There are countless decisions to be made when it comes to buying your first home. Perhaps one of the most important of all is choosing whether to go for a new build or an old build property.
In this guide, we’ll explore the benefits and differences of both new builds and old build houses, to help you decipher which is better suited to your first home requirements.
One of the main differences when moving into an old build is that you can get caught in long property chains. This is the queue you end up in when the homeowners involved are waiting for their home to sell, which causes delays for the buyer who is ready to move into your home. There can be a long line of homeowners in this position, which is why we refer to is as a chain. As new builds benefit from being a brand-new property you don’t have any of that hassle. Your home is ready to move into as soon as you are.
The majority of new builds can be accessed via residential building companies, where first time buyers can put down as little as a 5% deposit as part of the governments new help to buy scheme.
Old builds tend to have much more character than new builds, benefiting from an array of charming features such as, high ceilings, traditional fireplaces, large character windows and ornate door handles (to name a few!). New builds typically don’t share these charismatic features, because they are often more energy efficient, standing readily equipped with the likes of double glazing and insulation, which some older properties lack. This brings down the cost of monthly bills which could be something worth considering if you’re on a tighter budget.
Consider whether you need a generous amount of outside space when choosing your property. Old builds typically benefit from larger gardens and driveways which could be a priority for anyone with pets or children. New builds are often sandwiched closely between dozens of other new builds, resulting in little outdoor space in comparison. If you desire a larger plot then an existing property is probably your best bet. However, if you’re looking for a more manageable garden and modern interior finish, a new build is the way to go.
One of the luxuries of new builds is that these can often be tailored to meet the homeowner’s specifications during construction. This can include a variety of elements from carpet and flooring choice to doors and colour schemes. As old builds don’t offer this flexibility, you may need to factor in any renovation plans into your overall budget, to modify your property to suit your personal taste once you’ve moved in. If you plan on any significant renovation work, an existing property will give you greater freedom and opportunity – say if you want to add an extension.
So, if you’re deciding between a new or old build property, consider these factors. Both offer a range of benefits, but you should make a decision based on your own personal preferences and lifestyle.