If you’ve found yourself here, it is likely you are stuck deciding on if you should go with a new build property or something pre-owned and established. It can be a difficult decision, as they offer very different things, but both have a lot of pros.
The quick answer is that it is all down to personal preference and what you want. However, if you’re here you must be looking for something more specific, so let’s run through the pros for each.
Pros of buying a new build house
Let’s start with new build homes as that is our area of expertise, and is an increasingly popular choice.
The first and most obvious pro - it is a brand new home that will be all yours, with no one else's history (or dodgy wallpaper choices). You can put your mark on it straight away, and you don’t have to ‘make do’ with old decor choices that aren’t very you. You can also just move in and go, the only person who may need to sell is you meaning no complicated selling chains. There is need to wait until you’ve replaced the bathroom or kitchen, and no massive maintenance from the get-go. With less work to do, you can just focus on enjoying your new home.
As it’s being built now, not only might you get a say in the specification, but the property will also be built to higher standards than an older home. Ensuring it is more energy efficient and saving you money on bills in the long run. You’ll also get a 10 year warranty for further peace of mind.
Financially, there are incentives to buy new, such as the Help to Buy: Equity Loan scheme which can help with the costs that come with buying a house. Sometimes housing developers themselves also offer additional incentives such as a part exchange scheme to buy your old home, covering the cost of some upgrades or maybe a contribution towards your Stamp Duty.
Overall, you’ll be moving into a new community made of people who are all going through the same process as you, and enjoying the excitement of their new home.
Pros of buying an old house
Established homes can have a little more charm and quirk. Things unique to that house that you can then call yours. You may have the benefit of someone decorating in your style and being able to just make small adaptations to make it your own.
When it comes to putting in an offer, you may have more negotiating power. You may be able to get a lower offer accepted than the asking price, depending on how motivated the sellers are.
As you’re moving into an already established community you can have a look around and see if you like the area, the people and the amenities ahead of time.
You may also have an already established garden. If you’re a keen gardener, and don’t want to start a gardening project from scratch, taking on a home that already has established greenery may be a more suitable choice. It could mean you already have extra outdoor storage like a shed.
Still not sure? Maybe our handy downloadable old vs new house comparison will help you with your decision.