There are lots of things that you need to consider when it comes to buying a new property. One of the key factors to weigh up, is whether you opt for a new-build home or an older property.
In essence, this decision can effect all of the other facts in front of you when investing in bricks and mortar. It’s important, then, to look at those other factors and what difference it will make in choosing a new build or older property.
Finance
Top of your list of considerations will undoubtedly be money. If the finances don’t stack up then this will not be an investment you want to make. This is where new-build properties can come into their own, especially for first time buyers. Whether it’s the developers themselves or the Government – through Help to Buy – there are many new homes buying incentives that only apply to this part of the market.
From a financial perspective, you might also find that a new build property performs better when it comes to its value and should require less to be spent on it when you first move in.
Location
Location is a huge factor when it comes to buying a house. You want to find the right property in the right place – be that close to work, schools, transport connections or all of the above. You might think that this plays into the hands of older properties which, by their very nature, will be scattered across all sorts of different locations.
However, new-build developments are often planned with location in mind, and are situated so that you can get good access to the road network, for example. Some bigger developments even come with their own school and new infrastructure. The fact that new homes are now being built at the quickest rate for some years shows that there should be plenty of choice when it comes to location.
The only person who can answer the location question is you. Make sure you pick a home that is in the right place for you and your family.
Quality
Nobody wants to buy a poor quality property and doing so could leave you with something that isn’t so much as asset or investment as a millstone. New build properties carry guarantees when it comes to this. They should be constructed to a certain quality and be energy efficient. That’s not to say that you can’t find an older property that is built to the same standards, but you will have to make sure you bear this in mind and carry out the right checks to make sure of this.
Design
The physical building itself is important, but so are a host of other features. One study put central heating, double glazing and a garden as the top three ‘must-have’ features that buyers want from a new property. You will also want to ensure that you are buying a property that you can design to suit your needs. This is where people will differ according to their tastes. Some people will prefer to search out an older property that is full of ‘character’, others would prefer a new home that they can stamp their authority on and easily turn into their own.
Taste, finance, location and quality are all factors that you have to weigh up when buying a property. The way in which you approach such factors will have a bearing on whether you choose a new build home or an older property.
