Many people struggle with whether to choose a newly built rental property. Women in particular tend to prefer newly built homes. While newly built rental properties offer many advantages, they also have drawbacks. In this article, we explain the advantages and disadvantages of newly built rental properties, as well as the key points you should know before moving in.
What are the advantages of living in a newly built rental property?
Residents move in at the same time, making it easier to build a community
In properties that have been around for several years, you usually need to fit into existing relationships. In contrast, in a newly built property, most people move in at roughly the same time, so it is easier to build a community from the beginning. In family-oriented properties, children may also find it easier to connect with one another.
The facilities and security features are up to date
Newly built properties often include the latest facilities and security features in order to meet tenant needs. Features such as bath reheating systems, floor heating, auto-lock entry, and monitor intercoms are well equipped, even though they are often not available in older properties.
You can live comfortably without signs of previous use
Because you will be the first resident, you can live there without dissatisfaction, with both the interior and exterior in brand-new condition. In older properties, some facilities may no longer match modern lifestyles, and that can easily become a source of frustration.
What are the disadvantages of living in a newly built rental property?
You may not be able to view the property before moving in
With newly built properties, tenant applications often begin before construction is completed, so there are cases where you cannot view the actual unit. You may have to decide based on drawings or promotional images, and the finished property may differ from what you expected. There are also cases where tenants have already been chosen by the time viewings become possible.
You may develop sick house syndrome
Sick house syndrome is caused by chemicals contained in building materials, such as formaldehyde, toluene, and paradichlorobenzene. The Building Standards Act places restrictions on their use, so there is no need for excessive concern. However, people with allergies should be especially cautious. Make a habit of ventilating the property regularly.
You may not be able to move in on your planned move-in date
There is a risk that you may not be able to move in as scheduled because of construction delays caused by bad weather, natural disasters, or similar issues. If delays occur, it is advisable to receive a written explanation of the completion schedule and handover date, and to keep a record in order to avoid later disputes. Cancellation fees charged by the moving company are generally borne by the management company or the landlord.
Frequently asked questions (FAQ)
What is the difference between a newly built property and a nearly new property?
A “newly built” property has never been occupied, while a “nearly new” property has had previous occupants but is still relatively new, generally within five years of construction. If you place more value on being able to inspect the property easily or on reducing the risk of sick house syndrome, a nearly new property can also be a practical option.
Is rent higher for newly built rental properties?
In general, the rent is set higher than for comparable older properties. However, when you consider the latest facilities as part of the package, the overall cost performance may still be favorable.
What symptoms can sick house syndrome cause?
Typical symptoms include burning eyes, dry throat, nausea, headaches, and skin rashes. If you notice concerning symptoms after moving in, regular ventilation and consultation with the management company are important.
