When the time comes to buy your own property, one of the first dilemmas you will face is whether to choose a newly built apartment or a renovated older property. Both options have their own advantages and disadvantages, which are worth evaluating carefully, taking into account the cost, energy class, maintenance, and long-term performance.
What a newly built property offers
A newly built property offers you the security of a modern construction with new regulations, modern aesthetics, and usually higher energy efficiency. Most new homes fall into energy efficiency class A or B+, thanks to thermal insulation, modern window frames, and new heating systems. This means lower heating and cooling costs and, in general, smarter energy consumption.
In fact, maintenance costs are almost zero for the first few years, and no immediate interventions are required in plumbing, electrical or structural systems. The property is delivered ready to move in and comes with quality certificates, permits, and clear technical specifications.
What are the advantages of a renovated apartment?
On the other hand, a renovated home offers a lower purchase price per square foot, often in more central or traditional areas where there is no available stock of new construction. If the renovation of the property is recent and of high quality, the property can combine aesthetics with functionality, without the need for immediate interventions.
It is also easier to find in areas with a developed residential network, such as Koukaki, Kypseli, or Exarchia in Athens, where new builds are rare. Prices per square meter are more reasonable, allowing the buyer to acquire more space or invest more in interior fittings.
Yield, maintenance, and long-term choice
The yield of a property depends on its use. If it is intended for rental, the use of an old property in combination with a renovation, if the property is located in a good area, can generate immediate income, while a newly built property can offer a higher resale value. The maintenance of a newly built apartment is limited in the first decade, but common charges may be higher in modern complexes with elevators, heat pump heating, etc.
A renovated property, on the other hand, may require additional maintenance costs in the future, especially if the apartment building is several decades old and no work has been done on the common areas or networks.
Newly built or renovated | What to consider before making your final decision
- Energy class: Check the energy class of the property. A newly built property with an A+ energy class can significantly reduce your electricity and heating bills, saving you hundreds of euros every year.
- Location: The area where the property is located is crucial. A property in a good neighborhood, even if it needs a little renovation, can be more valuable than a newly built property in a less popular area.
- Technical report or expert opinion: Request a detailed technical report on the property or apartment that has been renovated. This will help you understand whether the work was superficial or substantial, so you can avoid future problems.
- Future maintenance costs: Estimate the potential maintenance costs based on the age of the building and the condition of the facilities. An old building may require more repairs or upgrades in the short term.
Greca House – By your side every step of the way
At Greca House real estate agency, we help you accurately compare the advantages of each property option. Whether you are looking for a newly built apartment or a renovated house with potential, our team has the expertise and experience to guide you in the right direction.
We take into account your financial criteria and personal goals so that your choice is safe and profitable. Together, we can find the property that perfectly suits your needs and the future you want to build, combining quality, location, and long-term value.
You can take a look at the properties we have for sale or contact us to discuss your specific needs.
