Not only the price, but also the location, the state of the apartment, and the maintenance costs will tinge the image when someone is thinking of buying a home. It is quite commonly thought that the formula is simple: the home used is always cheaper. However, many things have to be counted, multiplied, before signing a contract. It may even be more worthwhile to buy used and renewed homes than to decide on a new home.
Whether it is an investment or a home purchase for your own, it is always important to make a grounded decision. We'll show you some crossroads that are close to each other in terms of price and which may help in choosing.
Is the Size of Space Important or Negligible?
a) If the size of the space is important and the buyer is reluctant to stand back from a few square meters, it may be worthwhile looking for used, refurbished apartments that still remain within the budget.
b) If the size of the apartment is negligible, new apartment may be a better investment, as it does not require a whole lot of money to spend on.
Is the Location Important or a Less Frequent Location will Do as Well?
a) If it is important to be close to downtown Budapest, good accessibility, good infrastructure and a wide choice of services are also considerable, then you have to pay a good location. In this case, we can shade costs with used homes.
b) If location is less important, because "by car everything is available" and "a small trip still fit", it is better to look outside the downtown or in the agglomeration, as we can get more affordable prices for both new and used apartments than in popular districts of Budapest.
Are There Any Special Requirements for the Layout and Design of the Apartment?
a) If you are looking for a modern-styled, individually designed apartment, you may want to think about used homes, as you can buy a flat at a reasonable price that you can later rebuild. Of course, you will also find the market of new homes that will maximize your customer's needs and realize the most specific ideas.
b) If there are no extra ideas, there are many options to choose from, the limit is the starry sky ... that is, the budget frame.
From the same amount of money, there are lots of options to choose from depending on your needs. In Budapest, house prices vary by district. The most expensive district is still the 5th District, where a new apartment price per square meter moves around 1.4 million forints – in case there is a flat for sale that meet our expectations. With the smallest square meter price in Budapest the 13th district is the cheapest, here you can find new flats for 380 thousand forints per square meter – shows the Portfolio 2017 Budapest Housing Market Report.
In proportions, the difference between new and used home prices may be huge. There is a 120% difference between the price of new homes and used homes in the 5th District. The smallest difference is in the 16th districts: 25-30%.
It is a question, however, whether the above-mentioned issues of importance can work off the difference when someone chooses to buy and convert a used home to a new turnkey home?