Something Old? Something New?...
But not something borrowed, although either could be painted blue I suppose!
Anyway, whether to buy a new property or an old one is one of those old chestnuts when mulling over where to live or to invest in; and is a subject that has often cropped up at our property seminars. It is interesting to note that a number of landlords who had previously disregarded investing in new registered their interest in future opportunities after our New Homes Director, Robert Barrett, presented the upsides of doing so!
So, what are the pros and cons? One of the main factors bandied about is that new is more expensive, however, whenever you buy something new – be it a car or a pair of shoes – you’d expect to pay more so why should property be any different?
Of course there are many variables because personal circumstances and tastes differ – and some factors may well not apply – but just as a general guide to the possible “snakes and ladders”…
It’s clean, unused and new!
Potential capital growth before you complete
Energy efficient and cheaper to run
Home insurance is cheaper
You have a “blank canvas” and can choose
More stress free move
Some good deals and incentives
More secure and safer with alarms and locks etc.
Comes with a warranty
Investors can line up a tenant before you complete the sale
Potentially smaller size rooms
Sometimes a lack of storage space
Potential higher purchase deposit required
Variable completion date, due to build delay
Not being able to view the actual property - buying “off plan”
You pay more!
Better long-term investment
Location is often closer to town and its amenities
Everything that the previous owner put into the home mostly stays with it
Costs less than a new-build similar sized property in the same area
The “character and personality” factor
More likely to have in built features
Ability to renovate to really make it individual and your own
It’s all pre-used or ‘old’!
Has older technology and building materials
The “what if” factor and if issues found later
Heating systems and plumbing may not comply with modern building codes
Modernisation, decorating and improvements needed, for personal taste and for smoke alarms etc.
Home insurance is more expensive
At the end of the day this really boils down to personal choice of course, however, the good news is that Rolfe East can discuss this with you and will give you the very best options, advice and customer service either way!