When it comes to purchasing a home, buyers generally fall into two main categories:
- those who only accept period houses with oodles of character and original features, and
- those who favour the easy life permitted in a fresh, low maintenance costs new build homes.
Whatever your preference is, this guide will help you weigh up all the information and make the right buying decision.
Reasons to buy an older home
Pros:
Well, if size is your only consideration, older homes nearly always offer superior floor space.
With more and more densely populated new build home developments springing up everywhere, people often feel they need more room, and if this is you, a Victorian terrace or perhaps even a Georgian townhouse might well suit your taste.
Another benefit of older property is that they were built by master craftsmen with impeccable attention to detail.
They have weathered many a storm and stood tall for decades, sometimes even centuries, proving themselves as sturdy and reliable structures – not something that can ever be guaranteed with new builds.
More than this, a period home will usually be surrounded by beautiful, mature trees and vegetation whilst also being located much closer to the centre of a town or city.
Disadvantages of old buildings:
Understandably, older property requires more attention from their owners. This home renovation could be in the form of a new roof, re-plastering walls, restoring old chimneys or even addressing floor structure and foundation defects.
So if you just want a place to lay your head, this is something you really need to consider. Also, heating has not always been a top consideration in the building industry, so older properties can be more expensive to keep warm.
For people on a budget, period buildings are probably not a good idea.
The previously mentioned maintenance prices can fall into thousands of pounds and although the beauty of a black and white Tudor house is undeniable if it needs fixing, specialists are required, and they don’t come cheap.
Reasons to buy a newly built home
Reasons to buy a newly built home Pros of buying a new house
There can be no denying that it feels good to buy a home with perfectly plastered walls, double glazing and more importantly: a warranty. A new home is a blank canvas.
The purchasing process for new builds is inevitably much simpler and you have the privilege of knowing that everything inside is brand new, clean and unused.
Safety is also a top priority nowadays and new build homes are required to conform to the highest of standards.
For example, rooms over a certain size are required by law to have opening windows, large enough for people to escape in the event of a fire – not something that you find in all-period houses.
Whilst older buildings may fluctuate in market value from time to time, modern homes on new developments hold their price well.
This is because the structure’s value is directly linked to other buildings on the development, which may well go up in price as they sell, often above normal house price inflation.
Energy efficient
New Build homes are typically built to much higher standards and with ever-rising energy costs, energy efficiency is an important aspect to consider when buying a new home. Overall, new build homes are more energy-efficient than older properties and far cheaper to run. This will dramatically lower your households carbon footprint and energy bills.
According to the Zero Carbon Hub, “Living in a new home could create annual savings of up to 55% compared with an older property”
New homes make a great home for first-time buyers with no experience!
Cons of buying a new build home
New builds often lack character and aren’t as solid or spacious as older homes.
Whole estates can be constructed in a matter of months and although these districts are often aesthetically pleasing for a while, they soon start to remind people of old council estates where everybody lives in the same style house.
Even though new homes keep their value well, it can often be difficult to sell them on. If they are on a new development that is still offering homes for sale, your second-hand house will be in direct competition with the brand new ones.
Also, smaller rooms and compact gardens are pretty standard in new home, so if you’ve got a big family, it could well be a tight squeeze.
If you are buying off-plan, make sure you are not relying too much on the completion date as often the developers do not meet those dates promptly.
So, are new houses worth the money?
New build properties are excellent, though not without their minuses.
The better question to ask would be ‘is buying a new build property right for me?’ because it depends on your circumstances.
Thanks to our friends at Kubie Gold estate agents for this guest post. They are the friendly local experts if you are looking for houses for sale in Marylebone or property to rent in the surrounding areas.