PURCHASING PROPERTY – NEW BUILD OR PRE-OWNED?

If you’re looking towards buying a property, whether for the first time or you’re moving house, there are a few things to consider…well, there’s a lot to consider really. First, ask yourself – do you want a new build property or a previously owned home? Here is a short guide to help you weigh up the pros and cons.

Repairs and Renovation

When buying a new build, you shouldn’t need to deal with any repairs and renovations. This is fabulous if you just want to move in and get settled and maybe decorate here and there to simply add your own personal touch. However, if you do have a serious love for taking the old and broken and then transforming it into the new and modern, a new build is not for you.
What is your budget? You may think you’re getting a great deal on a pre-owned property and you’re spending less, but you need to think about how much will renovations and redecoration actually cost. Overall, with a new build, you won’t have to spend anything on bringing the interior up to date.

Work in Progress & Chains

If you make a decision that a new build is what you want and the home that you’re buying is in the process of being built or hasn’t been started yet, some building companies will offer you the chance to customise your property. For example, you can choose what type of flooring is laid down in parts of the house and where certain rooms will be. Of course, if an incomplete new build is what you’re after, it can take quite a while to actually move in. In saying that, a pre-owned purchase isn’t that simple either. People can find themselves in a long chain, therefore waiting months to move. It is always best to find a property without a chain, but that is often easier said than done.

Energy Efficiency

New build properties are typically more ‘green’ than the pre-owned and are usually better for the environment and in theory, better for your pocket. Many modern properties include products such as fridge-freezers, stoves, water-heaters and washing machines that are high-efficiency, costing you less and protecting Mother Nature. An older property (depending on its age) is not likely to have these features. When you’re living in the property, the amount you use will determine the price of your utility bills, so it’s helpful to begin with products that use less energy.

The ‘Gut’ Feeling

When purchasing a property, gut feeling should play a big role in your decision. Visit show-homes, go to open house parties and just make sure you visit as many properties in your price range as you can. The way you feel is important; it should excite you to live there and if it doesn’t, there’s simply no point, as you could be there for life. Make sure you weigh up all the options and research new build properties and companies such as Linden Homes.

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