THE CHOICE BETWEEN a newly built or an older home is a personal one, and there are advantages and disadvantages on both sides. You’ll either be drawn towards a property with character or may prefer the convenience of modernity.
The Government is racing to meet ever-increasing demand for property and, as a result, new developments are popping up all over the place – a mix of immaculate housing estates and modern apartment blocks. On the other hand, if character and a sense of uniqueness are more important to you, an older period home is more likely to be up your street.
To help you decide, here are some of the major factors to consider.
REASONS TO BUY A NEWLY BUILT PROPERTY
Modernity: Your newly built home will be freshly finished to a high standard, with appliances preinstalled. The standard of kitchens, bathrooms, etc. in an older property isn’t guaranteed.
Safety: The property will be built to meet current standards for fire safety, etc., whereas older properties might be out of date.
Energy efficiency: Whether you’re concerned about your carbon footprint or the costs associated with it, you’ll typically reduce both by choosing a newly built, greener home. Our guide to green mortgages explains how lenders incentivise the more efficient homes
Security: Developers will usually install the latest security measures to keep you safe, including lights and alarms. With older homes, the security standard will vary.
Immediate availability: New build properties are typically listed on the property market when they’re close to completion and are available as soon as they’re finished. There’s no waiting around for the current owner to find a new home and no forward property chain.
Reliability: Developers must meet a required level of service before, during and after the sale. You’ll have a warranty to cover major issues that arise in the years after buying the property, so your repair costs will be low.
Affordability: If you’re eager to get on the property ladder, there are government schemes such as Help to Buy and Shared Ownership that can help you to buy a newly built property with just a small deposit.
REASONS TO BUY AN OLDER PROPERTY
While older properties may not be in perfect condition, it can be easier to predict the issues that might come up
Location: Older properties are usually built in established areas. This makes it easier to predict the future of house prices, as you can look at past trends. The area is likely already to be served by existing facilities, such as schools and shops, which isn’t always true of new developments.
Cost: An older property will typically be priced a little lower than a newly built home that is otherwise similar, as everything in a newly built home is brand new. You might feel you have more negotiating power with a private seller than a professional developer.
Size: Homes are shrinking in size over time, so properties built in previous decades tend to have larger proportions.
Fewer teething problems: The property’s previous owners are likely to have encountered and fixed any initial snagging issues associated with new builds. They will have had utilities, such as broadband, connected already.
Known flaws: While older properties may not be in perfect condition, it can be easier to predict the issues that might come up, and you can expect to undertake a certain amount of maintenance work.
Profitability: An older home offers the opportunity to make improvements and alterations. This allows you to potentially raise its market value more than a newly built property in the same period of time.
Preference: Some people simply prefer homes from a certain era. If you’re looking for historic character or period features, you won’t find them in a newbuild property.
