Should you buy a new build or older property? (First home)
Buying your first home is a really exciting time, but it can often be a bit of a challenge too when it comes to deciding on the type of property you purchase.
With the UK property market offering both new build and older properties within first-time buyer budgets, let’s take a closer look at the pros and cons of both so that you can make an informed decision and get your property search off to a flying start.
New Build Properties
If you’ve been dreaming of moving into a home where everything is fresh and new, then a new build property is clearly the way to go.
The beauty of a new build is that there is virtually nothing to do in terms of repairs or essential maintenance for the foreseeable future as the property has recently been built, so all that’s left to do is maybe throw some paint on plain walls, pick out some wallpaper and go furniture shopping for your new abode!
Another benefit of a new build property is that they are usually more energy-efficient than their older property counterparts, and many of them can be purchased using Help to Buy or shared ownership schemes making it an affordable way of getting your foot on the property ladder.
However, new build properties are often criticised for their small floorplans, various fees for communal area maintenance services and lack of character in some cases, so be sure to do your research and take a good look around at everything in your price range before making a decision.
Often boasting a little more character than their new build cousins, older properties do tend to be larger than modern constructions and can offer great value for money if you’re willing to roll up your sleeves and get stuck in with some repairs, refurbishment and the redecoration required to make the property your own.
Many people also prefer to purchase older properties as their first homes as they are usually located in established areas close to commuter links and useful facilities such as schools, GP surgeries and shops. They are less likely to have unsightly new buildings or busy roads created nearby as the area has already been developed.
On the negative side, some older properties do need a little more than a touch of TLC and a lick of paint to get them up to scratch, so make sure that you have the best survey you can afford done on the property. This will help you to avoid any nasty surprises and expensive repairs once you’ve completed the sale and moved into your new home.
Happy property hunting!