There are more and more new housing developments popping all over the country, all of the time, in answer to the shortages of houses. You will not have to drive far to see land earmarked for development or the erection of new houses. The demand for housing is at an all-time high and here are some things you may want to consider when deciding whether to buy a new build or older property.
Maintenance
When it comes to a new build it is not just the building that is new, but everything inside. Everything will be new, the heating, plumbing, kitchen, appliances, electrics, flooring, absolutely everything. There should be very little repair or maintenance work involved in the first few years of owning a new home.
Conversely when you buy an older home other than the searches performed there is little in the way to guarantee the property or any ongoing maintenance it may need. This may not be a bad thing however as many buyers purposely buy properties with the intention of carrying out works and improvements to make a property their own.
10-year warranty
In addition to the low level of maintenance required in a new build home the properties also come with 10 years warranty from the National House Building Council (NHBC). There may also be additional warranties or insurances offered by the builder. What is more prospective buyers can carry out due diligence on the developers and fully research them and their other projects. Looking at developers websites such as Salboy will give you an idea of who they are and what they have to offer.
Once again, other than the searches and your home insurance there is little else to guarantee your property on a pre-existing house. Taking out home insurance is a must.
It has never been lived in
For many, this can be a huge advantage of buying a new build. Knowing that they are the first and only owners to eat, sleep and live in that house. For others, it is not such a big deal. Some buyers prefer history in a property or character features that distinguish their property and have a story to tell.
Choice
When it comes to buying a new build buyers will generally have more choice. Choice of the plot, the size, the interiors. Whereas when you buying a pre-existing property you are limited to what is for sale at that time on the market. That said the variety of houses available will be much more diverse when it comes to a pre-existing property, for example, you could look at cottages, 1920s houses, nearly new houses, all in different shapes and sizes. Whereas new build properties tend to all conform to a particular aesthetic
Price
This can often be the biggest motivating factor. Pre-existing property prices can fluctuate and you can find yourself stuck in a bidding war or being outpriced but once you own your property more often than not it is an investment that will appreciate in value. Conversely, when buying a new build the property will automatically decrease in value, much like when buying a new car. If you plan on living in your new build for a long time the depreciation value should be of little worry, however, if it is a short term stop gap it is a consideration you need to bear in mind when agreeing on a price.
*Collaborative post*
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