If you’re looking at buying a new home, you might already have in your mind a vision of a quirky, Victorian home or a grand 1930s building. However, older homes come with their own unique set of problems.The alternative is to buy a new build.
Lots of people are aware of the benefits of buying new. Figures show that registrations for new homes is increasing, with a 7% rise in the last year. To help you decide what’s right for you we’ve put together these comparisons between buying a new or buying an existing property.
The buying process
There are 2 major differences when it comes to the all important purchase of your new home. Firstly, with a new build prices are fixed and secondly, there is no chain. Negotiations can be difficult on existing properties and the process is often more complicated when it involves a large number of interdependent sales. Not to mention the stress of sealed bids and missing out on your dream properties.
In addition to this, there are also incentives available such as the government’s Help to Buy Equity Loan scheme, which is only available to those buying new homes.
New homes have to be built to specific environmental standards. According the New Home Builders Federation, this makes them approximately 65% more energy efficient than pre-existing homes. An older property may have been upgraded with insulation, quality windows and efficient appliances but these are all fitted as standard in new homes.
Whether you’re buying a new or existing home, you will receive an Energy Performance Certificate (EPC). It’s valid for 10 years and rates different aspects of the property on a scale of A to G, with A being the most efficient. The EPC will also give you information about potential energy use within the property and typical year-to-year running costs. This allows you to make a like-for-like comparison between a new and existing property.
Peace of mind
In terms of money, property is easily the biggest purchase most of us will make in our lifetimes. Naturally, it can be stressful at the best of times and nasty surprises are particularly unwelcome. With new builds, unforeseen repairs and maintenance can cost a small fortune compared to existing properties. New homes do have one huge advantage, The National House Building Council’s (NHBC) Buildmark scheme provides a warranty and insurance cover in the event you experience any problems with your new property.
Many buyers really appreciate the peace of mind they get from a warranty and enjoy the confidence it gives them about possible future expenditure. The homebuilding industry has also introduced other initiatives to take the guesswork out of buying a home.
Your piece of history
Many people love the history and quirks of older properties. Whilst there’s no denying the risk of potential problems, some homeowners relish the challenge of taking on and upgrading an older home.
Although a new build might not be able to provide the rich history of an Edwardian terrace or the mature garden of a 1930s semi, many buyers like new things and are excited by the idea that no-one has lived in their home before. Innovative new home designs are being created all the time and many people might not realise the variety of new homes available and the many different styles.
You may find that your new build property has just as much charm as an older home. In the future buyers may be competing to get that “2010s” style for their new home.
Options for Personalisation
The joys of buying a new home is to put your own personal stamp on it. Depending on the stage of your new home, if you buy new there can be a surprising number of elements that you can customise. When you’re looking at new builds be sure to ask what the full range of personalisation options are. There might be some elements that make the difference between an anonymous new build and your dream new home.