When you have decided its time to buy that property you have been saving for then comes that decision New or Old. So we have taken a look at the pros and cons of purchasing a new build and an older house.
Pros of buying a New build
1. When you purchase a new build there is no chain involved as you are buying from the builder.
2. Many new builds come with incentives such has the governments help to buy and shared ownership. This was designed to help first time buyers get onto the property ladder.
3. All new builds come with a ten year warranty and insurance guarantee. The warranty protects against any problems including construction of the home itself.
4. New builds are a blank canvas, giving you the chance to put your own stamp on it with no renovation costs.
5. All new builds are energy efficient due to the insulation used within the cavity walls and lofts.
Disadvantages of a new build
1. Mortgage offers are valid for only 6 months so if there are any construction delays on the property this could mean the same offer would then become not available.
2. New builds may not be as unique or quirky as an older building.
3. New builds can sometimes lack space as builders tend to make the most of the space for storage etc.
4. There can be snagging issues with new properties and it is always best to check before you purchase. Check there are no defects as these can be harder to resolve once you have purchased and moved in.
5. Service charges are higher on newer homes so enquire about ground rent etc. before you purchase.
Advantages of an older home.
1. Older properties have had time to build character but you can still easily put your stamp on it. The individuality and character of old homes are appealing and makes the property unique.
2. You can always negotiate the price with an older house depending on the overall condition of the property.
3. Older homes have more space and storage which is a plus if you are wanting to grow your family.
Disadvantages of older homes
1.Very often there is a chain involved when purchasing an older home and this can cause problems with other buyers that are further down the chain and can make the sale fall through, which can result in financial loss
2. New builds have high performance locks and alarm systems and older homes may not have these features.
3. There can be a lot of costs involved with renovating an older home and because they are not as well insulated as new homes, they are not as energy efficient.