New Builds vs. Older Homes: Which is best?
If you’re looking to get on the property market soon, you’ll need to decide between an older home and a new build property. There are perks and downsides to both, but the most important thing is weighing up what matters most to you and your family.
With house prices still increasing year on year, it’s crucial to make sure that you’re completely happy with your choice before putting down a deposit. Whether you’re buying a family home or your next investment, it’s always worth knowing the key benefits of newer and older properties.
Why choose a new build home?
Modern amenities and stylish designs in new build homes give them lasting appeal. And even if the new buyers would prefer to change the paint scheme or other cosmetic attributes, ownership makes personalising new build homes an exciting prospect.
A few of the other core advantages of new build homes include:
- Warranties and support
When you buy a new build, you’re buying into the home building company who produced it. They will be determined to make sure that you’re satisfied with the property, so it’s highly likely that you’ll receive a comprehensive warranty and support before, during and after the buying process itself. This offers a ‘leg up’ to those who might be inexperienced in navigating the market, and a crucial lifeline if things go wrong.
- It’s a ‘clean slate’
Moving into a new home is one way to ensure that it comes with no problems or faults inherited from the previous owner. Buying an older home effectively involves accepting the risk that the property might’ve been damaged or mistreated in some way, and occasionally the signs don’t crop up until after the new owners have moved in.
For many first-time buyers, support schemes offer a better deal on new build homes. Additionally, asking prices for new homes tend to be lower, and it’s occasionally easier for families to find a property in the right location when they opt for a new home. Pushing down rents and increasing availability, new homes reduce overall housing costs. It may also be worth exploring alternative purchasing options like joining a co-op housing association. This can further reduce the amount you’ll need to spend on new build housing by splitting the total cost of the property among several other residents.
What are the benefits of ‘old build’ homes?
Many prospective homeowners feel firmly against the idea of buying a new home. One of the most prominent driving factors is the charm found in older properties. This appeal is difficult to replicate, especially since period features play a pivotal role in giving a property its character.
There are other certain advantages to buying an older property too. These include:
- Potential cost savings
There are several contributing factors that often make older homes the more affordable option for first-time buyers, families and investors alike. Landscaping and structural integrity, for example, might give potential buyers more confidence in properties that’ve already proven to stand the test of time. In some cases, maintenance commitments are fewer too.
- Established neighbourhoods
Buying a new build home often involves moving into a brand-new development. Often, these are positioned away from the core community areas or town centres, meaning that the new residents need to foster their own community after moving. Some families prefer to move to older properties in existing neighbourhoods they know and love.
- Immediate occupancy
Placing a deposit on a new build home often involves waiting for the work to be completed before moving. When buyers opt for an older property, there’s a much higher chance of being able to move in straight away. This could be a deal-breaker for people with upcoming work commitments or families with children.
The bottom line
For buyers of all backgrounds, there are advantages to both new build homes and older properties.
Energy efficiency is one of the most significant factors in the current market. New build homes tend to be constructed with maximum efficiency in mind, helping buyers to secure a property that won’t cost the earth to keep warm in winter.
Amid the climate crisis and a shattered economy, lower energy bills and green features will futureproof a home. New build houses make safe, secure and sustainable homes and investment opportunities.