When it comes to buying a property in Ibiza, you might find yourself wondering if you should buy a new or an existing home. As with all things in life, there are advantages and disadvantages in both cases, but here are some things you ought to take into account before making your purchase.
How easy it is to buy:
It is normally easier to get a mortgage on a new build property. However, the fact that second-hand properties typically come fully furnished and fitted makes the buying process much easier.
Price and preservation:
New properties are naturally in a better condition than existing ones, but for this reason, usually cost more. The inevitable deterioration of previously owned homes makes them cheaper, in general, but the upkeep makes them more expensive in the long run.
The good thing about a newly built house is that you can decorate it any way you want. That said, the existing style present in an old property, especially if it’s a traditional rural Ibicencan Finca, may be very attractive and unique.
Energy and water bills in new houses will be lower than in used ones as the insulation, heating, windows and other features tend to be more modern and efficient.
So as you can imagine, there is much more to consider when deciding if you should buy a newly built home or a resale property in Ibiza, and no two buyers will arrive at the same conclusion when reviewing all of the pros and cons of both types of properties. For some people, a new construction fits their needs perfectly and will be the right choice. For others, an existing home will tick all the boxes and will be the right decision for their financial and lifestyle goals. Whatever the final decision, it is important that you fully consider the advantages, as well as the disadvantages, of buying either a new or an existing home in Ibiza.