If you are in the market for buying a property, choosing whether to opt for an older or new property can have big implications down the line.
With the government target to build 300,000 new homes annually and the Labour Party committing to similar targets if they get into government, home buyers can bet that in the next few years it may be easier and cheaper to buy a new home than an older existing property. But what are the pros and cons of a newer home? Read on to find out.
Pro – Financial Incentives
Recently, home builders have been offering some beneficial financial incentives to buyers to entice them to purchase their properties. These can be particularly helpful to those at the beginning of their home-owning journey, with offers like 5% deposits and the First Homes Scheme which allows first-time buyers to buy a new home from 30% to 50% of its market value, subject to terms and conditions. Buyers opting for an older or period home don’t have access to such opportunities.
Pro- High Tech and High Spec
Another huge pro to newer properties is that they tend to come with all the mod cons. Integrated appliances tend to be high tech and many new-build properties also come with solar panels, air-source heat pumps and electric car charging points, a huge convenience which saves buyers the bother of installing these at a later date. The newest technology in insulation and draft proofing also reduces bills. Finally, many home builders allow buyers to choose decor like flooring and kitchen style, saving money and effort.
Con- Shoddy Workmanship and ‘Settling’
With new homes can sometimes come the risk of issues with the build spec. With older properties, the previous owners have had time to sort those issues out, meaning there shouldn’t be nasty surprises for new buyers when they move in.
For this reason, it is especially important for buyers of new builds to use the services of a good surveyor and conveyancer. These will use their expert skills to check the property for you and advocate for your rights when buying the property. They can also help you to negotiate on price. Some conveyancers like https://www.samconveyancing.co.uk/news/conveyancing/no-sale-no-fee-conveyancing-153 even operate no sale no fee conveyancing, in case you need to pull out.
Con – History and Character
This is a matter of taste for the prospective buyer, but period homes can carry a premium because of their history. Newer properties won’t have this but for some buyers this is a blessing, as a more neutral canvas can make it easier to put your stamp on it.