THERE ARE MANY FACTORS to consider when buying a house. Location, size, price range, outdoor space and features all come into the decision-making process. There’s also the matter of choosing between a period property with historic character, or a modern new-build home with low maintenance and significantly reduced running costs.
The choice between an older property and a brand new build is often down to personal preference. Some people feel more at home in a traditional setting, while others prefer the clean lines and contemporary feel of a new development. It’s worth bearing in mind that both come with their own pros and cons.
Older properties often offer more space and character than new builds. They may also be located in more desirable areas, as many new developments are built on the outskirts of towns and cities. On the downside, older homes can be harder to maintain and may not have energy-efficient features such as double glazing or insulation.
Your inclination may be to opt for an older style home, perhaps because you’ve always lived in this type of property before. However, it’s worth considering the real advantages of buying a new-build home.
SIGNIFICANTLY CHEAPER
New-build homes today are built to a much higher standard. Regulations dictate that new builds must adhere to minimum standards for energy efficiency – which is great news for both our planet and your finances!
Generally speaking, new-build homes are significantly cheaper to run and will reduce your household carbon footprint. Though it’s possible to improve energy efficiency in an older home, this tends to be a costly process and it won’t always be possible to match the new build efficiency.
PERFECT CONDITION
Furthermore, a brand new home will be in superb condition, with no need for repairs or renovations. If you buy off plan you will also have a wide variety of choices when it comes to floor plans, finishes and other features. Plus, your new home will come with a warranty from the builder, which guarantees that any defects in the construction will be fixed free of charge.
You’ll get the reassurance of a ten-year warranty from an organisation like the National House Building Council (NHBC) or similar, which will cover any structural defects with the building. This means that if any problems do arise, the builder (for the first two years) or the NHBC (for eight years after that) will cover the cost of putting it right.
And you’ll be able to personalise your new home exactly to your taste and needs.
5 OF THE MAIN BENEFITS OF PURCHASING A NEW-BUILD PROPERTY
Buying new comes with a number of specific advantages, including:
1. EVERYTHING IS NEW
For a start, everything in the property will be brand new – from the front door to the light fittings. This means that you won’t have to contend with any of the wear and tear that comes with an older home. In addition, all appliances will be under warranty, so if anything does go wrong you’ll be able to get it repaired or replaced without having to foot the bill.
2. BETTER FOR THE ENVIRONMENT
It’s more environmentally friendly than an older property, and is extremely energy efficient. Modern houses are better insulated, have more efficient boilers and appliances, there are no drafts round the windows and doors, the heating comes on and goes off when the button is pressed. This is better for the environment and, as a bonus, also means your monthly bills could be lower.
3. PROPERTY SPECIFICATIONS
If you buy off plan some developers might allow you to design certain areas of your new home. For example, you might be able to design your kitchen and bathrooms. If you don’t have the opportunity to buy off plan, new-build homes tend to be built to contemporary specifications to meet the needs of a modern lifestyle.
4. LOW MAINTENANCE
Another big advantage of buying new is that you won’t have to spend time and money on maintenance. For example, there’s no need to worry about painting the exterior or fixing a leaky roof, as these will all be in perfect condition.
One of the best things about buying a new-build property is that it is completely ready for you to move into; you don’t need to spend your time painting walls, doing DIY or renovating. You can move in and start enjoying your new home right away. You can start with a blank canvas when it comes to decorating or laying out the furniture. Just move in, unpack and relax.
5. MODERN CONVENIENCES
If you’re used to living in an older property, the modern conveniences of a new-build home will be a real bonus. For instance, many new homes come with integrated appliances, so you won’t have to worry about finding space for a separate washing machine and tumble dryer. In addition, they often have smart technology built in, such as programmable lighting and heating – perfect for making your life easier.
ARRANGING A MORTGAGE
There are some subtle differences between applying for a normal mortgage and applying for a new build mortgage. If you are buying off-plan then the time it takes to get from exchange to completion can be longer than you think.
Some buyers wait more than 12 months.
While lenders are aware of the uncertainty of completion, you still need to keep an eye on your mortgage offer. These are only ever valid for 3-6 months before expiring, so make sure you know how long your mortgage offer lasts, and request an extension if needed.
When choosing between an older property and a new build, it’s important to consider your lifestyle and needs. If you’re looking for a low-maintenance home with minimal running costs, a new build might be the best option. If you prefer more space and character, an older property could be the right choice. Ultimately, the decision comes down to personal preference.
