Most people tend to like one or the other. It is either the character of a period property that grabs attention of those buying or the preference of the convenience of a modern new-build. There is not much meeting of minds – although it is said that those favouring new-builds are steadily increasing in number.”
Aesthetics aside, the pros and cons of buying new-build properties are quite finely balanced. Here (with help from www.onthemarket.com), the pros and cons will help to highlight key issues in the old vs new debate.
- Thanks to initiatives such as the government’s Help to Buy scheme it is much easier, particularly for first-time buyers, to get funding for new-builds.
- With most new-builds, it is possible for the buyer to work with the builder to customise a property and choose bathroom fittings, kitchen appliances etc. As the first owner of a property, you can stamp your mark on it from day one. You do not have to live with the design choices from previous owners.
- Most new-builds also come with a guarantee from the builder. If a property is registered with the National House Building Council, it will have a 10 year warranty and protection scheme. This will help to reduce maintenance costs! – Yay!
- New-builds can be more energy-efficient than older properties, often with better loft insulation etc.
- New-builds are generally laid out in such a way to reflect the realities of modern family life, with a large open-plan kitchen-cum-dining-room-cum-living area. This often supersedes the separate spaces favoured in older properties.
- If you buy off-plan, which you will normally be able to do at a discount, a new-build may prove to be a good investment.
Points to consider
- Some new-builds can be less spacious inside than older homes, with slightly lower ceilings and storage space, which you will need to use efficiently or risk being overwhelmed with clutter.
- As land is at such a premium, new-build properties may be closely bunched, and have smaller gardens, than, say, Edwardian bungalows.
- Like new cars, which depreciate in value after a few hundred miles, brand new homes are not brand new for ever. If you have to sell a new-build after 12 or 24 months, try to make sure you cover your costs when moving on.
- While the best new-builds are superb, it is worth having a ‘snagging survey’ carried out before buying a new-build to avoid any surprises in the future.
- The anticipated completion date of a new-build property can be prone to slip. This need not be a problem, but too long a delay can put a mortgage offer in jeopardy.
- It’s worth noting that many new homes developers invest in and re-develop period properties, often into blocks of flats, so there are plenty of instances where a homeowner can benefit from the best of both worlds.
This is not a debate in which there will ever be a clear winner. But it’s best to have an open mind on the subject and not miss out on new or old properties when they come on the market. Hawkins Sales & Lettings have a variety of homes (New and Old!) throughout Nuneaton, Coventry & Bedworth to suit your specific needs. Feel free to contact us today to run through your requirements.