Choosing whether to move into a new build or an older property can be a dilemma faced by many househunters. While new builds can be blank canvases fitted with energy-efficient mod cons, older properties can be bursting with historical character.
There’s no right answer as to which type of property you choose. It will likely depend on your budget, your lifestyle needs and your style preferences as to which is most suitable.
Below are the unique benefits of each type of property compared.
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Why move into a new build?
Reduced maintenance
If you don’t want to worry about repairs, choose a new build. Older properties can come with all kinds of wear and tear, whereas new properties are untouched.
You can still encounter construction defects in new builds known as ‘snags’, but if caught early, these can usually be repaired for free (most new builds come with warranties).
With older homes, inspections are always recommended before buying to determine which future repairs will need to be done; such an inspection could prevent you from moving into a property that could cost you thousands in fixes.
Lower energy bills
New builds are typically built to be incredibly energy-efficient. They often have high levels of insulation, low-energy heating/cooling systems, and sometimes features like solar panels.
This can result in lower energy bills, which, alongside lower repair bills, can potentially make a new build cheaper in the long run.
Older homes may lack insulation or have old energy-guzzling heating systems, but it depends on whether a previous owner has upgraded them recently.
Opportunity for Customisation
Many new-build developers allow you to choose custom home design or standard plan.
This gives you the option to potentially customize your home around your lifestyle and aesthetic preferences.
When you buy an older home, you can still carry out renovations to personalize it, but you can’t change things like the orientation or floor plan, which may be possible with some custom new builds.
No chain
When you choose a new build, there is no chain. This means that you don’t have to worry about any delays caused by a previous owner not being able to move out because their new home isn’t ready.
This can take some of the stress out of buying a home, and it can allow you to move in more quickly.
Modern standards
Finally, new builds are constructed to modern standards. This means that they’re often safer than older homes, which may have ancient wiring or hidden asbestos or lead paint.
There may also be modern security features, including door locks that meet modern standards. This can all provide peace of mind.
Why move into an older property?
Distinctive character
Older properties tend to have a more distinctive character than new builds, because they have been lived in for decades.
Previous owners may have added features over time that tell a story and give the building its own personality.
A lot of homes over a certain age may even have original decorative features that were put in by craftsmen such as murals, stained glass or ornate wrought iron railings.
These types of decorative features are rarely found in newer homes.
Existing hardware
While new builds may come with integrated modern features like smart appliances, there could be certain bits of basic useful hardware missing like curtain rails.
Older properties are more likely to have this hardware in place. You may even be gifted items like light fixtures and furniture.
Better location
Another advantage of older properties is that they tend to be located in established neighborhoods.
There may already be a sense of community in the area and plenty of local amenities.
By contrast, new builds are more likely to be built in the suburbs as part of new neighborhoods, and may feel like ghost towns if many residents are yet to move in.
Commuting to work could be longer if you work in the center of town and you may not have the same range of stores and restaurants on your doorstep.
Lower price tag
The cost of older homes and new builds varies greatly depending on the size, location and condition of the building.
Some older homes can be very valuable, but you also have the option of fixer-uppers, which are generally quite cheap.
These are old buildings that need a lot of improvements - while you’ll have to budget for future renovations, you could save a lot of money upfront compared to buying a shiny new build.
That said, do look out for local new build funding incentives like discounts and low-interest mortgages for first-time buyers and veterans.
Built to last
Older homes are a testament to the long-lasting construction methods of yesteryear. This particularly the case with any properties built before 1900 that are still standing and in good condition.
Many of today’s homes are built cheaply and quickly, which means they aren’t always built to last as long. This is something to consider if you’re looking for a property to pass down within your family.
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New build or older property?
To choose between a new build or older property, first consider your budget. If you want to save money upfront, opting for a cheap fixer upper could be worthwhile.
If you want to save money in the long run, a new build could work out more affordable due to lower energy bills and less repairs.
You should also think about the type of lifestyle you lead. New builds are often best suited to those who love modern living, and there may be more room for customization around specific needs.
Older homes are often better suited for traditionalists and those that want a good community around them.
You can of course consider looking at both types of properties to keep your options open. But ultimately, you need to have an idea inside as to which type of property you could comfortably live in. The minimalism and convenience of a new build may appeal more to some buyers, while the character and location of an older property may be more to other people’s liking.
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