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The Real Estate Market: Decisions Between Used and New Houses

El mercado inmobiliario: decisiones entre casas usadas y nuevas

In the current real estate market, it is common for first-time property buyers to consider the option of purchasing a used house to renovate. According to a recent study conducted by StarUp Doorvel, approximately three out of ten first-time home buyers are looking for a house to remodel. This trend is mainly due to the price difference between a new and a used house.

Currently, the average age for purchasing a property ranges from 30 to 40 years old, and around 30% of people over 50 years old are looking to change houses. While renting properties is still relevant, sales have been increasing in areas with higher purchasing power, such as Mexico City, Nuevo León, Jalisco, Quintana Roo, Baja California, and Querétaro, among others.

The real estate market has experienced significant changes in recent years. Currently, about 60% of people choose to rent a house, while only 40% opt for buying one. This is because the new generation, composed of young people between 20 and 30 years old, is more focused on finding employment, traveling, and enjoying their free time.

However, as people surpass the age of 30, there is a growing need for stability, leading them to search for a permanent residence. When choosing between a new or a used house, potential buyers consider factors such as the safety of the area, secure construction, and proximity to the workplace, even if it is in a hybrid work scheme.

In addition to the price factor, which impacts both short and long-term due to financing terms, it is important to compare tastes, needs, and budget before committing to buying a new or used house. It is recommended to compare aspects such as cost, repairs and maintenance, location and available space, safety and legality, as well as appreciation, among others.

The advantages of buying a used house include a relatively lower price and the possibility of having more space for the family. However, the disadvantages can include renovation expenses due to the property’s deterioration and a longer renovation time if the damages are severe.

On the other hand, buying a new house offers the advantage of not requiring immediate changes, as it can be personalized and tailored to the tastes and needs in terms of materials and finishes. However, the disadvantages include a higher upfront cost as the first owner and additional expenses from builders or developers, which represent approximately 1.75% of the sale price.

In conclusion, when making the decision to buy a house, whether new or used, it is essential to consider personal preferences, lifestyle, and budget. In the case of those planning to acquire a mortgage loan, it is important to know that it is possible to buy a used house through Infonavit, following the same procedure as buying a new house. The only difference will be the need to meet certain construction characteristics during the appraisal evaluation.

Frequently Asked Questions about Buying a New or Used House:

1. Why do some people choose to buy a used house to renovate?
– Some people consider this option due to the price difference between a new and a used house. According to a recent study, approximately three out of ten first-time property buyers are looking for a house to remodel.

2. What is the average age for purchasing a property, and what percentage of people over 50 years old are looking to change houses?
– The average age for purchasing a property is between 30 and 40 years old. Around 30% of people over 50 years old are looking to change houses.

3. What is the current trend in the real estate market regarding renting and selling houses?
– Currently, about 60% of people choose to rent a house, while only 40% opt for buying one. This is because the new generation is more focused on finding employment, traveling, and enjoying their free time.

4. What factors do potential buyers consider when choosing between a new or used house?
– Potential buyers consider factors such as the safety of the area, secure construction, proximity to the workplace, and other factors like cost, repairs and maintenance, location and available space, legality and appreciation.

5. What are the advantages and disadvantages of buying a used house?
– The advantages of buying a used house include a relatively lower price and the possibility of having more space for the family. However, the disadvantages can include renovation expenses due to the property’s deterioration and a longer renovation time if the damages are severe.

6. What are the advantages and disadvantages of buying a new house?
– Buying a new house offers the advantage of not requiring immediate changes, as it can be personalized and tailored to the tastes and needs in terms of materials and finishes. However, the disadvantages include a higher upfront cost as the first owner and additional expenses from builders or developers.

7. What should be considered when buying a new or used house?
– It is important to consider personal preferences, lifestyle, and budget before committing to buying a new or used house. It is also recommended to compare aspects such as cost, repairs and maintenance, location and available space, safety and legality, as well as appreciation.

For more information on the real estate market in Mexico, you can visit the Infonavit website, which offers mortgage loans for home purchases.