If you are planning on buying a house, there are a massive range of options. One of those is whether to buy a new build property or not. There are many factors to consider, and the choice isn't necessarily an easy one. Here, our residential property solicitors provide a guide to some of the pros and cons associated with each of these options.
As you would expect, new build properties should be of high quality with no signs of wear and tear. They should be low maintenance and, in some cases, will incorporate modern technologies that will not be found in older homes.
Newly built homes are required to meet regulations for energy efficiency. This means that they will be warmer in the winter and cooler in the summer, resulting in lower energy bills for you.
The extra facilities on offer will depend on the type of new build property you are buying and its location. For example, apartment developments in urban areas may have on-site facilities, such as a gym or parking garage.
Because a new build property has no previous owner, the buying process will typically be more straightforward. You won’t have to wait for the seller’s purchase to go through, avoiding being stuck in a chain as a consequence.
While your budget will reflect the size of the property you can afford to buy, as a rule, new build homes are generally smaller.
Buying a newly built home will often be more expensive than purchasing one that is previously owned. You should also bear in mind that, while new properties hold their value over the long-term, they can be more difficult to sell at a profit in the short-term.
When buying a new build house, you will likely be buying precisely the same property as your neighbours in the surrounding development.
Traditional properties will usually boast period features that make your home unique.
Whether you are buying in an urban or rural location, older properties will generally offer better locations. Many will also come with more extensive, mature gardens.
Older properties will allow you to make your own changes that offer you the best of both worlds – a modern, state-of-the-art home with the character of an older home.
Older properties will often be well built. If your home has stood for many decades, it will likely last for many more.
Older homes can require more maintenance – a survey must be carried out before completing your purchase.
Converting or upgrading an older property to meet your needs can add considerably to the initial purchase price.
Older properties may be subject to strict building regulations that can make altering your home a lengthy, or even impossible process.
You can read more about purchasing a property and our FAQs here.