Are you looking for a new build or an older property?
Property buyers are usually torn between purchasing a new build property or an older property. To make this difficult decision easier, here are both the pros and cons of new build houses and older properties.
A huge pro for new builds is that everything you move in with is guaranteed to be new and unused. This is hugely appealing to home buyers as with newly bought appliances it is more likely they will last a long time. This is the same for everything in the house. Walls are freshly plastered and the house will be spotlessly clean. Repairs and redecorations costs, therefore, are likely to be very low for the first years of living in the property, which can save a substantial amount of money in the long-run.
In new properties, your house will have windows with double-glazing. Also, due to new safety concerns, it is law to have a window in any room that is of a certain size. This is so a person has an escape route in the event of a fire. Another plus to new build is the warranties. For example, the National House Building Council (NHBC), who cover 80% of new builds in the U.K, have a 2-year warranty period where the builder is required to put right any issues you have in your newly built property. This includes repairing physical damage to your house resulting from their failure, removing contamination from the land and covering any costs required whilst getting problems resolved.
The process for purchasing new homes is easier than it is for older properties. ‘Help to Buy schemes’ are available to first-time buyers which are affordable home ownership schemes. Another bonus is that the house will typically have the most modern energy saving appliances and properties, meaning low running costs and energy bills. You can also, in most cases, select the types of fixtures and fittings you want in the new home to tailor it to your own taste.
Perhaps the most common complaint of a new home is the lack of individual character. New homes are mainly built on estates where the houses all look similar. You may also be purchasing the new home without it being built yet. Despite a relatively quick process, it can be hard to fully grasp what a property will look like based off of a show home that may have been designed to represent other properties too.
New builds are usually smaller than older properties, with smaller rooms and gardens. Similar to buying a new car, the price of the house will drop the second you move in and the house is no longer new. This means if you sell the property in 1 or 2 years that you may not get all of the money back that you paid. However, new homes on an estate are receptive to the price rise of the properties around it, therefore, if the properties around yours go up, then your price will go up too.
The main appeal of an older property is the unique character a property can possess. It is a huge dream for a lot of property buyers to own a beautiful house with its own history.
Another advantage older properties hold is that they usually have a lot more floor space in the homes than newer properties. This means you could get a lot more for your money by purchasing an old property.
They are considered to be well-built and reliable, as they have survived for several years, and have attention to detail in their design. Older properties are also usually surrounded by a nice area, which can be appealing over a house that is on a busy housing estate.
Older properties certainly require more maintenance attention. The house may be well-built and standing strong, but you may be taking on the burden of a house that is soon going to be requiring a lot of maintenance. This might include new roofing, re-plastering walls or restoring aspects of the property.
High-ceilings are a great feature, but this may mean the house is a challenge to keep warm: which could lead to higher energy bills than you would see in a newer home. An older property may also have old appliances that need to be modernised, or replaced. Any repair job to restore original features may require a specialist which could be very expensive. A long list of previous tenants may mean that at some point this is inevitable.
A common deterrent for purchasing an older home is these hidden costs that are on top of the purchase price. The property may seem more value for money than a newer property, but it is essential to have the property surveyed for any future work that may need to be done. Newer homes may have their own hidden costs, like TVs needing to be bought, and a garden grown, but restore and repair to an old property will more than likely be more expensive.
Thinking of moving? – Peter Lane & Partners
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