Buying a Property: is a New Build or an Older Build Your Cup of Tea?

*Collaborative post

 

Deciding whether to purchase a new build or an older property can be tricky. To get a clearer idea about which one is right for you, read on…   

If you’re looking to hop on or make the next step up the property ladder, then you’ll no doubt be conscious of the array of options available to you. With the myriad of choices out there, it can certainly be a little overwhelming. 

One of the most important decisions you’ll have to make when moving into a new home is what sort of property type to look for. Some people may crave a blank canvas on which they can construct the home of their dreams, while others may prefer the security and stability of an older home. So, whether it be a new build property, or you’re more comfortable moving into an older build, there’s a lot to consider. 

 There are numerous benefits and drawbacks to new build conveyancing transactions and older build transactions. So, it’s important that you’re aware of what you’ll be getting when you make one of the biggest investments of your life. To discover more, read on…

 

What’s the Difference Between a New build and an Older Build? 

 A new build property will be brand new, and may never have previously been occupied by anyone. An older build home is, unsurprisingly, the opposite; a home which is currently, or has previously been, occupied. Simple, right? 

 In the UK, the government have been placing an emphasis on building more new homes in an attempt to tackle a shortage of available properties. You’ll most likely find a new build in amongst a large development, which tend to be built in a relatively short amount of time by development companies. You have probably seen plenty of developments cropping up all over the place over the past 10 years or so. 

 The government have also been looking to increase the number of conveyancing transactions for new builds by introducing schemes such as Help-to-Buy. The scheme makes the process of buying a property more accessible to first-time buyers by allowing them to buy a home using a 5% deposit. 

 

Making a Decision Based on Your Needs 

 The decision to invest in new build or older build will ultimately come down to what your individual needs are and what your situation looks like. There are plenty of pros and cons to both options, so it’s important that you take factors into account such as: 

•  Your budget; 
• The availability of properties in your area; 
• And what you are prepared to do in terms of renovations.  

 

It would also be a great idea to use the help of a conveyancing expert before you begin your search for a new property. They can help you better understand the options available to you, and which approach is best suited to your requirements. 

 

That being said, here’s a quick look at some of the immediate factors you should be aware of when considering which type of property you would like to buy… 

 

 

 

Pros and Cons of a New Build 

Pros of a New Build 

1.They’re Brand New 

 The clue’s in the title; new builds are brand new, from the front door through to the plumbing. None of the appliances will have been used before and the carpets will be freshly laid. Bliss. 

If you do find that there’s an issue with your property, or any of the brand–new features, you’ll also be covered. All new homes in the UK are covered by a 10-year warranty and insurance guarantee, meaning you won’t need to fret if something goes awry. 

 

2. It’s a Blank Canvas 

 

Because everything is brand new, it means you get to work off a blank canvas to decorate your home to your heart’s content. You won’t have to do any massive refurbishments or hire any outside help – it’s yours to do with as you wish. Enjoy! 

And, for those of us that aren’t so handy with a paintbrush, new build homes are always built neutrally, so you won’t have to worry about any off-putting colour schemes. 

 

3. There’s No Property Chain 

 Property chains can be nothing short of a nightmare for anyone buying a property. If you’re buying an older build home, the existing occupants will be looking to move on themselves. But, if their conveyancing transaction falls through, so does yours which, to put it politely, isn’t ideal.  

However, with new builds, you’ll get no such frustration. If you have the money for the deposit and can get yourself a mortgage, then you are free to move in as soon as they’re available. 

 

4. They’re Environmentally Friendly 

 A big bonus for anyone eyeing up a new build – they are much more environmentally friendly than older properties. Modern houses tend to be better insulated, and have more efficient boilers and appliances, meaning less money goes out the window. No one wants to go chucking money out of the window, do they? 

 

5. Great Option for First Time Buyers  

As I mentioned earlier, schemes such as Help-to-Buy are designed to help first-time buyers purchase a house without having to save up for a 10% deposit. This is a great option for anyone who is finding it difficult to reach that target – especially in more expensive parts of the country, like London. 

 

 

Cons of a New Build 

 

1. They’re Built Quickly 

 Unfortunately, the speed in which new build developments are completed means that they may sometimes be built a little too speedily. In fact, there have been one or two horror stories about the condition of new build homes once people have moved in because of this. To tackle this issue, paying close attention when inspecting a new build home is paramount, so that you can rely on your ten-year warranty where you need to. 

 

2. There’s a Lack of Extension Space  

New build developments are built with the intention of fitting as many homes into a piece of land as possible. This comes with its own issues as it means that space is at a premium, and you will struggle to add any extensions onto your home. 

 Of course, this will be entirely dependent on how big your home is and what surrounds it. That said, it’s important to keep this in mind if you plan on it being a long-term home for you and your family. 

 

3. It Could be a Leasehold Property 

Tread carefully – many new builds are sold as a leasehold, rather than a freehold, meaning you will have a lease on the home, rather than owning it outright. This comes with its own issues, as the government are trying to ban the sale of leaseholds. So, make sure you are fully aware of what you’re getting for your money. 

 

4. They Can be Tied to a Conveyancer  

Another issue that has cropped up with new builds is that developers insist that buyers need to use their recommended conveyancer when completing a transaction. It goes without saying that you don’t necessarily want to do this, as an independent conveyancer would act in your best interests, rather than the developer’s. Conveyancing can be a complicated business, so you should always seek expert advice. 

 

Pros and Cons of an Older Build
 

Pros of an Older Build 

 

1. More Space to Manoeuvre 

One of the biggest advantages to an older build property is the space, both indoor and outdoor, that comes with them. Rooms will be more spacious, and you’re likely to have access to outdoor space, which is a massive bonus. This is especially true if you’re moving with a family – you’re going to want to have a little room to breathe, right?  

 

2.They’re Built to Higher Standard 

Older build homes tend to be built to higher standard than new builds, mainly due to the speed at which the latter are pushed out. Older builds have stood the test of time and, so long as the former occupants have looked after the property, the foundations will still be solid.

 

3. There Will be an Existing Community 

Community plays an important part in everyone’s lives, and older builds are likely to be surrounded by an existing community with neighbours who’ve lived in the area for years. The property is also more likely to be closer to amenities such as pubs and restaurants, making the surrounding location a much more attractive prospect. 

 

4. They Have Real Character 

No older build home is going to be the same. Each one will come with its own quirks and period design features, meaning that they will all have the sort of character a new build can’t always offer. Character can go a long way when deciding on a place you can truly call home. 

 

Cons of an Older Build 

1. Wear and Tear 

With an older build, you could very well be purchasing a ‘work in progress’. That may be your cup of tea but, for others, it’s a lot of extra work which might not be ideal, especially if you want to move straight in and get on with your life. It’s also going to mean more money; if things need updating or replacing, it will be coming straight out of your pocket. 

 

2. Previous Owner May Have Different Tastes 

Let’s be real – not everyone is on the same page when it comes to interior design – even couples! So, if you and your partner aren’t always in agreement, what are the chances that the former owner is going to have the same tastes as you? It’s probably not very likely, so you’ll have to be prepared to make those changes yourself. 

 

3. The Property Chain Conundrum 

The dreaded property chain strikes again. Before you even consider moving in, you’ll have to purchase the property in the first place, and that’s made all the more difficult when a property chain is involved. Conveyancing transactions are very rarely simple, and it only takes one small hiccup somewhere down the line to cause massive disruption. 

 

Are You Looking at Purchasing a New Build or Older Build Property? 

And that’s everything! As you can see, there’s no real right or wrong answer when it comes to deciding on a new build or older build, but it’s important to be aware of everything involved so you can make an informed decision. 

How do you feel about new builds and older builds? Feel free to leave a comment below so we can keep the discussion going.