One of the biggest decisions you’ll have to make when buying a home is whether to opt for a new build or an older property. There are many things to bear in mind as each of these options has pros and cons.
The pros and cons of new-builds
New houses built using modern techniques are well-insulated and have modern and energy-efficient heating as well as effective double glazing. They come with a warranty that usually lasts ten years, so if anything goes wrong, the builder is obliged to put it right. You often get the opportunity to personalise some aspects of the house, such as the kitchen and bathroom or flooring. New builds have no chain which means there is less chance of the purchase falling through. There are home-buying schemes available on new-build properties and this helps first-time buyers get onto the property ladder. Everything in the property is completely new and unused since no one has ever lived there before you. New properties also require less maintenance than older homes.
There are some disadvantages that come with choosing a new build. They are often smaller with limited land, meaning they are often overlooked and there can be parking issues. Developers sometimes charge a premium because the house is brand new, but this disappears once you live there, meaning the property will usually drop in value initially. There are often snags and issues with the build quality, so it is vital to have a snagging survey so that any issues can be put right. You can read more about snagging surveys on the Which website here: If you buy the house before it has been built, there could be delays which may affect your mortgage offer. You would also be wise to have a Form LL restriction registered on your title deeds to protect you from fraud. This will prevent anyone from selling your home without your knowledge.
The pros and cons of buying an old house
Older properties have more character and history to offer, with original features such as sash windows or decorative cornices in Georgian properties or parquet flooring and original fireplaces in Victorian homes. They tend to have more space both inside and outside with larger rooms, higher ceilings and larger, established gardens. When buying an older home, you will usually commission a more detailed survey which will highlight any potential issues, so you know what you are buying and can decide whether to proceed or pull out. As with the new build properties, you should have a Form LL restriction applied to protect your property.
The disadvantages of older homes include higher maintenance. Energy bills may also be more expensive as these properties tend to be less energy efficient. As there are likely to have been many previous owners, there will be wear and tear, which will require additional spending to correct and the décor may not appeal to you, especially if it is dated.