When it comes to deciding whether to purchase a new build or an older home, you must consider the benefits and drawbacks of each. You must calculate which features are most essential to you, as well as which property has the most checkmarks on your “must-have” list.
Here’s a comparison of the benefits of new construction properties and houses that have stood the test of time.
Pros of new builds
The good news is that the number of new build homes being developed each year is on the rise. There were almost 50,000 new houses constructed in the first quarter of 2021, which was the highest figure in over 20 years. This implies that when people are looking for a new property, they have a better chance of discovering one since more consumers are seeing an un-listed home. Let’s look at the advantages and disadvantages of purchasing a new home straight from the developer, as well as whether buying a new build is worthwhile.
Pros of buying a new build
- Unpack and go – A fresh tile floor, paintwork, kitchens and bathrooms provide a blank canvas for your new house. This implies there should be very little, if anything, you need to do to it once you’ve moved in. You can simply unload your belongings and start using your new home immediately.
- A boost to buying – For many first-time buyers, a new build property is the only way they can get on the housing ladder. That’s because Help-to-Buy and Shared Ownership are only available in connection with the purchase of a new home.
- Incentives – Some builders will include extras in order to entice you to purchase a property. This might imply that you must pay stamp duty or replace the carpets.
- New-build modern living – New builds with the most up-to-date technology are available. Many include ‘smart home’ features and open floor plans. Shared services such as gyms and concierges are also available.
- Design a home – If you buy off-plan, you may have input in the design. You might be able to pick fixtures and even the layout.
- Cost-effective – The prices of new constructions are significantly lower than those of older structures. New homes must meet the most up-to-date building rules, which means they are far more energy efficient than previous residences. According to Energy Performance Certificates data, over 80% of new houses have the highest A or B ratings.
- Warranties – All new properties come with a guarantee, which is not available on an existing home. However, your warranty does not cover everything you might want it to.
There’s no right or wrong option when it comes to selecting between a new-build home and an existing property. It all depends on your personal taste and what you want to get out of your new house. Just make sure you have all the facts regarding your favourite house before signing any contracts to acquire it.