Not sure whether to choose an old house or a new build? Both types of property have their separate pros and cons. Here are just a few of the main factors to weigh up when choosing between an old home and a new property
There’s currently a growing demand to make properties more affordable. As a result, many new builds are much cheaper to buy than older properties of the same size. New builds do come with higher service charges, but even so they tend to be more energy-efficient so you’ll likely save money in energy bills. This makes new builds a great options for those on a tight budget.
Due to a shortage of available land, modern homes tend to be quite small and compact. Some older homes can be small too, but generally you get more square footage by opting for an older property. If space is a priority, an old house is likely to be the best option.
There can be complications when moving into both an old home or a new home, which can slow down the moving-in process. However, generally it will take longer to move into a new build because you have to wait for it to built. This can take many months – sometimes even over a year – to complete.
Old houses tend to suffer from wear and tear, which means you’ll spend a lot of time and money on repairs. Newer homes don’t have this problem – you could live in the home several decades without having to make any major repairs. A survey is still worth investing in whether you’re buying a new build or an old property – new homes can still have defects that you’ll want to check for before moving in.
When it comes to customisation, newer homes are the better option. Some home development companies may allow you to choose fixtures and other features to add in during the construction phase. The likes of Bellriver Homes even allow you to choose the land that your home sits on so that you decide the location. This allows you to build the home of your dreams.
Whilst new homes are certainly more customisable, they may lack the character that an older home has. New homes tend to come with plain white walls and little in the way of unique features, making them less interesting to some homebuyers. Buying an older home is great for those that want to buy a slice of history - there are agencies such as Jackson Stops that specialise in historic homes.
Which is better for you?
Generally speaking, new builds make great homes for first-time buyers. They’re more affordable and don’t require the heavy maintenance, making them a great choice for those who have just got on the property ladder. Older homes can sometimes be better suited to existing homeowners – their greater size and lived-in homely feel makes them better for those wanting to settle down. That said, in either case it’s really down to personal choice – some people want an old property as their first home, just as some people are happy to settle down in a new build.
*All pictures via Pinterest.