Buying Old versus New
09 Jan 2015
Buyers tend to have fixed ideas about the style of home they would prefer to buy. Some would not buy anything but a “character home” whilst others prefer a brand new property. In this two-part article, we look at some advantages and disadvantages of each, starting with modern homes.
There are two types of modern properties – brand new and “second-hand”. Both have the advantage of being built to modern standards. For example, fire, ecological and insulation considerations have improved dramatically over the past 30 years. The advantages of purchasing a brand new home as the first owner can include choice of plot/aspect, design, and finish of the property in liaison with the builder. There may also be part-exchange or other incentives to buy, and it’s great to be able to put your own stamp on an immaculate home.
Disadvantages include snaggings (unfinished bits and pieces), a garden that could take years to mature, and the inconvenience of possible other building works nearby, along with the associated muddy roads. Also, be careful to not get caught up in the marketing hype of a new development, as values might not truly reflect local market conditions, but the developer’s ambitions. When you come to sell, will you be competing against Phase 2?
Buying a “second-hand” modern property is likely to have fewer surprises, as the first owner will have solved any teething problems (even small things like fitting a doorbell or exterior light) and may well have installed extras such as garden decking or Sky/Broadband connection points. Inroads will have been made into the headache of planning, stocking and cost of a new garden, and discounted carpets and curtains may possibly be included in the purchase price.
Next week’s article looks at the pros and cons of buying an older property.