When you choose to move to a new home, you are forced to make a whole variety of important decisions. The first decision you usually make when conducting a property search is where to live. However, another major factor to consider is whether to buy a new build or an old house.
So, the big question on every house-mover’s lips is: “new build or older house?”.
Unfortunately, there is no straightforward answer to this pressing question. In fact, whether you opt for a new build or an older house will largely be determined by your personal preference – no one else can make the decision for you.
The best way to decide which type of property you’d rather purchase and live in is to weigh up the pros and cons of new builds compared to old houses. Looking at the pros and cons of buying a new build vs an old house can make this weighty decision much simpler.
Some people are immediately drawn to the charm and stability of an older house, while others crave the blank canvas of a new build to make their own. Then, there are some (most) who really have no idea when it comes to new build vs old houses.
So, to help those people out, we have put together a comprehensive guide that compares new build vs old houses. In this article, we have compiled a list of all the pros and cons of buying a new build house and compared them to the pros and cons of buying an old build.
This guide will make the choice of ‘new build or old house’ much easier. Here’s everything you need to know about buying a new build vs an old house in the UK.
So, what’s the difference between a new build home and an old build house?
A new build house is one that has never been lived in before, whereas an old build house is one that has had at least one owner.
Although most modern homes tend to be referred to as ‘new builds’, if they have previously been lived in, they would technically be classed as an existing home.
Now you know what a new build home actually is, you might be wondering, “Should I buy a new build?”.
Whether it’s better to buy a new build home or an older house will largely depend on your own personal needs and what you’re looking for from your next property.
There are various pros and cons to both new builds and older houses, and you should consider each and every one against your own wants and needs.
What about for first time buyers?
If you’re purchasing your very first home, the decision of whether to buy a new build home or an older house might be even trickier.
Being totally new to the house-buying process can be incredibly daunting, and the choice of a new build vs old house doesn’t make it any less stressful.
As with experienced home-buyers, there are a number of pros and cons of new build and old build homes to consider before making the decision.
Ultimately, everyone will have their own reasons for choosing either a new build or older house when purchasing their first home – it’s just about finding what’s right for you!
However, knowing what you want can be difficult as a first time buyer. You’ve never owned a property before and, maybe you’ve never lived away from your parents. So, determining what you want and need from a property can seem impossible.
Therefore, it’s essential that you make sure to visit examples of both new build and old build homes to get a better idea. You should also make sure to ask all the relevant questions when buying a new build.
After reading through our guide to the pros and cons of buying a new build vs old build home, you should have a clearer vision of which type of property is right for you.
So, let’s get started…
Having now considered the pros and cons of buying an old build property, here are some of our top tips when it comes to purchasing an older house:
If you decide the pros of buying a new build home outweigh the cons, then you might be interested in hearing our top tips for buying a new build property:
Another significant factor that you should consider when weighing up the pros and cons of buying a new build vs an old house is cost.
The average premium paid to purchase a new build property compared to the price of an older house in Britain is 29%, with the average price of a new build property in the UK being £323,667.
So, there is quite a significant price difference when it comes to new builds vs older homes, and this is worth considering when comparing the two.
It’s also important to take into account the fact that it is more common for new builds to lose value over the longer term.
However, period properties can also command a premium, with research from OpenBrix revealing that Georgian homes can often cost £100,000 more than the average UK property price. Meanwhile, Victorian and Edwardian properties fetch 20% more than the UK average house price.
Make sure you check out the hidden costs of buying a new build house before making any commitment.
Are you moving home and trying to choose between a new build and an old build home? If so, it’s essential that you properly weigh up the pros and cons of buying a new build house compared to an older house.
In this article, we’ve outlined all the advantages and disadvantages of both new build and old build homes in order to help make your decision easier.
Do you want personalisation, no chain and help to get on the ladder? If that answer is yes, then a new build is likely the best option for you.
Alternatively, are you looking for character, space and an established community? If so, you might be better opting for an existing property.
Whichever you eventually decide on – new build or old build – make sure you change your address with all the relevant institutions and providers before moving! Take a look at our change of address checklist to see who you need to notify.
Find out more first time buyers guides here.
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