Are you torn between buying a new-build or an older property? Buying a property is no small decision and deserves careful thought. Each option has its own advantages and constraints. BIV Immobilier, your estate agency in Liège, sets them out below.
Pros and cons of new-build property
Energy performance and savings
With a new build, you have no work to plan for several years, an excellent EPC (PEB) rating and modern equipment that considerably reduces your energy bills and maintenance costs.
The energy performance of recent buildings can save you money on heating, a compelling argument given rising energy prices!
Guarantees and favourable financing
When it comes to financing, banks often show a marked preference for new builds. You generally benefit from more favourable borrowing conditions, with slightly lower rates.
You also benefit from the ten-year liability guarantee (garantie décennale), which protects your investment for 10 years against construction defects. A real safety net if something goes wrong, unlike an older property, where you have to bear the full cost of any work.
The drawbacks to consider
Be aware that this peace of mind comes at a price! Expect to pay 15 to 25% more per square metre than for an older property, not forgetting the 21% VAT on the purchase price.
If you buy off-plan, patience will have to be your watchword: delivery times for a new build can drag on, sometimes well beyond the initial forecasts. The location of the property could also be disappointing, as new developments are often located on the outskirts.
Pros and cons of older property
Prime location and unique character
Existing houses and flats appeal through their charm and often attractive location.
Older properties are generally located in established or even historic neighbourhoods, close to shops, schools and transport. A major asset for everyday quality of life! The charm and character of some traditional Belgian buildings also add an emotional dimension to the purchase.
Attractive purchase price and great potential
The purchase price can be very attractive and generally offers worthwhile room for negotiation, especially if the property needs work.
This flexibility can allow you to personalise your home entirely to your taste. With a full energy renovation that improves the EPC (PEB), you significantly increase the value of your property!
Watch out for hidden costs
The other side of the coin? You may have to pay unexpected renovation and maintenance costs: insulation that needs redoing, a boiler that breaks down, ageing plumbing... This work can bring unpleasant surprises. Without a ten-year liability guarantee, you have to bear any structural problems discovered after the purchase.
So, is it better to buy new or old?
The answer depends essentially on your priorities and your budget.
- If you want immediate comfort, to live in a property with good energy performance and to have peace of mind for many years, a new build is the obvious choice.
- If you are looking instead for character, a central location and a lower initial budget despite possible work, go for older properties, either renovated or in need of renovation.
Get support from property professionals to make the most informed choice possible. Looking for a property in the province of Liège? Contact BIV Immobilier!
