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Pros And Cons Of Buying A Newly Built Home

Lagos Home & Property Festival

Some people hate second-hand things while others like things with history, same applies to real estate in Nigeria,  new construction has a never-been-touched attraction, while existing homes have stories to tell.

When it comes to material purchases like clothes electronics, appliances etc, humans prefer to buy brand new. But you’ll likely be able to save substantially if you are willing to buy the model car that has been sitting on the dealer’s lot and may have just a few hundred miles on it. Log onto any electronics website and purchase a completely unused item with damaged packaging and you’ll get a steep discount from the list price.

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Either new, old or a damaged property, everyone will have their reason for choosing either if the bunch. This article helps you analyse the advantages and disadvantages of buying a newly built home to help you find the home that is right for you.

Advantages

Modern specifications

When done right, there is nothing like a brand new home as the house will meet the needs of today’s Nigerian buyers in a way that no resale typically can. Closets and storage, room layouts, fit and finish, building amenities, outdoor space, and square footage allotment combines to give buyers what they demand today.

No moving chain

Purchasing a brand new home in Nigeria means you are not part of a moving chain that can threaten how quick you get to live in your home. You have to wait for the previous owner of the property to move out in an old home but a newly built home you can move in as soon as the deal is done.

Efficiency

New appliances and home systems are more energy efficient. So opting for a newly built home means you get the latest technology of home appliances and systems that are energy efficient and modern.

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Maintenance

A newly built home in Nigeria generally requires less maintenance when built well since everything appliances to the HVAC system and roof are brand new. This means you can better predict monthly homeownership costs since you’ll likely spend less to maintain your home. Warranties can protect your new home for years before you need to undertake any major repairs.

Disadvantages

Location

New construction typically can be found in areas where land is plentiful but this can be far making daily commutes longer.

Price

Most times brand new homes cost more than existing homes sometimes up to 20% more than a similar existing property. All those fabulous amenities the house comes with can really add up.  Upgraded features are marked up heavily for the construction company’s profit and can end up costing you far more than you ever intended.

Local Amenities

Many new construction neighbourhoods and developments in Nigeria are built far from necessary destinations like schools and your usual supermarkets and shopping centres. Also, if you’re one of the first to move in, you’re essentially going to be living in a construction zone for years to come.

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Charm

Often new homes have less architectural detail and charm that many older homes have. So if your history and charm a new home might not be for you.

Customisation

New properties may not excite buyers who like to do lots of customizing and upgrading themselves. Those who take pleasure in fixing up a home or tailoring it to their preferences might find that brand new homes aren’t a good fit.

Space

New homes are built on smaller lots than most older homes. If you’re looking for that big backyard – and lots of space between your house and the next door neighbour’s – you may not find it in a new build.

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Jemimah Abimbola

A creative bibliophile, a lover of words, a tennis guru and a foodie.

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