The pros and cons of new-build homes versus older homes
A few key points to remember
New-build homes come with a 10-year warranty, eco credentials, and customisation options
Incentives are available from the government for new-build homes to help you purchase one
New-builds and older homes have their own advantages and disadvantages, and it comes down to personal preference
Would you rather live in a new-build or an older property that has a lot of history and character?
The answer is neither right nor wrong. The most important thing is what you value most.
Nevertheless, it's not always easy to make a decision. You can use our guide to compare the advantages of new-build homes and older properties.
The benefits of new-build homes
1. Financing is available for new-build homes
There are several government programs designed to help new-home buyers.
For new home buyers, there are three main schemes:
There are also incentives and benefits offered by house builders to buyers. A few examples are:
Stamp duty or deposit payment
Fixtures and fittings, appliances, interior design advice and landscaping
Part-exchange deals, where they buy your existing home and resell it
An assisted sale is when they help you sell your existing property.
It's worth contacting house builders directly, as they may offer additional incentives and benefits.
2. No chain is involved in the purchase of your new home
You won't have to worry about getting stuck in a property chain - or getting gazumped - if you buy direct from a house builder.
You won't have to rely on anyone but the house builder, which can speed things up and reduce stress.
3. Newly constructed houses are more eco-friendly
New-build homes often feature green credentials - which means lower utility bills.
When the Energy Price Guarantee increases on 1 April 2023, new construction homeowners will save an average of £2,500 a year on energy bills.
In addition to reducing carbon emissions, high-efficiency heating systems and A+-rated appliances also reduce energy consumption.
In many properties, double or triple glazing, low energy lighting, and dual flushing reduce water usage.
The inclusion of bike storage and electric car charging points can encourage greener living, while planting trees and creating bee- and bird-friendly environments are also eco-friendly considerations.
4. Security and safety are key features of new construction
When you purchase a new home, you can expect top safety and security measures thanks to high building standards.
Fire safety, security alarms, locks on doors and windows are some of these.
Insuring your new-build home can be less expensive due to its security.
5. You are covered by a warranty
Most new-build homes are covered by the 10-year warranty offered by the National House Building Council (NHBC).
More than 90% of new homes built in the UK are covered by warranty.
Warranty coverage can help you obtain a mortgage, give you peace of mind, and potentially save you money on repairs over time.
New-build buyers are also protected by a Consumer Code.
6. Off-plan construction is possible
There are many developers who work off-plan, which allows buyers to contribute to the design of their new home.
Is there an extra plug point for the kitchen laptop? Everything is taken care of.
New-build properties are also move-in ready, so you won't have to spend time redecorating.
As soon as you unpack, you'll be ready to join the WFH call.
7. Locations that are suitable for families
The aim of many house developers is not just to build new homes, but also to create a sense of community and belonging for the residents.
In new-build developments, schools, nurseries, and supermarkets are often close by.
In some developments, they will fund new schools or expand existing ones.
As well as building green spaces to support local ecosystems, some focus on improving wellness through green spaces.
The benefits of older homes
1. Older homes have a lot of character
You may enjoy an older period home if history and character are important to you.
Whether it's Georgian townhouses or Victorian terraces, you may have a favourite type of older home.
The period features of a home, such as sash windows and ornate fireplaces, often appeal to buyers.
2. Older homes can be tracked over time for their value
When it comes to older properties, you can snoop around to see how their value has changed over time.
A property's history can help you decide if it's a good purchase for you and if its value will rise in the future.
3. You can check the condition of the item before buying it
Even though older homes have their quirks, a property survey and pre-sale search won't reveal any major surprises.
You can be sure that a project home is structurally sound - and maybe even get a bargain price - with a survey.
4. Major changes can be made - and value can be added
You can still make changes to the property even if you bought it for its character.
You can enhance the property's aesthetics and boost its eco credentials by doing everything from major structural work to smaller projects.
When you extend your kitchen or convert your garage in a period property, you could add a tidy sum to its value.
5. You are already connected to your utilities
Since the previous owner already set up broadband, energy, and other utilities, signing up should be straightforward.
If you can get a cheaper deal by switching, it's usually worth it.
6. The garden of an older house is more established
As gardens bloom in summer, they are likely to reveal some colourful surprises.
There are some older homes that have larger plots because they were built when there was more space available. You can have more privacy and expansion options with an older home, although it isn't always the case.
7. Located in established areas
Compared to new homes, older homes tend to be closer to town and city centers.
The central location of older homes can be convenient and save you both fuel and time, depending on what you want from your home.
About Carpenter Surveyors
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Our experienced local team provides a range of consultancy services, including RICS Condition Surveys, Home Surveys and Building Surveys to Valuation services so you can purchase with confidence.