If you’re planning on moving house in the near future, then you’ll have to consider a range of variables. But among the most consequential of these is how old the home is. If it’s been standing for decades, or longer, then you could face a whole new set of advantages and risks than if you’d instead purchased a newly-constructed home.
What are the benefits of new builds?
The major upside of a new build home is its energy efficiency. New build homes can make use of modern materials and techniques to keep the heat contained. They also have to face more stringent regulation.
New build homes also tend to offer a degree of flexibility. You can choose the plot, and often have a say in the design. You might choose not only the colour scheme, but the layout, too.
Assuming that the home has been built, you’ll be able to move in the moment the transaction has been completed. There’s no chain to worry about, which makes the process of buying that much less painful. Wherever you are in the world, there’s a good chance that new build homes are readily available.
What are the drawbacks?
With all of that said, there are a few drawbacks to consider, too.
In an effort to cut costs, many new-build developers will sacrifice build quality. You’ll therefore want to inspect the property before you move into it. Since this isn’t always possible, you’ll be putting trust in the developer.
New-build homes tend also to lack the uniqueness and charm that defines many older properties. If you buy something new, then you can be reasonably sure that your home will be the same as your neighbours.
What are the benefits of older homes?
When a house has been lived in for decades, it might have been renovated and modified several times. This will ensure a certain uniqueness and character.
If you want a house in a specific location – perhaps near to a town centre – then you might have little choice but to shop for an older home. If you’re doing this, however, then bear in mind that you’ll often have to pay for the privilege that comes with the location.
What are the downsides of older homes?
Older homes tend to be less efficient when it comes to energy. You might have to plug many draughts to get the performance up to the required standard. This is complicated further by the fact that many older homes come with planning restrictions, meaning that you might not be able to modify the building as you like.
As we’ve seen, both styles of home have their upsides and downsides. If you’re looking to get into the property market for the first time, then you might prefer the convenience of a new build; if you’re looking for a project and you’d like to get the most from your money, then older properties might make a better choice.