With choosing the perfect place to call home, there are a variety of decisions to make. A major factor to consider is new build vs old house. But whether you want to invest in an older house or have a fresh start with a new build home, it’s largely based on your own preference.
Some people are immediately drawn to the charm and stability of an older house whilst others yearn for the blank canvas of a modern home. Then there are also some who have no idea where to start due to the endless amount of choices available to them.
There are pros and cons for both house types so Compare My Move has compiled a list of some of the advantages and disadvantages of both new and older homes to help you decide exactly what you want. From the importance of hiring a chartered surveyor to issues you need to look out for in both kinds of property, we hope this guide will help make the choice easier for you when considering these.
If you're buying an older home, it may have the perfect combination of being matured and weathered with a strong and reliable charm. When you compare an older house to many of the new builds available on the market, it often seems to hold qualities that have since been lost in modern designs.
One of the major appeals of older houses is space. Rooms are, by comparison, generally more spacious in older homes. The garden space is also usually much bigger which often makes older homes more appealing to younger families. Georgian properties are often huge, so no need to worry about whether your furniture will fit in when the removals team arrive!
There is nothing quite like buying something brand new, especially when it comes to your property. There are many benefits of a new build home that you just don't get with an old house. There’s something satisfying about living in a home that no one else has lived in - being the first to take a shower, sleep in the bedroom, use the kitchen. It’s completely yours and yours alone.
Even if you're not the very first owner, you will still get that fresh, new feeling with a modern home. You will have smooth and even walls, no horrid Artex on the ceiling, lovely red bricks, a shiny front door, and a chance to decorate your home exactly how you want to. It’s the perfect blank canvas to start your new life in.
As a general rule, new build houses are usually more expensive than older properties in the UK. For example, a one-bedroom older house in London costs on average £137,000 less than a one-bedroom new build flat. Although old build houses are cheaper to buy, the owners often end up paying more for renovations
Data from Homes & Property
On the other hand, you'll save £629 on your energy bills in a new build home as they are usually much more energy efficient. Older houses usually have a lot more character and interesting features, but they often have bigger spaces that take longer to heat up, which will add more to your bills.
Data from Home Builders Federation
It's always advisable to get a professional property survey before buying a property, as it's vital you know the property's condition, and any likely repairs, before the transaction is completed. There are a number of property surveys to choose from, including a Condition Report, a Homebuyers Survey, a Building Survey and a Snagging List for new builds.
If you're purchasing a property, you want to know what you're buying before you commit. A Homebuyers Survey is the cheapest of the comprehensive surveys, and usually perfect for modern houses around 50 years old. A Building Survey is far more thorough and is for unusually constructed modern properties, or most building types over around 50 years old. Many new builds will benefit from a Condition Report to make sure they have been built correctly, and it is often a good idea to arrange a further Snagging List so you and the developer are aware of any issues that need fixing before construction is complete.
Whichever type of survey you choose, it is often worth arranging a valuation, saving you money in the long run as you can either re-negotiate the price to cover the repair costs, or back out of the sale altogether. You need to know if you are financially capable of maintaining the building, ensuring it's a safe place to live now and in the future. Whether you choose an older home or new build, a property survey can be vital in saving you from future costs and ensuring a safe and well-maintained home.
Unfortunately the answer is often ‘yes’ – at least in the short term. Just like a new car or anything else, most first-time homes carry a ‘premium’ price. The amount of this can vary a lot, and a little market research will usually show the difference between a new property’s value and an equivalent older home in your area.
There are no fixed rules, but most property professionals agree that a first-time home will lose much of it’s premium after it’s sale, and it’s value will then usually rise or fall in line with the rest of the second-hand property market after that.
If you make an effort to add value to your home with home improvements, then your new build might gain value, but this is not always guaranteed and you should always seek professional advice before investing in your home to increase it’s value. If you don't take care of your home, resulting in an unattractive 'curb appeal', this could decrease the value of your home.
We hope this guide has helped make your decision easier. Once you’re ready to move, get connected with Compare My Move and we’ll save you time and money by providing you with up to 5 RICS chartered surveyors. Simply, fill out our quick and simple form to get started today.