New build or an older property, which do you prefer to purchase, both have advantages and disadvantages.
Here are my thoughts
Old House Pros and Cons
• More character, bigger (big bedrooms, a large garden or high ceilings), and in established neighbourhoods.,
• Issues are more visible and you can normally have higher maintenance, wear and tear, and less energy efficient. You can however have a survey done and make sure everything is in order and especially structurally.
• You can renovate to add value – this is the biggest advantage despite being a cost and you can personalise the refurb and this normally increases the value
• When making an offer on an older property, you know exactly what you’re getting but be aware of any long chains. .
• Negotiating power – buying an existing property means that the purchase price is negotiable between buyer and seller..
New Build Pros and Cons
• Although normally smaller and less space you can often personalise and have a say in the style of things like carpets, flooring, kitchens and bathrooms.
• If you buy a new build off-plan, you might not know the quality of the end product until after you’ve put an offer in so a snagging survey is essential. However new builds do offer a builder’s warranty, offer less maintenance and are more energy efficient
• No chain –or no existing or previous owner so there’s less chance of your transaction falling through. However there could be delays: The buying process can be even longer with new builds if the building’s not finished on time
•New builds are more expensive with the average premium paid to purchase a new build property compared to the price of an average older house in Britain is approx. 30% more. However, there are several home-buying schemes which means great options for first-time buyers. And sometimes developers will throw in incentives when trying to sell a new build property. For example, covering your stamp duty or upgrading your fixtures and fittings.
Here are my thoughts
Old House Pros and Cons
• More character, bigger (big bedrooms, a large garden or high ceilings), and in established neighbourhoods.,
• Issues are more visible and you can normally have higher maintenance, wear and tear, and less energy efficient. You can however have a survey done and make sure everything is in order and especially structurally.
• You can renovate to add value – this is the biggest advantage despite being a cost and you can personalise the refurb and this normally increases the value
• When making an offer on an older property, you know exactly what you’re getting but be aware of any long chains. .
• Negotiating power – buying an existing property means that the purchase price is negotiable between buyer and seller..
New Build Pros and Cons
• Although normally smaller and less space you can often personalise and have a say in the style of things like carpets, flooring, kitchens and bathrooms.
• If you buy a new build off-plan, you might not know the quality of the end product until after you’ve put an offer in so a snagging survey is essential. However new builds do offer a builder’s warranty, offer less maintenance and are more energy efficient
• No chain –or no existing or previous owner so there’s less chance of your transaction falling through. However there could be delays: The buying process can be even longer with new builds if the building’s not finished on time
•New builds are more expensive with the average premium paid to purchase a new build property compared to the price of an average older house in Britain is approx. 30% more. However, there are several home-buying schemes which means great options for first-time buyers. And sometimes developers will throw in incentives when trying to sell a new build property. For example, covering your stamp duty or upgrading your fixtures and fittings.
Posted: Mon 18 Dec 2023