Are you ready to buy a new home but don’t know whether you should opt for a new build or an older property?
With new builds popping up left, right, and centre and older buildings being harder to come by, it can seem like you have no choice but to go for the former.
That being said, it is still a good idea to check out the pros and cons of each option to ensure you invest in the right style of property for you and your family.
What is the difference between a new build and an old build?
To put it simply, a new build is a home that has never been lived in before, whereas an old build will have had at least one previous owner. As mentioned above, there have never been more new builds in the UK, with developers buying up land faster than you can say “Sold”.
Check out the latest new homes with Chestnut Homes, which can be bought with the government’s Help to Buy scheme.
What are the advantages of new builds?
There are several advantages to buying a new build, including:
- They tend to be more energy-efficient
- They come with a builder’s warranty supplied by the developer
- There is no chain, which means less risk of delays
- There are several buying schemes for new builds, such as Help to Buy
- Developers often add extra incentives, such as covering your stamp duty or offering luxury fixtures and fittings
- The opportunity to personalise your home
- Everything is brand new
What are the drawbacks to new builds?
There are a few drawbacks to new builds, with some of the most notable including:
- They tend to have smaller rooms
- They typically have less space between properties
- Sometimes, the quality of building work is inferior
What are the advantages of old builds?
On the other side of the fence, there are lots of benefits to buying an older building, such as:
- They tend to offer more space and larger rooms
- They have more history and character
- They are easier to carry out checks on and identify any issues
- It is easier to add value to an older property
What are the drawbacks to old builds?
There are a few known drawbacks to old builds, including:
- They tend to be less energy-efficient
- They often come with a chain so you may have to wait longer to move in
- They are higher maintenance
- They may be in need of renovation
What is the right choice for me?
When it comes to choosing between a new build and an old build, there are lots of factors that you need to consider.
For example, if you want to be able to move in right away and not have to do any work, then a new build is probably a better option for you. However, if you don’t mind a bit of DIY and you want a property with a bit more character, then an old build is arguably the right choice.
If you are still not sure, then why not take a look at some new and old builds in your local area to see what style of home you like best?
