When it comes to buying a new property, there’s often a list of criteria that the home hunter is searching for. This will usually include, price, location, and the type of property. When it comes to the style of property, some people will be set on finding either specifically an older property or a new build property, whilst others may be open to owning either. However, there are many differences between the two, so if you’re on the fence about what to go for, maybe we can help!
Space
If space is at the top of your home hunter’s checklist, then older properties may be the way to go. New build homes are on average 20% smaller than houses built in the 1970s, as legally, there is no lower limit on the size of a property in the UK, which encourages developers to squeeze as many houses as possible onto their latest plot so they can get more bang for their buck.
The buying process
If you’re buying a new build property directly from the housebuilder, there will be no onward chains which can drastically shorten and simplify the buying process. Some housebuilders will even have a ‘part exchange’ offer so you won’t have to worry about selling your current property. There are also various incentives and schemes available when buying a new build home, such as the government’s Help to Buy scheme.
Maintenance
Whilst old build properties have stood the test of time and are proven sturdy structures, they will often require more maintenance. Whether it’s fixing a leaky roof or re-plastering the walls, don’t be shocked if your older property needs some work over the years. On the other hand, new build homes often won’t require much if any maintenance for the foreseeable future. Also, new build properties in the UK are covered by a 10-year warranty which is free to the purchaser.
Energy efficiency
Although new build properties will be more expensive than comparative older properties, they will almost always be built to a higher standard and will be more energy efficient because of that. This can save you money on your energy bills.
Character
Whilst some people prefer the idea of owning a ‘blank canvas’ new build property, many people will strictly be searching for a property with character. This could be the rich history of a building, unique features or the style of the property. These things are hard to find in new build homes, which are often designed with ‘off the shelf’ features and simplistic, repetitive designs.
Cost
Despite older properties being cheaper to buy, they will come with higher payments in terms of maintenance, household bills, and mortgages. Whereas, new builds will be more expensive to buy but will have fewer outgoings costs and a 10-year warranty. Like with any brand new purchase, new build homes will instantly be worth less than what was paid for it, simply because it is no longer ‘new’. However, they do tend to hold their value well, compared to older properties which can fluctuate in price.
If you would like to know about the different types of property we have available, get in touch! We can be reached on 01603 300900 or by email: [email protected].
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