A garden and playground, a cooking island and a wellness oasis: the Jones family knows just what they're looking for in their dream house. They can most easily realize their dream, down to the tiniest detail, by hiring an architectural firm to build an entirely new home. They could also influence the design by purchasing a new home “off plan,” and introducing their preferences in the early stages of the planning and project phase. This is the great benefit of constructing your own “four walls” from the ground up.
The cost of a new building
But this approach comes at a cost. The costs of a new building most often exceed those of a comparable older property. The need to keep an eye on the construction process and repeatedly make decisions is time-consuming and takes strong nerves – especially if there are delays or construction defects.
It costs much less to buy an existing house, where what you see is what you get and where you can also often witness daily life in the neighborhood, including on the playground and the way to school. All these factors are important for a family.
On the other hand, when buying a period building, you get no guarantees, while in the case of a new building, the developer is generally liable for defects for five years. With a period building, the seller only answers for fraudulently concealed defects. Apart from that, the buyers take over the house “as is.” This is why it's a good idea to inspect a building carefully and to bring along an expert to the inspection.
UBS Immo-Check can be of practical help. In the blink of an eye, it gives you information about the property and the community, as well as any needed renovations, the purchase price and affordability. This information lets you assess what renovations are necessary and to what extent you want to adapt the building to your needs. Depending on the budget, it makes sense to start with the most urgent work and leave the rest for later. In any event, we recommend consulting with a UBS client advisor.