When looking to purchase a property, one of the things that you must consider is whether you should buy a new build or an older house. If you’re wondering, ‘should I buy a new build?’ take a read of our pros and cons below.
A lot of people like the thought of a home being theirs and theirs alone, so with a newly built home you’ll get a blank canvas in which you can start your new life. There are multiple pros when it comes to buying new build homes straight from the developer, especially for first time buyers.
- Moving Chain – Buying a new build means that you won’t be a part of an onward chain that could extend the date of completion for your property. This minimises the majority of stress and uncertainty that can come with purchasing an existing property, however delays to building works can still affect your move in date.
- Cheaper Bills – Newly built homes will have to follow the latest building regulations, meaning that most of them have the maximum A or B evaluations. This can help in reducing the cost of your bills. In comparison, approximately only 2% of existing properties have such efficient ratings.
- Put Your Mark On It – If you buy your property Off-Plan it’s possible to have a say in the way that your new home looks, from carpet colours to light fittings – you can really put your mark on it.
- Government schemes such as ‘Help to Buy’ are available on new build properties that could help you on your way to owning your dream home.
- Warranty – Most new build homes are sold with a warranty and formal guarantees, which will cover initial problems for up to 2 years. After this warranty expires, many builders offer NHBC (National House Building Council) insurance which can last up to 10 years, but be aware that warranties will not cover all problems.
- Space – New builds tend not to be as spacious as existing property as a high density of new homes are being built.
- Leasehold vs Freehold – A lot of new build homes are offered as leasehold meaning that you may have to pay an annual charge, known as ground rent, to the person who owns the freehold. This may also make your home more difficult to sell in the future.
- Delays – It’s not uncommon for there to be delays with the building work of new homes, meaning that your move in date can often be pushed back if things don’t run on time.
- Lack of Parking – Requirements for the minimum number of parking spaces per house have been relaxed in an attempt to limit the number of cars that people use, and to retain more of the development site for building upon..
Some people may prefer the idea of buying an existing property as they tend to be more unique in terms of layout, space and size. Great Britain has a large variety of house types, from Victorian terraced houses, to mock Tudor homes and everything in between.
- Less Expensive – Existing homes tend to be less expensive than new build homes, even though they have the same amount of rooms. It’s also possible to negotiate a buying price on an existing property, something that is less likely with a new build.
- Community – An existing property is more likely to be established in a community and a better location for local amenities such as schools, shops and places of worship.
- Character – Existing properties tend to have more character than newly built ones, that tend to have identical floor plans. Existing properties can have distinct designs that may attract you to the home and character that you just won’t get in a new build.
- More space – As well as having more character, older properties are likely to have much more space and storage, which can be appealing for buyers who have children or are looking to a family.
- Know what you’re buying – With off-plan properties, what you see may not be exactly what you get. However, with an existing property you know that what you’re viewing will be what you’ll live in, hopefully with no surprises. We recommend getting a full building survey, as with any property purchase, to ensure that you are fully aware of the state of the property.
- Chains – When buying an existing property you’ll often find yourself in a buying chain, which can cause delays to your completion date if someone above or below you fails to sell their property.
- Care – There may be more maintenance costs involved with buying an older property, rather than a new build. However, older houses do tend to be more structurally sound.
- Energy efficiency – Existing properties will not be as energy efficient as those that are newly built and so bills are likely to be more expensive.
Whether you choose to buy a new build or an existing property is up to you and what your’s and your family’s personal needs are. Here at Chancellors, we have both resales and new homes departments, so we can assist you no matter what your property needs are.