New Build or Older Home: Which is Right for You?

New Build or Older Home: Which is Right for You?

When choosing a new home, among the considerations is whether to buy a new build or an older home. Some people prefer the character and robustness older homes provide. Others prefer a modern home as they have a contemporary blank canvas to work with.

New build and older homes both contain pros and cons. So we’ve compiled a list of advantages and disadvantages of both to help you make the best decision for you.

New Build vs Older Home – What’s Better?

New builds are homes that have never previously been lived in. Older homes, on the other hand, are houses that have had at least one prior owner. With this in mind, it all depends on what you want and need from your property.

Pros and Cons of Buying a New Build

Pros

The builder’s warranty

When you purchase a new build home, you also get new homes warranty which typically lasts for 10 years, for example an NHBC Buildmark warranty. The warranty covers you if there are certain issues with the property, for example structural issues.

Energy efficiency

Because of modern techniques and technologies, new builds are very well insulated with energy-efficient heating systems and advanced double glazing.

The personal touch

When buying off-plan, depending on the builder and build stage, there may be opportunities to personalise your home in terms of interior styling.

Home buying scheme

Government home buying schemes like Help to Buy and First Homes are available with new build houses only. This is ideal for a first-time buyer trying to get onto the property ladder.

No chain

New builds don’t have the complication of existing owner-occupiers so if you have a current property that needs to be sold, you are the final link in the chain. That means there’s far less chance that the transaction will fall through.

‘New’

New build homes, with all new appliances and features are unlikely to need the level of maintenance older homes require.

Cons

Smaller rooms

In comparison with older homes, and particularly period properties, the rooms in new builds can sometimes be a bit smaller.

Premium pricing

With newly built homes there can be a ‘new home premium’ to pay, which means you can expect to pay more for a new home than an equivalent older home. This premium reflects that a new home is usually built to a high specification, likely to be more energy-efficient than older homes and everything in it is new and unused.

Building delays

If your new build home is reserved off-plan and has not yet been built, there can sometimes be delays in the build, which can often be out of the house builder’s control, for example if there are issues caused by labour shortages. This could have a knock-on effect if you’re selling an existing property.

Pros and Cons of Investing in an Old Home

Pros

Size

Old homes sometimes have more space both internally and externally compared to newly built homes. If you particularly want a large garden, larger bedrooms, or ceilings that are higher, start your property search with period homes that were built in the 1920s or ‘30s.

Character

If you like a home to have character, you might be drawn to a period property, a Georgian property for example generally comprises unique features such as sash windows or decorative cornices.

Adding value

It can sometimes prove difficult to add value to a newly built home, as they are often already built to a high specification and modern design. With older properties, there can be opportunity to add value through a loft conversion for example or a large-sized kitchen extension.

Cons

High maintenance

Properties that are older have aged and are likely to have had plenty of prior owners. This means they can require lots of maintenance to preserve the look and structure of the home, which is likely to involve extra, sometime unexpected, costs!

Lengthy chains

If you purchase a resale property, there’s a chance you might be caught up in sales chain. That can sometimes be stressful, due to delays that can take place down the chain, and the chain can even collapse if a buyer or seller pulls out.

Energy efficiency

Energy costs in older homes can be much higher as they are typically less energy efficient. As energy bills soar, this is something very important to consider.

Buy Your New Build Home with Hive Homes

Buying a new build home has never been easier at Hive Homes, especially with our portfolio of high-quality and affordable new builds.

If you’ve found a property you like, please contact us and a member of our friendly team will get back to you with whatever you need. We’ll always be here to support your move.