Place in the Sun – Old or New – Decide What Works for You
Apply logic not emotion when buying abroad – the more you do, the happier you’ll be with your choice, says property expert Laura Henderson.
“It is only the modern that ever becomes old fashioned.”
– Oscar Wilde
Age-mellowed countries like France and Italy are chock-a-block with traditional property – drawing buyers who value character over and above novelty. Opting for an older house in the current market can certainly be a savvy investment if you’re ‘in it’ for the long term. Prices are tempting. Locations are invariably top notch, plus you can wallow in bricks and mortar ‘realness’ – every inglenook, creak and cranny only adds to the ‘appeal’.
More mature abodes however, can be a drain on your finances and precious spare time – if major repairs are required, you’ll either have to roll up your sleeves and do it yourself, or call in the professionals. This is all well and good, if you can rise above the long-distance hassles and the monthly bills. If not, you might be better off culling your period fantasy and settling for a younger, lower-maintenance model.
New build has its share of upsides, from quality construction and contemporary styling, to energy-efficient heating and cooling plus all the latest mod con goodies. If the resort or neighbourhood you’re buying into is well resourced, you’ll also hold a competitive advantage over stand-alone equivalents that lack these benefits. But shiny and new isn’t without its foibles.
Price per square foot invariably works out more expensive than a resale home of a similar size. Property choice and on-site amenities can also vary hugely with location; so individual set-ups need to be looked at with a critical eye. Is the pool big enough to accommodate 60 well-endowed families? What about property plot sizes and annual maintenance costs? Don’t forget to factor in intangibles to the decision making process too. Similarly styled homes tend, for example, to attract like-minded buyers, with most developments geared towards fun-loving families. Depending on your point of view, however, all that consistency and conformity, not to mention the daily diet of others people’s kids might end up being more of a curse than a blessing.
Laura Henderson is a property journalist, columnist and investment expert. Her latest book Tricks and Mortar: The Little Book of Property Wisdom is out now on Amazon.
