So you’ve made the decision to buy your first property, but what type of property should you buy. Should you buy an older property and renovate it to suit your needs? Or should you buy a complete new build and have all the work completed for you? To help you with your big decision, we have outlined the pros and cons of each option to ensure you have no regrets!
Advantages Of Buying A New Build
One of the greatest advantages of buying a new build is the fact that you won’t be buying into a chain. Once all your finances are in place, you’ll be able to complete a seamless purchase. This can help to reduce the stress of moving house and ensure that your buying experience is much smoother.
Low Maintenance Needs
All new build properties are required to meet the latest regulations and specifications which means they will be built to a very high standard. As a result, it’s very unlikely you’ll have to cover repair works. In addition to this, most new builds will come with a warranty which will cover any structural defects (should any occur).
You Can Alter The Final Finish
If your new build has not yet finished construction, then it may be possible to influence the final finish of the property. You may be able to choose things such as the type of flooring, the colour of your walls and the overall layout of the room if you get in real early. This allows you to really personalise your property and reduce the need to make any changes once you have moved in.
Disadvantages Of Buying A New Build
Difficult To Get A Mortgage
New builds are often sold at a premium price and as a result, it can be much harder to get a mortgage to buy one. As a result, you may need a larger deposit to get a good mortgage rate when compared to buying an older build of the same size and value. In addition to this, certain developers will only give you a month to complete a purchase after you have placed your deposit. This can make it very difficult if this is your first property purchase.
You May Have To Wait For The Build To Be Completed
When buying a new build it’s completely possible that the building process may not be completed. As a result, you won’t be able to see what the end result actually looks like. You’ll instead be relying on show homes to gain insight into how your home will look when finished. As a result, there is a potential risk that the property won’t look quite how you hoped it would when it’s finished. This can be very disappointing when you’ve paid such a high price upfront.
Advantages Of Renovating
Older properties can usually be purchased for less than new builds. If you’re a true renovator, you’ll be able to bag a bargain on the market and change each room from the ground up. This will help you save thousands in the long run and will allow complete customisation.
One thing that you can’t get with a new build is character. In older properties, there will likely be woodwork and intricate details throughout the house which will make it completely unique. Even after renovating, you’ll be able to keep these features in your home.
If you’re looking for inspiration as to how you can innovate your home, check out www.rebornrenovations.com. Here you’ll find the latest trends in the market as well as tips and tricks as to how you can get the very best out of your renovation. With so much free information at your fingertips you’ll never be lacking inspiration for your new designs and future renovations.
Disadvantages Of Renovating
It is possible for an old property to harbor dangerous toxins. Depending on when the property was first constructed, it may make use of lead or asbestos which can have serious health consequences if they aren’t dealt with properly. This will require you to have them professionally removed which can significantly increase the overall price of your renovation. To reduce this risk, make sure you conduct an in-depth analysis of the property before making any big decisions.
Renovating your new property is significantly more time consuming than buying a new build. In most renovation situations, unexpected surprises may arise which have the potential to significantly increase the overall time your project takes. This can lengthen your predicted timeline as well as increase your budget if you’re not careful.