New Builds vs Old Builds: Which should I choose?

Posted On Monday, 08 August 2022 20:45

If you’re looking to invest in property, then one of the most important factors to consider is the age of the building itself. Let’s take a look at some of the ways in which this single factor will create a range of knock-on effects for the property.

What’s the difference?

A new build is a property that’s yet to be lived in. Since they’re newer, they have to conform to more stringent modern building regulations and the demands of the modern property market. You’ll see differences in price relative to the size and shape of the property you’re buying. Whether you elect to buy new or buy old, you’ll still need a means of paying. This is where a specialised savings account can be very useful.

New Build Pros

There are a few reasons to prefer a new build. They’re newer, therefore they’ve suffered less wear and tear. Every fixture and fitting from the moment you walk through the door is brand-new. New builds also tend to be vastly more energy efficient, thanks to superior insulation performance. They’re therefore cheaper to run in the long run. If you elect to invest in a new build, you might also benefit from special warranties and incentives, too.

New Build Cons

There are, however, a few downsides to buying new. You’ll find that they’re a lot smaller since modern developers seek to cram as many individual houses onto the same plot in order to maximise their return. They also tend to be more expensive for what you get, since there’s a premium attached to buying new.

If you’re buying before the home is even finished, then you might not have a clear image of what it will actually look like. Plus, you’ll be vulnerable to delays. Then there are aesthetic concerns – which are behind the dire reputation of new-build properties.

Old Build Pros

Older buildings tend to be of their time, with a character that’s difficult to replicate in new buildings. They tend to be larger and have a greater potential for appreciation in the future. After all, they’ve lasted this long – why wouldn’t they get better as time goes by?

Old Build Cons

Older buildings tend to be more difficult to maintain, and they can’t be made energy-efficient in the same way as newer ones (or at least, not without extra modification). If you want to change an older build to meet your needs, then you might find there are additional complications to consider. For example, older listed buildings might not be able to have double-glazed windows fitted.

Conclusion

Your choice of property will depend on the area you’re living in and your personal taste. Before you make the decision, it’s worth inspecting the property in person and having it checked out by a professional. This will give you the best possible chance of avoiding any nasty surprises.

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