Vintage Property Is En Vogue
Things from bygone times tend to have a charm of their own – and this is true for buildings as much as for anything else. More than 58 percent of all real estate buyers opt for an existing property, while the other 42 percent prefer to buy a new-built home or build one themselves. This is the upshot of a survey conducted by the Allianz Insurance Group for which around 2,000 people of the ages 30 to 50 years were polled. All of the respondents bought property for owner-occupancy during the past ten years. One of the survey findings was that the age of the property bought declines in reverse proportion to the disposable household income.
Key Criterion when Buying Real Property is the Cost/Performance Ratio
The survey also addressed the question why buyers opt for an existing property rather than a new one. Not in every case was it a conscious decision. Four percent of the poll participants said their choice of an existing asset had been motivated by a lack of confidence in their ability to complete a new building. For 62 percent, the cost/performance ratio was the key buying criterion. Yet for many, personal taste also played a major role: 59 percent stated they had fancied the property they bought. Unsurprisingly, they were the ones spending least on structural alterations. Only one in ten respondents completely overhauled the purchased property before moving in, and only 40 percent undertook basic repairs. That said, a property's state of repairs becomes more significant with its age: 36 percent of the owners of properties built before 1950 paid particular attention to this aspect. Roughly one in two owners of such historic properties believes moreover that a period building has a richer ambience than a property more recently built.