Getting onto the property ladder is one thing, but having a well-rounded view of the benefits and disadvantages of older and newer properties is another thing altogether. With the property market undergoing such a volatile period, you want to be sure that you can approach the task of buying a home with confidence.
By definition, new build homes are properties that have been newly constructed with no previous residents. Meanwhile, an older property is the opposite, with past residents dating back decades or even hundreds of years ago. Statistics show that between 1 April and 30 June 2022, there were 51,730 dwellings where building work had started on site, with the number of dwellings completed at 44,940, which was a 6% increase on the same quarter in the previous year.
Here’s a breakdown of what you should consider when deciding which type of property is for you.
New builds
Advantages
Most new builds homes today are more energy efficient, using modern insulation techniques and heating systems to align with regulations. As well as energy-efficient structures, the layout and designs of new builds will again, consider modern living. You sometimes have the option to influence design choices while these buildings are in construction too. New builds also allow you to work with a completely blank canvas.
Disadvantages
New build developments are often situated in less central areas, with many being on greenfield sites. As these are typically newly developed areas, there may be less local amenities or character in these spaces – at least in the early stages of living there. This will vary from case to case, however new builds tend to be more expensive than older homes. To help combat this, there are often schemes and other incentives to encourage people to buy.
Old homes
Advantages
People tend to warm to older homes due to their charm, which is brought to life with period features. They are also more likely to be in a central location, with good access to local amenities. Some older homes may be more affordable than new build homes, however, this isn’t necessarily guaranteed.
Disadvantages
As older homes have had previous residents, this might mean that wear and tear is evident. Many often need renovating to make them more comfortable to live in, which can be costly. On top of this, unless they have had work done to rectify this, they are likely to be a lot less energy efficient, which could increase your bills during the wintertime especially.
Which is best?
As with any major decision, such as buying a car, you need to weigh up the pros and cons based on what you have in front of you – it’s good to be open-minded. Generally speaking, new builds tend to attract first-time buyers, whereas older homes tend to attract those already on the property ladder and with the budget to renovate. However, you might favour the location of an older home. There really is no right or wrong answer!
