Advantages of second-hand houses: why are they a great option?
Once we have seen all the characteristics of what we know as second homes, we get down to work to explain another of the options most chosen by Spaniards (and according to experts, also by Europeans): second-hand homes. These homes, occupied at different times by different tenants or rented to one or more owners at different times, deserve a second chance as they have a number of very clear advantages. Read on, our team of experts will explain it to you.
Advantages of second-hand houses
Second-hand homes are, undoubtedly and in the vast majority of cases, cheaper than newly built homes, firstly due to the monetary depreciation suffered due to time and secondly due to their use, both aspects that reduce the price of housing by up to 35%. Nowadays, with the coronavirus in full swing and the economic crisis that many European countries are suffering, the number of second-hand houses available is increasing and their average prices are decreasing.Thus, it is clear that there are second-hand houses in any location, especially in urban environments, as opposed to new-build homes that have to find their place in plots on the outskirts or in areas far from the expansion of large cities and their main services (supermarkets, hospitals, schools and recreational areas).
Second-hand homes have another great advantage, in this case temporary, due to the fact that newly built homes require patience as they are bought off-plan, with the mentality of someone who has a current home and does not need to move to that new home, while second-hand homes allow you, Once you have done the necessary sifting with your trusted estate agent, you can start negotiating with the bank, with the estate agent or directly with the current owners of the property, and the purchase can be completed, mortgage included, in around three or four months, and you can move in in another three or four months.
Another great advantage of second-hand houses is that the initial financial savings from the purchase allow us to carry out small or medium-sized reforms (including decoration). This initial saving will also be effective in terms of taxation, as the Property Transfer Tax (ITP) is lower than the percentage of VAT that you will have to pay for the purchase of a new building. Thus, with the reforms carried out and the corresponding taxes paid, we will be able to find a revalued second-hand house, in accordance with its market value according to its age and location, and we will be able to ask for a price that is perhaps higher than what we paid for it at the beginning.
