Choosing between a new build home or the one that has stood the test of time is a tricky decision. Both have their positives and negatives. You need to weigh them according to your unique situation! You need to analyze which choice satisfies most of your ‘must-have’ requirements.

Below is a rundown of the pros and cons of both newly built properties and already in use homes.

A New-build Home

You must have heard about the housing shortage across the UK and a never-ending debate on how to bridge the gap between available housing options and the people longing to move into their first home. Having said this, there are still some amazing brand-new properties if you are looking for one. So let’s take a look at the gains and losses of buying a newly built home directly from the developer.

Pros of buying a new build

 ◉ Ready To Move-In

A newly built home is a new beginning, not just for you but for the home itself.  You hardly need to do anything before shifting. Just move in and start celebrating your new beginning.

 ◉ Incentives

Very often developers come up with attractive incentives to entice more sales. They may attract buyers by covering the cost of carpets or paying the stamp duty.

 ◉ Modern Features

New builds mostly offer all the trending facilities. You may find newly built homes with ‘smart home’ features or open-plan layouts.

 ◉ Design As You Desire

Under construction housing schemes also offer the opportunity to build off-plan so that you may have a say in the design. You can suggest changes in the layout as well as choose fittings of your choice.

 ◉ Energy Efficient

Newly built homes have to abide by the latest building regulations making them more energy-efficient than older houses.

 ◉ Chain-free

Being the first buyer and occupant of the home you won’t have a chain of buyers above you. This makes the process stress-free and simple.

Cons

 ◉ Space

Recently developers are trying to pack as many properties onto a site as possible to maximize their profits. This tends to make the new-build homes less spacious than older properties. If you want a spacious home with a lot of storage this might haunt you.

 ◉ New Home Premium

If you don’t plan to live in a property for a longer period of time, buying the new home may not be your piece of cake. The day you shift into the newly built home, it no longer remains a brand new property and its market value falls. If you try to sell it, you will be at loss.

 ◉ Leasehold

Generally, the newly built homes are sold as leasehold and not as freehold. Tread cautiously and ensure that your conveyancer explains charges, costs, and restrictions laid down in the lease.

 ◉ Biased Conveyance

Buying a newly built home may cause you extra stress if you are bound to make the deal through the conveyancer of your developers choice. The developer’s sales team and a solicitor will pressurize you to agree to their terms, while an independent conveyancing solicitor is more likely to take a stand for your benefit.

 ◉ Quality Issues

You must have heard the stories of poor quality in newly constructed properties. There can be a series of trivial annoying snags to significant structural issues in a newly built home. You must plan a snagging visit with a professional as soon as the developer allows you to visit the site.

 ◉ Unexpected Delays

It is very common for the move-in date of a newly built property to be delayed by weeks to months. So be prepared to face this inconvenience and make contingency plans for it.

Existing properties

You might not be attracted to a newly built, modern-style home while hunting for a property. Britain has an attractive history of astonishingly amazing homes – If you intend to buy an already existing home, be mindful of the pros and cons.

Pros

 ◉ Character

If you love the amazing period features of Georgian properties, Victorian architecture, or suburban styles of living there is loads of choice in the existing housing stock.

 ◉ Amenities And Community

An older property is more likely to have more nearby amenities such as restaurants and have an established community, making it a more happening place to live.

 ◉ Spacious

An older home tends to be more spacious, having bigger rooms and open spaces.

Cons

 ◉ Chains

Buying an existing property and dealing with the owners makes the buying process more difficult.

 ◉ Maintenance And Renovation

You must be prepared to do a little to a lot of maintenance work as well as renovation right from the beginning while buying an existing home. This may add to your overall cost of buying the property.

 ◉ Low Energy Efficiency

As a fact of the matter, older homes are likely to be less energy efficient as compared to a newly built property. You can expect higher monthly electricity and gas bills in such cases.

There is no rule of thumb or absolute wrong or right decision when choosing between an existing home or a newly built property. It comes down to your unique preference and your wishlist. Always ensure to have all the necessary information about your desired property before you sign a contract.