Larnaca is a sunny city in Cyprus with a rich history and developed infrastructure. Choosing between new build and second homes can be a daunting task. Let's take a closer look at the pros and cons of each option to help you make an informed decision.
New construction: shiny and fresh
Pros:
- Modern technology and design. New homes in Larnaca are built using the latest technology and materials. This means they meet the latest energy efficiency standards, which means you can make significant savings on your utility bills. In addition, new homes are often designed with ergonomics and comfort in mind, offering spacious rooms, large windows and high ceilings.
- Builder warranties. Developers usually offer warranties on their new buildings, which include a guarantee on the building structure and communications. The minimum period is 1 year and sometimes longer. This gives buyers peace of mind that any problems that arise in the first few years after purchase will be dealt with at no extra cost.
- Lack of wear and tear. When you buy a new build property you are buying a home that has never been used before. This means that all the systems - from the electricity to the water supply - are new and will not need to be replaced or repaired for years to come.
- Choice. Buying at the build stage gives you the opportunity to choose not only the floor and location of your home, but also the interior finishes. This allows you to create your dream home to suit your tastes and needs. In addition, many developers offer payment by instalments and VAT on the first home is 5% instead of 19%.
Cons:
- Price. The cost of a new constuction is often higher than a second home. You are paying for novelty, modern technology and a guarantee of quality. Sometimes the price difference can be significant. For example, for the price of a new studio, you can easily find a two-bedroom duplex in Larnaca with stunning sea views.
- Construction time. On average, construction takes 1-3 years. If you buy an apartment under construction, you will have to wait for all the work to be completed. Delivery dates can vary and sometimes there are delays. This is important to consider if you need to move in by a certain date.
- Infrastructure. New neighbourhoods may not have all the infrastructure you need right away. It may take time for shops, schools and medical facilities to be built near your home. This is worth considering, especially if you have children or plan to use public transport.
Secondary: Proven
Pros:
- Price. Second hand homes in Larnaca are usually cheaper than new builds. This can be particularly important if your budget is limited. The lower price allows you to invest the money you save in renovations or home improvements. The only significant additional cost is the transfer of ownership, but there is no VAT.
- Developed infrastructure. The old neighbourhoods of Larnaca usually have all the necessary infrastructure. There are schools, kindergartens, shops, pharmacies and parks. You don't have to wait for the area to be developed - everything is in place for you to live comfortably.
- Ready to live. One of the main advantages of second homes is that they are ready to move into. There is no need to wait for the development to be completed, you can move in immediately. This is particularly important if you are in a hurry to find a new home.
- Historic feel. Many old houses have a unique architecture, charm and atmosphere that you won't find in modern new builds. If you appreciate older buildings with history and character, a second home can be a good choice.
Cons:
- Depreciation and repairs. Older homes can require significant investment in repairs. Electrical wiring, plumbing, roofs and facades may need to be replaced or overhauled. These are additional costs to consider when buying.
- Lack of modern facilities. Older homes often lack modern energy efficiency, air conditioning and security systems. It may not be possible to install underfloor heating. High utility bills and the need for modernisation can be an unpleasant surprise.
- Housing history. Second homes can have a history that is not always positive. It's important to check the title deeds carefully and find out if there have been any problems with the previous owners or the building itself. What if there are ghosts living there!
- Delay in the timing of the sale. It seems you have paid and moved in, but no. Sometimes the transaction is disrupted because of bad faith on the part of the vendor, unforeseen circumstances or simply inexperience. For example, tax clearance is required and in some cases this can take 2 months or more.
Each option has its pros and cons and the choice will depend on your personal preferences, budget and circumstances. If you value modern technology, freshness and quality assurance, a new build property may be the ideal choice. On the other hand, if you value advanced infrastructure, a lower price and a historic feel, an existing property may be a better choice.
Whatever your choice, remember that Larnaca is a wonderful city to live in and your new home, whether new build or second hand, will be a place where you can enjoy the comforts and beauty of this wonderful city. Good luck finding and choosing the perfect home!
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