Should I get a brand-new house, or would a used one do?
When deciding whether to purchase a new or pre-owned property in Mexico, a family's financial situation and the legal requirements for doing so are two of the most important factors to consider.
One of the most transcendental decisions in a person's life is to buy a house when he/she has sufficient conditions. This is because when the main requirements to opt for credit are met, the choice of a new or used house becomes one of the main doubts.
There are several points to consider in the purchase of a house since it generally means the largest disbursement in a person's life and the longest duration. However, at this point, we will only take into account the doubt about choosing a new house or a used one.
The benefits of buying a new house
Usually, the first thought of a family that wants to buy is to look for new houses in the desired area, especially because in Mexico, available plans have a preference for new developments.
No wear and tear on the property
The first point to note has to be the wear and tear of the property. When a new house is acquired, absolutely all the materials are new, and it will not be necessary to spend on this type of maintenance for at least five years. The installations must be completely up-to-date and there will be no anomalies since there is no age.
Modernity
When buying a new home, these properties are already adapted to the most recent lifestyle and, in the case of apartments, the elevator, common areas, and outdoor spaces have become necessary amenities for the 21st century, especially when compared to properties inaugurated 20 years ago.
Added value
Obtaining a new home in central areas within Mexico's main cities is complicated and, in some cases, very expensive, which is why a large majority of these projects will be developed on the periphery of the cities. The positive side? The city will expand in these directions, and the capital gain will increase in an unobjectionable way. However, we will have to wait for this to become a reality.
The benefits of buying a used house
Price
As it could not be otherwise, the main point in favor is the price, since a used house in a similar context to a new house tends to decrease its price by around 30%, a considerably high percentage for most budgets, which means a substantial decrease in the time of the debt, monthly payment, and its respective down payment, if necessary.
Size
A used house or apartment will invariably be larger because, as the years go by, the price per square meter for construction only increases, which means smaller and more expensive developments. With used houses, the price you pay per square meter is more important than the size, so this is an important thing to think about.
Immediacy
If a used house is chosen, after completing the payment process, the buyer will be able to access it immediately. The difference with a new apartment or house is that these do not offer immediate delivery and may even have pending work once delivered.
