Something New
One of the first decisions you need to make when looking for a property is what type to buy. New properties can come with guarantees, light airy rooms, modern fitted appliances and can be energy-efficient and often cheaper to run and many people are drawn to new build homes because they like the idea of being the first owners and prefer somewhere that doesn’t require renovating. However, there can be teething problems.
Older properties arguably can have more character, be more spacious, and often have larger gardens. Depending on their age, they can be more expensive to maintain, and may not be as well insulated as newer properties.
With the current housing shortage and high cost of property, a new build home is often the first step for home buyers looking to get on the housing ladder or move out of rental accommodation to a home of their own. New builds can deliver the type of home needed with no renovation work required and finance options available in the form of specifically designed mortgages and Help to Buy products.
New build properties should also come with warranties such as NHBC Buildmark which provides a quality warranty and resolution service for any defects or even contaminated land in the first ten years from completion, this protects the customer’s investment and provides peace of mind to both customer and lender.
The Ministry of Housing reports^ that in England in 2018 (in the year up to June 2018) new build dwellings totalled 160,020, which is down by 3 per cent compared to same period in 2017. During the same period, completions totalled 161,240, an increase of 5 per cent compared with last year.
Something Old
Older properties tend to come with added extras like their own ready-made community and amenities. They can be cheaper than new builds, offer the added charm of period details, and look and feel more individual. They can offer more scope for extensions and loft conversions, meaning that they can grow with the family. Older properties tend to be more settled and teething problems are a thing of the past.
The character and feeling that you would have towards an older property can often make it feel more homely than some very new and pristine new builds. Though like a lot things in life, although cost is important it’s often your feelings and what your heart is saying that will determine which route you choose.
The process for getting a mortgage is the same regardless of whether the house is a new build or not, however, with the Government determined to grow the number of new build homes over the next decade, the demand for mortgages to buy them is expected to continue to increase.
