New build vs old build: what’s better?

 

 

Whether you’re already on the property ladder or looking to take that first step towards home ownership, one of the questions you’ve probably asked yourself is whether you want an older property or a new build.

Whilst both are good options, which one is right for you will depend on your lifestyle, budget, and DIY skills! If you’re not sure which one’s right for you, read on.

What is the difference between new builds and older properties?

A new build home is just that – a home that hasn’t had any previous owners! As you’re the first person to live there, you might have bought directly from the builder. An old house on the other hand is one that’s stood the test of time. Often complete with quirky features and hidden gems, these houses are often just as sought-after as a brand-new home.

What are the pros and cons of living in a new build?

New builds have earned a reputation as the ‘blank canvas’ of the property world. As well as being ready to move into, there are a number of advantages to living in a new build, including:

• * Practical layouts – New build homes are often designed with families in mind. This means their layout is often practical and open plan, without the need to knock down walls.
• * Less expensive to repair – Normally, new builds come with a 10-year warranty, so within those time limits, you shouldn’t have to fork out on expensive repairs. This is especially beneficial for first-time buyers where money may be tight.
• * More energy efficient – Unlike old Victorian houses, new builds are designed with energy efficient features like double glazing and insulation. This helps keep your running costs down which is especially useful with the energy price cap increasing by £693!

However, new builds aren’t without their downsides. Often, you’ll pay a much higher price and potentially be subject to homeowners’ association fees which could leave you out of pocket.

What are the pros and cons of living in a n older property?

Sometimes, the older properties’ charm and character can win us over. But as well as the aesthetic, there are plenty of other reasons to buy an older gem.

• * Better choice – Unlike new builds which are all a similar layout, older properties come in all different shapes and sizes, so you can choose one that suits your lifestyle.
• * Lower prices – Older homes tend to be more affordable because they need a little more TLC. And with the average home costing £275,000, every little counts.
• * A better garden – As older homes have had time to mature, so have their gardens. When you purchase an older home, you’re less likely to need to indulge in some landscaping.

However, it isn’t just sunshine and rainbows - sometimes, older properties need some serious revamping. If you do buy a project, you’ll probably need to brush up on your DIY skills. You might also need to purchase additional supplies (like a nail gun), to fix loose skirtings, broken dado rails and wall panels.  

The bottom line…

At the end of the day, the choice is yours! If you’d like a modern home that’s ready to move into straight away, a new build may be the way forward. However, if you’d like to save some money and are willing to get your hands dirty, you could create a wonderful home from an older property.

Consider your options as well. These days, you can opt to use something like adu builders (Accessory Dwelling Units) which are an affordable and innovate way to create  secondary housing unit on a residential lot. If you already own land and a home, you may find that building a secondary house is all you need instead of selling and buying a completely new home.