When purchasing the perfect property for you to call home in the UK, there is such a wide variety available in the housing market to choose from. In the UK, the government is attempting to reach a goal of 300,000 new homes built per year to keep up with the high demand and increase in population. * Some people prefer the character of an old building, while others crave a new blank canvas.
When buying your perfect property, new builds and old builds will both be available, so we are here to compare the two and decide which home suits you.
What’s the difference between a new build and an old build? When purchasing a home, you must compare the different types of properties. Whether you would prefer a one-bed apartment in a city or a four-bed house in the country, you need to decide which home best suits your lifestyle. This is the same when it comes to choosing a new-build or an old-build property. A newly built property has never been lived in before and is sometimes designed particularly to what you desire. An old building is a property with lots of character, history, nd several previous owners. So, there are extreme differences between an old-build and a new-build home. Do you want a move-in-ready home or a potential property adventure?
What are the positives of purchasing a new build property? When buying a new home, it is most likely that you will buy the property before it has even been built. This allows you to add certain personalisation’s to the home, like the room layout, light and power placements. It is most likely to be a more energy-efficient home, as newly built homes must meet certain requirements. This means the home's EPC rating will be excellent when you want to sell or rent out your property. Another benefit of a new build is that it never has a chain of properties attached to it, decreasing the chances of your move falling through. It is known that when buying a new home, you have more access to better mortgages and shared ownership options. This increases your chances of owning a property earlier than the average first-time buyer.
What are the negatives of buying a new build property? A new build isn’t always the best choice for every home buyer, and they can be made more accessible for first-time buyers. New builds aren’t always built on the timeline you planned, creating delays in your moving timeline. New builds aren’t for everyone, but they create the perfect, comfortable step on your property ladder. When buying a new build, you are the first owner, however you may less have less scope to carry out home improvements. There is normally no community built yet, and there is no previous seller to tell you how amazing it is to live at that location.
What are the positives of buying an old build property? When purchasing an older period home, there are many benefits that come with the purchase. The homes normally have larger square footage, with bigger rooms creating more space. They are well structured, built with thicker walls, and surrounded by more land. Older properties hold valuable character and history, which cannot compete with a new build. You can easily add value to these properties by renovating and redecorating, creating a modern twist. Old build properties will only increase in value over the years unless they are poorly looked after.
What are the negatives of buying an old build property? When buying an old building, you normally get tangled within a long chain of properties. This is because for people to afford to buy their next home, they must ensure their past property is sold, creating this chain of properties. Old builds normally need constant maintenance and renovation when purchased, but these are spotted quite easily in an old build and normally bought as an exciting project. These homes will have lower EPC ratings as they weren’t built with high energy efficiency, but they can always be improved in the future.
What’s the difference in price between an old build and a new build? When purchasing between an old build and a new build, there is not much of a price difference. The price is slightly higher for a new build, only because it has never been lived in before. An old build costs less, but you will most likely need to redecorate and renovate parts of the property.
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