Finding a home that suits your lifestyle and needs is the key
As a first-time buyer, you will have unique motivations for deciding between a new build or an older property when buying your first home. Ultimately, finding a home that suits your lifestyle and needs is the key. As a first-time buyer, you must carefully contemplate what you want in a property. Visiting examples of new and older homes is important to gaining a realistic perspective.
Choosing between a new and an old home can be challenging for prospective homeowners. Both properties have unique charms and features that could cater to different preferences. Age might seem trivial to consider when buying a home, but it’s more significant than many realise. From construction techniques to design trends, the age of a house can tell you much about its characteristics.
Latest building codes and standards
New homes often boast modern designs, energy-efficient features and up-to-date technology. They’re typically built according to the latest building codes and standards, which could mean better safety and comfort.
On the other hand, old homes have a unique charm and character that’s hard to replicate. They often feature classic architecture, detailed craftsmanship and mature landscaping. However, they might lack some of the modern conveniences in newer homes.
Built with traditional methods and materials
The construction methods and materials used in a home vary significantly depending on age. Older homes were often built with traditional methods and materials, which can contribute to their unique aesthetic appeal. However, these homes may require more maintenance and repairs compared to newer homes.
New homes are usually constructed using modern methods and materials, which can offer improved durability and efficiency. However, they might not have the same level of character and charm as older homes.
Why choose an older property?
Established active community groups
Predominantly, existing properties are nestled within mature neighbourhoods. This presents an opportunity to familiarise yourself with your neighbours even before moving in. Established areas often have active community groups, ensuring resident safety and wellbeing.
Additionally, they frequently boast various local amenities, such as shops and restaurants, a luxury not always afforded by new builds, which are often constructed on vacant, undeveloped plots.
Sense of character and a unique history
Older properties come with a sense of character and a unique history that you’ll seamlessly blend into. Whether you’re intrigued by the previous owner’s gardening prowess or captivated by the charm of an older house with period features, the opportunity to add your personal touch is enticing.
As a first-time buyer, you may want to personalise your new home, and older properties provide ample scope for adaptation, including significant renovations.
Confidence in your investment
With an existing property, what you see is what you get. If you’ve diligently conducted a home survey, scrutinised the Energy Performance Certificate (EPC), and are satisfied with the findings, you can confidently place your bid. This assurance may not be as strong when you opt for an off-plan purchase.
Negotiation between the buyer and seller
For existing properties, the purchase price is open to negotiation between the buyer and seller. The final mutually agreed price may be influenced by market demand, the property’s condition as revealed by the survey and the seller’s eagerness to relocate.
While older properties are more likely to uncover issues in your survey – a potential disadvantage – this does offer first-time buyers additional room for negotiation.
Why choose a new build property?
Personalised style and freedom from chains
When deciding on your first home, a newly built property offers the enticing prospect of personalisation. With no existing decor to contend with, you’re free to instil your unique style into every corner of your home.
Whether it’s selecting the perfect tiles or choosing the latest appliances, your home will be an authentic reflection of your tastes. It’s worth noting, however, that new builds often need time to ‘breathe’, so be prepared to wait before hanging pictures or adding a splash of paint.
Avoiding a moving chain is another significant advantage of buying a brand-new home. You won’t have to worry about the stress and unpredictability of a property purchase falling through due to chain issues. Plus, there’s zero chance of gazumping or dealing with previous owners’ personal issues. Remember, though, that construction delays could affect your move-in date.
High-spec living and community building
New builds are synonymous with high-quality materials and modern appliances, often surpassing the specifications of older properties. These homes adhere to the latest building regulations, ensuring top-notch heating systems and insulation. This feature especially appeals to first-time buyers keen to avoid DIY and maintenance costs and enjoy their new home.
Opting for a brand-new home also means becoming part of a burgeoning community. Instead of integrating into an established neighbourhood, you’ll have the chance to form new friendships and share experiences with other first-time buyers in your area.
Energy efficiency and guaranteed quality
New-build properties are lauded for their energy efficiency, reportedly being six times more efficient than older homes. Such a home can reduce household carbon dioxide emissions by around 60%. This environmental friendliness can translate into substantial annual savings on your energy bills.
About 80% of new builds come with an NHBC ten-year warranty, providing you with assurance against potential issues. The NHBC sets the standards for new and newly converted homes, offering warranty and insurance coverage to ensure your new home’s quality.
Despite the appeal of new builds, existing properties can offer lower house values, enabling first-time buyers to step onto the property ladder. When choosing a property, carefully considering your current needs and future desires is crucial.
Ready to secure your first mortgage for your new home?
Choosing the right mortgage is a critical step in your home-buying journey, depending on your circumstances. Factors such as your age, the amount you wish to borrow and the size of your deposit all play a role. Speak to our professional advisers for expert advice on securing the right mortgage for your needs.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
