When choosing a place to call home there is no right or wrong answer but before making a decision it’s important to weigh up the most important aspects that mean the most to you. Whether you’re looking to buy a new home or existing, it’s important to consider both advantages and disadvantages of new build properties and existing ones.
In this blog, we’ll take a look some of the key points of choosing a new or old property to help you decide your next choice.
Cost & Budget
As a general rule, new build homes are more costly to buy than older properties within the UK. Recent data shows that there is an average of a 15.8 per cent difference when buying a new build compared to an existing property. Although this may sway your decision to an older home, data from the Home Builders Federation shows that homeowners will save an average of £629 on energy bills in a new build home as they are usually more energy efficient compared to old buildings. However in addition to this, existing properties are often bigger, which could take them longer to heat up adding to bills.
Space & Character
If you’re looking at buying an older house, you may have noticed that they are generally more spacious than new builds. Garden and land is also normally bigger which makes older homes more appealing to young families. As well as having more space, older homes have also had time to develop a sense of character and history which can be attractive to many potential buyers. Interesting architectural features are common in old homes from arches, hand-carved detail or traditional windows. Older homes that have stood for decades and weathered many storms are known to have been built by dedicated craftsmen with meticulous attention to detail.
New builds may have less space but on the other hand moving into a newly built property gives you a clean slate to fit your first home with the choice of picking your own kitchen, flooring, tiling and decoration which is something that is not quite as easy with an existing property.
A big benefit to buying a new home is that there will be no maintenance needed. Most new builds will also come with a 10 year warranty that will protect and cover as standard, structural damage, defects to walls, roofs and foundations. Although this is a great advantage to moving into a brand new home, most new properties could lose value.
Unlike, a new build you will often find will be work to be done in an existing property so it is important to consider the need for any repairs or renovations before going ahead with the purchase. Although the idea of maintenance whilst moving house can be stressful, these repairs could ultimately increase the total value of the home.
With both types of properties having advantages and drawbacks, it’s important to keep aware of what is going to make the better investment both short-term and long-term. If you do make an effort to add value to your home through improvements you may gain value but this is not always guaranteed so it’s important to consider other factors such as location, demand and local amenities.
If you’re looking for your next home but not sure what type of property will be right for you. Our property experts will be more than happy to discuss get in touch with us here.