New Build or Re-Sale Property – Which is right for you?
At Joyce Heeps Homes, we find that potential buyers come to us with a very clear view of the type of property they want – and often they have decided in advance on whether they want a new build or an older home. Recently we’ve read research that new build properties are smaller than ever before, and that period features are topping the ‘requirements’ list for online house hunters – so we thought we’d draw up some pros and cons for each type of home. We know that most of these factors are really down to personal taste, so we are unlikely to sway you one way or the other if you have your heart set – but perhaps we can help you think about the options if you are on the fence.
New build homes come ready to live in. That’s a great appeal for many! You walk in to a clean, neutral, ready-to-live-in home and life hardly changes. There are also regulations to ensure that your new home is built to be energy-efficient to run, and safe and secure to live in, which could reduce your bills and add to your peace of mind compared to an older property. This is backed up by the NHBC 10 year warranty that all new builds must have.
The buying process can also be easier, as with a new build you are the end of the buying chain. You are not being reliant on the property’s current owner being able to buy another property in time. Additionally, buying a new build can be even easier as the UK Government offers incentives and help to buy schemes for new build homes, especially for first-time buyers.
On the other hand, older properties, especially period homes, can have character and often a more interesting look and feel than a new build. However, there is likely to be work to do, and higher maintenance costs down the line for older homes.
While you may not walk into a ready-to-go home, but you are more likely to enter a ready-made community. Older properties are more likely to be surrounded by neighbours who have been there for a long time, and it can be much easier to get settled into an established area rather than one where everyone is finding their feet at the same time. This also has the advantage of being able to check house price stability in the past and give you confidence in your investment for the future.
If a garden is key to your decision-making process, an older property is likely to be a firm favourite. As well as having an established garden, research shows that older properties have more outside space, and more distance between neighbours than the average new build. Older properties can also offer you more flexibility in many areas, from the changes and improvements you can make, to the utility companies you can choose from.
Perhaps one of the most compelling reasons to choose an older property is that new build properties have shrunk in size by 20% during the past 40 years with families now squeezing into properties that are a quarter of the size of a tennis court! According to research by LABC Warranty, modern homes have got smaller every decade since the 1970s, with new built properties in the Glasgow area now averaging just 65 square metres, which is below the national average of 67.8 square metres and actually smaller than the average new build in London!
Whichever type of property appeals to your taste, there are pros and cons to all and you should consider the area, and your other requirements rather than focusing purely on a property’s age. For more help and advice on buying or selling in East Kilbride and beyond, get in touch with Joyce Heeps Homes today.
