Everyone has different tastes and ambitions when it comes to buying a house, and often there is an overriding factor which determines our choice, such as location, availability or budget.
There is a fundamental difference between buying a new-build property compared to buying an older property. Some people are attracted to the history and character of an older property, while other people like the idea of no decorating, smart systems and the contemporary design of a new property.
There are many pros and cons to buying a new-build property compared to an older property, and we have put these together here:
Pros and cons of buying a new-build property
Pros
- Incentives – There are various Government grants and incentives to help people when buying a new-build property. The Government want to accelerate the housing market and improve housing availability, and periodically introduce schemes such as ‘Help to Buy’, where they assist buyers, and particularly first-time buyers, with the deposit for a home. There are also schemes to help with shared ownership of more affordable new-build properties. Similarly, property developers and businesses also help with people wanting to buy their homes, if there is a lull in the market for example. In this case you may have stamp duty paid for you or you may have fixtures and fittings included in the price, such as white goods.
- Personalise – A new-build property is a blank canvas for you to personalise as you like. It won’t have the feeling that someone has lived there before and you will quickly be able to put your stamp and identity on it.
- No chain – Because this is a new-build property there is no previous ownership and hence you will not be involved in an onward property chain which can delay the sale and cause stress, frustration and cost.
- Energy efficiency – Modern homes are built with much more environmentally-friendly materials and also with climate and sustainability in mind. So insulation and heating systems will be better to make new homes much more energy efficient.
- Standards – Building standards are much more tightly controlled today than in the past, meaning the safety and security of your home should be much improved.
- Warranty – The vast majority of new homes come with a warranty, often up to ten years.
- Location – New-build developments are often in locations which are custom-selected for your demographic, which means they will be suitable for schools and shops, or for motorway or railway commuting.
- New – It goes without saying, but a new-build property is new and has never been lived in before, so it feels like yours straight away, but importantly has no wear and tear or maintenance issues.
Cons
- Space – Modern property developers are very keen to maximise returns and hence they may squeeze an extra plot into a development at the expense of space
- Premium – You may find yourself paying a ‘premium’ for a new property and that value is immediately lost, much like buying a new car. You won’t be able to sell a ‘new’ property with the same premium, hence it is difficult to add value to a new property.
- Snagging lists – New-build properties are often built quickly and to tight deadlines and there are often small teething problems which can cause frustrations when you move in, such as poor quality electrical work, poor decorating, or fittings in the wrong position etc.
- Delays – Bigger developments are often delayed which can be frustrating and also have a knock-on effect of causing problems with your mortgage or a house you might be selling.
Pros and cons of buying an older property
Pros
- Character – An older property may have more charm and character with period features which show quality and craftsmanship.
- History – It is nice to own a property with history purely because it’s interesting, but also, this makes it easier to be aware of problems which can be more visible, and so a property with history makes it easier to judge whether it is a good purchase or not.
- Project – An older property can be a project to get your teeth into from a DIY point of view, but also in terms of interior design.
- Add value – You can improve an older property to add value to it with new replacement features, making it more of an investment.
- Space – Older properties tend to be more spacious and generous. This applies to rooms but also externally with driveways and gardens.
- Gardens – In new-build properties the garden tends to be a square, featureless plot and something of an afterthought that takes some time to become established. In an older property the garden is often a major feature that can have various attractions.
- Location – Older properties are usually in established locations with stronger attractions, rather than a new development that is hoping to become an attraction.
Cons
- Chains – An older property may inevitably be involved in a property chain which can cause frustrating delays and costs.
- Maintenance – Inevitably there will be some wear and tear with an older property and there will be various bits of maintenance and repair to carry out as soon as you move in.
- Renovation – It can take longer to make an older property feel like it’s yours and there will be work to do to make the house exactly how you want it.
- Energy efficiency – The energy efficiency of older properties doesn’t tend to be as good due to older types of insulation, older boilers and heating systems or solid walls rather than cavity walls.
How to choose the right property for you
The golden rule when buying an older property is to have a comprehensive survey carried out. This will highlight any outstanding issues with the property. Of course this is not so important with a new-build property, but you should still ask plenty of questions and see how much you can have the house built to your own specifications.
At Ison Harrison we have specialist new-build property experts as well as solicitors who are experienced in the sale and purchase of all types of residential property. We can advise on the things to look out for when buying and selling property, and of course can assist with residential property conveyancing, so contact our team today.
