New-builds vs older homes: pros and cons
House-hunting but unsure whether you should go for an older property or a new-build? A Zoopla consumer expert weighs up the options. By Vicky Shaw.
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Your support makes all the difference.Spring is a time when the housing market gets a fresh lease of life as buyers and sellers take the plunge.
When house-hunters are weighing up different properties, there are all sorts of considerations, such as the size, location, and closeness to work or local schools. But something else which may be weighing on buyers’ minds may be whether to buy a new-build home or an older property, which has had previous owners.
To help house-hunters decide, Daniel Copley, a consumer expert at property website Zoopla, weighs up some potential advantages of both options…
Why buy a new build?
1. Save money on your bills
New-build homes can be more energy-efficient, making them cheaper to heat and run. Newer homes often have better insulation, may be double or triple glazed and also have the advantage of a more modern boiler, which can all help homeowners to save cash.
2. Peace of mind
“Most new builds come with warranties,” says Copley, so you won’t have to fork out for major structural repairs. “Remember also that all white goods will be brand new when you move into a new-build, which means they are less likely to break, be more efficient to run and will be under warranty,” he adds.
“This includes fridges, freezers, cookers, hobs, dishwashers and washing machines – make sure you get any warranty documents from the builder when you move in.”
Copley still suggests at least carrying out a “snagging survey”, generally costing a few hundred pounds, which can be used to spot any minor defects such as chipped worktops – or to alert you to bigger potential issues such as electrics and plumbing.
3. Added extras
“Developers sometimes offer deals to help sell their homes, such as throwing in fixtures and fittings or upgraded white goods,” says Copley. “Many house builders offer even bigger incentives, especially during quieter periods, to help sell homes within their developments, helping them to hit their targets.”
4. Buying schemes
The schemes available to help you own a new-build may vary, depending on where you live in the UK. House builders may also offer their own schemes, so check out what is available from them.
5. Purchasing chain-free
“If you are a first-time buyer or not selling another property then you’re not part of an onward chain, which means you can buy a new home at your own pace,” says Copley.
6. Opportunity to customise
“A massive advantage of purchasing a new-build property is that you can tailor the property to your taste, depending on what stage the build is at when you pay your deposit,” Copley adds. This could also mean you spend less money on decorating or renovating.
While new-build properties have their advantages, there are also benefits to buying pre-existing properties.
Why buy an older home?
1. More character
“Whilst a period home may require restoration and investment, the rewards of lovingly bringing original features back to life is immense,” says Copley.
2. Being able to track your property over time – and see how its price has changed
“We all like to be nosy and being able to track the history of your home allows you to see how it’s increased in value and to view old listing photos from previous sales in recent years,” says Copley. “There’s plenty of snooping you can do on older properties to see how they – and their value – (have) changed over time.”
3. Buying a ‘tried and tested’ property
With a new-build home, it may feel hard to visualise what the property would eventually be like to live in, particularly if it is not yet completed or unfurnished. But with a “second-hand” home which already has occupants, this may be much easier.
The existing owner may also be able to tell you how the property has suited their needs, which can be useful when working out how you may want to adapt it. It may also be worthwhile carrying out a more detailed survey, though, on an older property.
4. More chance of an established garden
Ideally, your garden will have already been well-loved and cared for by its previous owners, reducing the need to stock up on new plants and shrubs at the garden centre. Of course, if the previous owners weren’t green-fingered or neglected their outdoor space, then money may need to be spent to put right.
5. A central location
“Older properties tend to be in more central locations within towns and cities, so nearer to conveniences such as schools, shops and transport links,” says Copley.
6. Potential to add value
“This could be in the form of aesthetic improvements to give a fresh look, such as painting, or bigger-scale additions, such as knocking through walls to create bigger spaces or even extending out or up into the loft,” says Copley.
If you’re considering buying a “doer upper”, it may be worth getting a selection quotes beforehand, so you can work out whether it’s worth it.