Are you considering embarking on a new real estate project, specifically buying a property? You might be asking yourself a simple question: should you choose a new build or an old property? Each option offers its advantages and limitations, and many buyers struggle to make a decision. To help guide your reflection, here is some information to help you identify the pros and cons of each choice.
Buying New: The Price of Peace of Mind?
The Advantage of No Renovations: A True Plus
Real estate developers selling off-plan apartments or houses often highlight a significant argument: you only need to move in. With new builds, you know you can live there for several years without any renovations. Not only do you avoid hidden costs, but you also enjoy a more peaceful life. This argument attracts many buyers, especially those who are not ready to endure months—or even years—of successive renovations.
The Ten-Year Warranty: A Real Advantage for Peaceful Buying
While hidden defects can be a concern with old properties, new properties offer solid guarantees. In Luxembourg, the ten-year warranty provided by the builder protects you for 10 years against potential defects.
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Outstanding Energy Performance
Under the Grand Ducal regulation of June 9, 2021, regarding building energy performance, all new constructions in Luxembourg comply with strict requirements. Practically speaking, no home can exceed the maximum thermal transmission values set by law. These low values ensure that new properties are very energy-efficient—reducing greenhouse gas emissions and saving energy.
A Logically Higher Price
All the advantages highlighted by new property sellers come at a cost. Thus, for the same surface area and in similar geographic areas, a new property will cost more than an old one. For example, in Luxembourg City, the average price per square meter was €9,935 for old properties in 2023–2024, compared to €12,782 for new properties.
Buying Old: More Affordable and Sometimes Just as Interesting!
More Affordable Prices
Taking the example of Luxembourg City and the price difference per square meter between new and old properties, you save over 22% by buying an old property. For first-time buyers or those on a small or medium budget, old properties remain logically more attractive.
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A Broader Range of Options
If you want to buy a property under construction, you will need to look at developers’ offerings and accept moving to neighborhoods they develop. But with old properties, you have more choices in terms of the number of listings and diversity of neighborhoods. You’re also more likely to find exceptional properties on the old market—in highly sought-after central neighborhoods or with extraordinary views and/or typical architecture from a recognized era.
A More Concrete Project
Buying off-plan can intimidate some people, as it is quite difficult to visualize the final result before the construction is complete. When visiting an old property, you can observe every detail and better imagine how you will arrange the space later. This is generally more reassuring!
Beware of Renovations and Hidden Surprises
Although old properties are often cheaper and remain very attractive, they also come with certain limitations: less satisfactory energy performance with possible insulation needs for more comfortable living, outdated equipment and installations that may require replacement, and overall higher maintenance or renovations after moving in.
Are you hesitating between a new and old property? Get assistance from a real estate professional who can explain your project in detail. They will guide you and provide personalized advice to help you make the best choice based on YOUR goals.
