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Finding the right property to purchase is a tough task in itself and one of the first decisions to make is whether you want to buy a new build property or an older one. A good case can be made for either style of the property so, in essence, it comes down to personal preference and what you, as a homeowner, want the most in a property. For example, if you like period features and homes that ooze character then you’d opt for an older property, however, if you’re more taken with modern features and homes that require less maintenance, you’d go for a new build.
There are a number of pros and cons to consider when buying a new build property and to make the decision a little easier for you we’ve put together a list of both.
Let’s get started!
1) You get a shiny new home to move into
Nobody can deny moving into a brand new home with fresh paint, fluffy carpets and shiny, unused fixtures and fittings is a great feeling and this is what you will get if you were to purchase a new build home. Some new builds even allow a bit of customisation so you may get the option to choose the finish of each room!
Safety is a big issue nowadays as well so you won’t have to fret too much about that because your home should be decked out with all the latest specifications and should meet all current building regulations. In addition, all new build homes should come with a 10-year warranty, covering structural defects. The warranty is provided by companies such as NHBC (National House Building Council) and LABC (Local Authority Building Control). Ensure that you check the relevant warranty for your new build property.
2) New builds hold their value
Generally speaking, new-build homes hold their value so you won’t have to worry about losing too much if you ever decide to sell up.
They tend to hold their value well because the prices usually stay in line with other new builds in and around your development. There’s even a chance for the value to increase if the area your home is located in becomes popular and sought after!
New builds are also great starter homes so anyone looking to get on the property ladder for the first time may opt to buy yours more-so, since it will still be a fairly new home compared to other homes that may have been built decades ago.
3) Maintenance costs are low
As mentioned earlier, new builds come with all the latest specifications and building regulations which include things like double glazed windows, insulation and more. You also get up to date, energy-efficient fixtures. All this will help reduce the cost of your utility bills which ultimately results in you saving money. Furthermore, because everything is brand new, it should work to optimal efficiency for the first few years without you having to consider replacements.
1) New builds are almost always smaller
Compared to older properties, new builds are almost always much smaller so you will have less space in your home. They just don’t have the same floor space or high ceilings like older homes do. It’s estimated that new build homes are often 20% smaller than homes built in the 1970’s. Make sure you know the size of your rooms beforehand so you can get all your belongings to fit in.
2) They aren’t very aesthetically pleasing
You may find that new build properties aren’t as pleasing to the eye, so if aesthetics and curb appeal matter to you, a new house may not be the best option for you. New build homes are built on large developments along with numerous other homes that look very similar. They don’t have any defining features and often lack character. In many cases, even the gardens look exactly the same.
3) New builds can be tricky to sell on
Although we stated earlier new builds generally hold their value quite well, it has to be said that they can be tricky to sell on. Any potential buyers may consider buying a brand new house, just like you did, for a similar price, rather than your now second hand one. Also, as new builds generally have small garden space and smaller rooms, some families may be put off.
When considering a new build home, we think the main thing it comes down to is personal preference and your own individual lifestyle. If you live a fast-paced lifestyle and need a home just to come home to with little stress, then a new build could be for you.
If you’re more interested in enjoying your home and experiencing it to the fullest then an older home with period features and lots of character might be for you.
Either way, we hope our article has provided you with the information you need to consider, so you’re able to decide which type of home you want for the future!
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