When it comes to buying a house or a flat what do you prefer, a new build or something that has character and history? Some new builds are simply stunning and if you’re a first time buyer, it could be your one chance to get on to the property ladder, as new builds do tend to be slightly more affordable, but there are many factors to think about.
Are they Cheaper?
Yes they can be considerably cheaper than older properties but the location and the condition of the home will have to be taken into consideration before one can be sure. However with a new build you do get the chance to visit the housing development and to potentially bag yourself a bargain, first hand! You’re unlikely going to be faced with others putting in their bids and seeing it tally over the asking price, so its undoubtedly a less stressful way to buy and more than likely you are going to get the house you want without having to cough up any extra.
An old run down property can be bagged for next to nothing at auction on the other hand, and you can in fact get a really cheap home if you are prepared to spend the time putting in the work afterwards. Ok, this can be costly but if a budget is set for the work and you manage to stick to it, you can still end up quid’s in at the end. It comes down to careful planning a little shopping around.
Mortgage lenders can be picky about lending to people looking to buy new builds. Especially because many new builds were built prior to the recession, they are worried that they might not gain value and could leave them out of pocket. This is one of the major reasons why new builds are risky. For more information on this issue, see this article from The Guardian: here.
No work or hard work?
Probably of one the best things about buying a new build property is the lack of decoration you will have to do. Most new homes are freshly painted and plastered and require virtually no DIY what so ever! Of course you could always do a feature wall or maybe hang some pictures and put up a few shelves up etc but that is it! And that is the nice part; it’s about dressing the home to add some of your personality to it. Getting mucky and dusty is well and truly a thing of the past.
What goes hand in hand with ‘No Work’ is the fact that conveniently you can move straight in.
Although some people like to do the work because it allows them the chance to personalize the home - put a stamp on it and make it a perfect home that ideally suits their particular lifestyle or families needs. They can also choose your own design afterwards when it comes to the fixtures and fittings which can be exciting.
Everything is new, good or bad?
One of the bonuses of buying a new build is the fact that everything in it is new! No worries of fitting a new kitchen or bathroom as it’s all done for you!
However this could be a case of having to live with what you get, so hopefully it's what you like. Unless you are willing to rip out this lovely new design and put your stamp on it, there’s not much you can do.
If you are already renting and are looking to buy your first home, it might be worth renting in a new build first before looking to buy one. Many people find that the modern designs of many new builds can feel sparse and dull over time. If you are investing large amounts of money into a house it is worth making sure that what you are buying will keep you comfortable in perpetuity. If you need help finding appropriate housing in the London area, check out a company called Rentify. They act as intermediaries between landlords and tenants.