We all have our preferences – shiny and new, or older and in need of a little TLC but showing potential. But buying a property is a big investment so it’s important to understand the pros and cons of new-builds versus older properties.
Pros of new-builds:
New-build properties will be more energy-efficient
This is a big influencing factor in buyers’ decisions. New homes will be more energy-efficient they are designed to meet changing legislation. Older homes are likely to lack the latest innovations in insulation and heating systems and may not even yet be double-glazed. That means investment in retrofitting to bring it to standard, especially if you are buying an older property to rent out where MEES (minimum energy efficiency standards) applies. Buyers of new build homes, meanwhile, can move in knowing that they are saving energy and money straightaway.
New-build homes come with a safety net
Buying a property is a nerve-wracking business and the safety net of warranties for new-builds can be reassuring for nervous buyers. Niggles can be resolved in snagging lists while more complicated issues, such as major structural repairs, will also be covered. This is not the case with older properties.
New-build homes can come furnished
New-build homes can also include already fitted features such as carpets, white goods and other fixtures and fittings. These can also be negotiated as part of the build if you buy early enough, ensuring you have a say in the specifications of your property before you move in. In an older property, you can only add your style once you’ve got the keys.
A chain-free alternative
With a new build, you will be the first owner of the property – which means that you aren’t tied to onward chains. Once the property is ready, and your own deal is done, you can move in. Older properties can also be chain-free but it will depend on the individual circumstances of your seller.
Pros of older properties:
Older properties are more likely to have character features
With age comes character. New-build homes will lack period features that many buyers will love, such as high ceilings and ornate fireplaces or even just the character charm of a sixties semi. For some the fulfilment of discovering, restoring or just admiring such features will far outweigh the benefits of a new build.
Buying into established communities
With older properties, you are also more likely to be buying into an established community. You can speak to neighbours to get a better idea of what your chosen street is like to live in and whether there are any potential issues, such as noise or parking challenges.
Being able to see a lived-in property
If you are buying an older property you will most likely have been able to see how the current owners have lived in it and used the space. You can also ask them how it has suited their needs. You will need to use your powers of visualisation in a new property. Show homes might give you some idea of the space but, especially if you are buying off-plan, you won’t have the same benefit of seeing how it actually works in real-life.
More chance to add value
If you are looking for a long-term investment an older property is more likely to give you the chance to add value, especially if it could benefit from refurbishment and your budget allows this.