Buying New Homes As Against Buying Old Homes in Nigeria
There is a general belief that new homes are more expensive than old homes. This is not necessarily true in most cases and in different locations in Nigeria. There are several ways to weigh the differences in the cost of purchasing a new home or an old one. Buyers looking at investing in properties that are within a very expensive neighbourhood will discover that the homes will cost more money than new buildings within a different neighbourhood.
Are you having a deep thought that is being entangled with indecisions on where to invest? Then there are the pros and cons to consider when making a decision on buying a newer home or an old home.
Pros to Buying an Older Home
- Established and Long lasting neighbourhood
Old houses are located in neighbourhoods that have been well established for a very long time. For example, Banana Island in Lagos city has been in existence for a very long time which makes it more established than every other neighbourhood and it still gets better and more expensive year after year. Also, zoning changes are unlikely to occur in older areas.
- Historic Neighbourhood
Older homes create a historic neighbourhood where homeowners pass down their homes from one generation or the other. This makes neighbours know each other through generations. The same thing applies to an established and long lasting neighbourhood like the banana island neighbourhood I mentioned above.
- Long-lasting construction
Some old homes have stood the sands of time. For decades and centuries, they have withstood any weather and natural damages. The reason for this is because, in those days, home builders were much skilled and detailed in building a house with their hands, unlike these days where houses are not as strong as they used to be.
- Bigger Houses
Have you noticed that new houses in Nigeria are 5 times smaller than the old houses? You can practically walk from the sitting room to the kitchen in less than 10 seconds. The kitchens are very tiny, the bathrooms are almost negligible, the sitting room can barely contain a large dining area and it’s difficult to find a good parking space within the yard. Several years ago, lands were cheaper and builders will always build on a larger size, leaving plenty room to accommodate garages and even playing ground for kids.
- Matured Natural Canopies
For a neighbourhood that have lasted for decades and centuries, there will be matured vegetation with trees providing canopies in yards for
relaxation. Also, there are gardens in the yard that are still useful to date and occupants benefit from its produce. Mature vegetation and trees add beauty to old houses and it’s naturally healthy to occupants as it creates a lot of ventilation.
- Close proximity to relaxation venues
It is very easy for residents to go to good restaurants, boutiques or entertainment places within a neighbourhood because old houses tend to be located within downtown areas.
Cons of Older Homes Compared to Newer Houses
- There is always something to fix
Buying an old house involves plenty of maintenance because things tend to always go wrong occasionally. There is always something to fix when
you move into an old house and this involves fixing the old windows, the toilet sink, or even the floors. This is often the reverse when purchasing a new home as there are little or no maintenances to be done.
- Expensive replaces
An old home that has existed from one generation to the other often has some features to be replaced and these replacements can be very
expensive. For example, the pipeline can be rusty and faulty and would require a replacement that could involve much work and money. For newer houses, replacing any feature in the house can last for 10 to 20 years.
- Updating and remodeling
For your home to have a sense of class, there will be a lot of things to update and remodel which can include your kitchen and bathroom.
Updating an old house comes with following trends that can keep your home looking awesome and welcoming. The advantage that newer house have is that, so many items are up to standard and the wiring systems are perfectly networked.
- Buying an old home could be expensive
Yes it could be expensive because they are often located in places that have very close proximity to top schools, shopping malls, urban amenities and easy access to transportation within a good road network. Newer homes can be less expensive in suburban areas and a lot of people are taking advantage of the costs.
- No feelings of newness
To be sincere, everyone wants to have this emotional feeling of purchasing a virgin home. The fresh smell of new paint on the wall, newly tiled floor and a sense of ownership is something we all crave for and older homes do not give us this feeling. The feeling of newness makes us confident in our purchase and adds to our classy lifestyle.
- There is always something to fix
Investing in an older or newer house is up to you. Both options have their advantages and disadvantages and it is often advisable that you invest in what makes you happy and comfortable but if you have been confused about where your investments should go, then the above pointers should put you in the right direction so that you can let go of your dilemma and make the best decision.
Also, DpKay Homes Ltd is always available to have a one on one discussion with you if you need more knowledge on where your investments should go and how it should be spent. We are always one phone call away from making an appointment. We have a team of professional realtors who will use their expertise to help you invest wisely into any real estate property. DpKay Homes also have properties that you can invest in and these properties are located within high profile areas that make it worth investing.