Thursday, February 6, 2020

Should I Buy New Or Old?

Owning a new home is a big deal and whether you want a new property that’s just been built, or you want to buy an older one yourself, you have a lot to think about. Everyone imagines their dream home, but they don’t think about what it would be like to build their own from scratch - it’s not easy! However, there’s something so elite about knowing you chose a brand new house over an older one - no one has ever lived in it before you!

It ultimately comes down to your decision, but there are still advantages and disadvantages to consider. Let’s take a look at those more closely!
Black Handled Key on Key Hole

Advantages

There are plenty of benefits to buying a new home from a house builder, and we’ve put them together for you below:

- When you buy from a house builder as a brand new property, you don’t have to worry about chains. No one’s going to give you issues selling your current home. 

- Buying a new home comes with incentives! You can buy a brand new home for a lot cheaper than an older home and - depending on where you are in the world - you may find that there is help onto the property ladder.

- A new home may come with a warranty, and this is often free to you as the home buyer.
You have an entirely blank canvas on which to start again! It’s your house, and no one has lived there before.

- New homes have very high energy efficiency standards, with excellent insulation compared to older homes.

Disadvantages

From asking yourself “do I really need a building permit” to knowing whether you are using a builder that you can trust, you need to think about the disadvantages as much as the advantages. Below, you’ll find some of the most common disadvantages of buying new:

- Often, the mortgage with a new house can be delayed. The hold up isn't something you want to deal with, but it does happen in the course of waiting for a mortgage to come through.

- New build homes often lack the same amount of character than the old builds. New builds tend to look very samey no matter where you live, and no one wants a house that looks like all the others.

- There is usually much less space with new build houses as they’re always squashed together in a smaller space.

- New homes require snagging checks, and these are there to check for any problems or defects that come with the build. Snagging before you move in will save you money over time and avoid a lot of issues that can come with the build itself. Most of the time, the faults and defects are small and easily fixed! 

- A new home comes with a service charge, which depends on the location of the house that’s been built. The chance of it being higher than you expect is likely, and you must know what this is before you go in with the new build.

Sometimes, building an older home is the better option - which will you choose?






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