The pros and cons of newbuilds and existing properties

Both new builds and older properties have their pros and cons. Which is right for you comes down to your personal priorities.

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New Builds

New build homes give you a lot of freedom. Not only can you design and decorate as you please; if you buy off plan you may be able to buy a specific plot with features or views you like. New builds offer financial freedom too. They’re usually eligible for government help to buy schemes, under warranty so you’re covered financially if problems arise, and developers frequently offer incentives to buyers. That can include paying your stamp duty or conveyancing fees, or fitting a kitchen at no extra cost. Even after the purchase, new builds often cost less because they’re built to modern regulations that make them highly energy efficient, meaning your utility bills cost less.

Finally, you get peace of mind with new builds. Because you’re buying from a developer, you don’t have to worry about the seller completing their purchase on a new property.

That doesn’t mean new builds are perfect. They’re often smaller than older properties because space is at a premium. They’re also subject to delays; something as simple as bad weather can cause a build to run late, delaying your move in date.

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Existing Properties

Whilst new builds are a blank slate, existing properties have character. Exposed beams and other original features make a house unique and charming. Part of that charm is space. Older houses are often larger, with big rooms, more outside space and (if you’re lucky) ceilings. Depending on the area, existing properties are probably part of an existing community which can help you feel at home straightaway… and lets you meet your neighbours before you decide whether to buy.

Whilst they’re beautiful and charming, existing properties come with some practical concerns. Maintenance costs will be higher and energy efficiency lower. They also probably have a current resident who needs to find a new home and move out before you move in. That means a chain, with all the attendant stress and possible delays. Sellers will definitely not pay your conveyancing fees, so you’ll need to get a quote, for example from https://www.samconveyancing.co.uk/conveyancing-quote.

There’s really no bad choice, just a question of which kind of property suits your needs: efficient and affordable, or quirky and unique.