart from that, modern homes may also have solar panels and solar water heating to save on electricity.
  • Safety and security: Newly built homes conform to high safety standards. Often, they may be built using fire-retardant materials and may even have burglar alarms and security lighting to offer greater protection to its occupants.

B. What are the negatives of going to a brand new house?

  • Untested properties: Fundamentally speaking, a newly built house had no occupants living in it before. As a result, such a property could have hidden issues that have not yet been identified, which may lead to expensive repairs in the future.
  • No Furnishings: More often than not, a newly built house does not have furnishings and additional decorations, including basic furniture, curtains, carpets, towel rails, coat hooks or even a basic phone connection that needs to be installed before the occupants move into the property.
  • Undeveloped gardens’: The vegetation of a new home garden lacks the years of nurture and care compared to a more established garden. Shrubs and trees are unlikely to have reached proper maturity, making them more susceptible to common diseases.

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