When buying a property, the question arises: is it better to buy an old house or to invest in a new building? We have listed the advantages and disadvantages of each type of purchase for you.

Buying an old building and renovating it

There are 3 main advantages to buying a property in the past:

1- A price per M² lower than that of new buildings

The real estate market is doing well in general. In Luxembourg, in recent years, there has been an annual price increase of around 5 % for flats and 2 % for houses. Depending on their location, old flats are about 20 % cheaper than new ones. All costs included (acquisition costs and notary fees), the cost of an old flat is much lower than a new flat of the same surface area.

2- A prime location

Buying a property in an old building gives you access to a property with a prime location. The number of old properties, whether renovated or not, is much greater in the centre of Luxembourg or Esch-sur-Alzette than new housing. Living close to the train station, shops and public transport is a much more accessible criterion for lovers of old property.

3- Take advantage of the charm of the old

What about the work? Today, there are old houses that have been completely renovated. However, there is nothing to stop you from carrying out work. Ask an interior designer for advice before you start the renovation. A stone wall, an old fireplace or ceiling mouldings can add character to a contemporary decoration... keeping the soul of the place while adding your personal touch is the solution to create an interior that meets today's standards of comfort while keeping the character of the old.

On the other hand, buying in the old building has some disadvantages such as :

• Possible works depending on the condition of the building (roof, lift, common parts of a residence...)
• The rooms are often smaller and need to be completely redistributed to create a large living room or a master suite...

Buying new: all the benefits?

Customised layouts, state-of-the-art technical equipment, ten-year guarantee... not so long ago we were telling you about the many advantages of buying new. However, buying a flat in a new development or having a house built does not only have advantages. The disadvantages include

• Longer waiting time before moving in than when buying an older home
• The obligation to keep your property for two years before reselling it, otherwise you will not be able to re-evaluate its value at the time of sale
• Green spaces that still need to be developed
• A higher price per square metre