The decision to buy a new build vs an old house is a personal one, shaped by individual preferences and needs. Each option has its pros and cons, and understanding these differences is key to making an informed decision. This blog post will delve into the factors that distinguish new builds from older properties, the advantages and disadvantages of each, and important considerations when purchasing a home.
Short Summary
- New build properties offer improved energy efficiency, modern designs, builder’s warranties and minimal maintenance requirements.
- Old houses provide character, charm and renovation potential while new builds may have smaller floor plans with potential concerns in build quality.
- When buying a home it is important to consider the developer/builder history as well as any associated costs for renovations or inspections.
New Build vs Old House: Understanding the Differences
The primary distinction between a new build property and an old house lies in their history and occupancy. A new build is freshly constructed and has yet to be occupied, while an existing property, such as an older property, has seen at least one previous owner. Location plays a crucial role in evaluating any property, whether you’re looking to climb the property ladder with a new build or an old house. New builds are constructed to be more energy efficient and require less upkeep, but they may experience a decrease in value after purchase. On the other hand, older buildings may require renovation to bring them up to code, but can provide more character and appeal.
Newly constructed buildings typically come at a higher cost than purchasing existing stock, such as period properties. However, purchasing a newly constructed property from a business reduces the risk of a sale falling through due to a chain-related issue. Historical buildings can be located in a variety of places, such as rural areas, suburban neighborhoods, and city centers.
It is more common for new builds to experience a decrease in value over the longer term, which is an important consideration when buying a new build. This is due to the fact that once a new build is no longer considered new, its value may decrease despite being constructed with more modern building techniques. Government initiatives, such as the Help to Buy: New Build scheme, may offer assistance to individuals purchasing new builds. Developers are also permitted to construct higher density housing and offer grants for first-time buyers.
Advantages of New Build Properties
New build properties boast improved energy efficiency, construction utilizing the latest techniques, a builder’s warranty, minimal maintenance requirements, and a contemporary design by skilled house builders.
Energy efficiency and safety are the main focus of the new building regulations for 2022. Regulations have been put in place to ensure compliance with these standards. Let’s explore these advantages in more detail.
Energy Efficiency and Lower Energy Bills
Energy efficiency is the practice of using less energy to achieve the same or better results, and it can help to reduce energy costs and lessen environmental impacts. New builds in 2023 are designed to be highly energy efficient, with 85% earning an A or B rating. This translates to lower energy bills for homeowners, as well as significantly reduced energy use compared to older properties, resulting in annual fuel bill savings of over £3,100.
The primary benefit of energy efficiency in new build homes is decreased energy costs. Cost-conscious buyers are attracted to the energy efficiency of new build properties due to the potential for long-term savings.
Modern Building Techniques and Materials
In 2023, modern building techniques for new build properties include:
- Precast flat panel systems
- 3D volumetric construction
- Insulating concrete
- Self-repair concrete
- Construction with augmented reality
- Modular construction using modern methods
These techniques offer enhanced safety, durability, and energy efficiency, as well as reduced construction time and cost. Additionally, they enable the creation of more complex designs.
However, modern building techniques, often used to build houses, can be pricier than traditional methods and necessitate specialized skills and equipment. Furthermore, they can be challenging to repair or modify.
In 2023, modern building materials used in the construction of new properties include:
- Insulated concrete forms
- Structural insulated panels
- Engineered wood products
- Advanced framing techniques
Builder’s Warranty and Peace of Mind
A builder’s warranty is a type of warranty that typically lasts for 10 years and covers any defects or issues with the home. The 10-year NHBC warranty covers any issues related to the construction of a new home and offers deposit protection of up to 10% of the property value in case of a developer’s insolvency.
A builder’s warranty is a form of assurance provided by the developer that typically lasts for 10 years, providing assurance in the event of any issues. The benefits of a builder’s warranty include:
- The sale of a new build property will not be hindered by a previous owner moving out
- All components of the home will be unused, thus reducing the possibility of needing repairs or replacements
- The need for maintenance is typically lower than with other homes
Less Maintenance Required
New build properties offer the advantage of reduced maintenance due to their newly constructed design and contemporary materials. New build properties in 2023 tend to require less maintenance than pre-existing homes, as they are constructed with modern materials and technologies that reduce the likelihood of issues and repairs.
In addition, current building regulations require higher build quality and certification. Nevertheless, it is important to address any defects within the first 12 months, for which the original build contractor is responsible.
Modern Design
In 2023, new build properties are likely to feature:
- Natural looks and materials
- Energy efficiency
- Open floor plans
- Large windows for natural light
- Smart home technology integration
- Sustainable and eco-friendly features
- High-quality finishes and fixtures
Modern design features of new build properties in 2023 offer increased energy efficiency, improved comfort, and a more modern aesthetic.
However, when considering modern design features of new build properties in 2023, potential drawbacks may include increased costs, a lack of character, and limited customization options.
Ultimately, modern design features of new build properties in 2023 present both advantages and disadvantages. While they may be more costly and lack charm, they provide greater energy efficiency, enhanced comfort, and a more contemporary appearance.
Advantages of Old Houses
Old houses offer unique benefits, such as character and charm, larger living spaces and gardens, and the potential for renovation. These advantages often make older homes an appealing choice for many buyers. In fact, older properties tend to have these qualities that attract potential homeowners.
Let’s dive deeper into these advantages.
Character and Charm
Old houses offer a distinctive charm and character that is not typically found in modern buildings. They tend to feature original fireplaces, woodwork, and other features that are absent from new builds.
However, new builds may offer modern features such as energy-efficient appliances and modern building materials, but they may lack the distinctive characteristics of older homes.
Larger Spaces and Gardens
Older homes typically feature larger rooms and a generous garden space, making them a desirable choice for younger families. In 2023, old houses can feature larger gardens and outdoor spaces with features such as ponds, cascading chains, and native gardens. These areas offer a variety of activities including relaxation, exploration, and hosting events.
Additionally, some historic houses provide stunning gardens and outdoor areas for visitors to appreciate. These gardens can be a great way to enjoy the beauty of nature and to appreciate the history of the gardens.
Renovation Potential
Renovating an old house can offer a range of advantages, including enhancing the value of the property, boosting energy efficiency, and updating the design. When renovating an old house, one may need to consider building regulations, the possibility of hidden structural issues, and the expenses associated with materials and labor.
Enhancing the value of an older home may involve making improvements to the property, such as modernizing the kitchen and bathrooms, constructing a conservatory or extension, and landscaping the garden. Enhancing an old house has the potential to raise the property’s resale value, make it more appealing to prospective buyers, and yield a return on investment.
Disadvantages of New Build Properties
New build properties tend to have:
- Smaller floor plans
- Potential concerns with build quality
- Smaller gardens
- Rooms that are more confined due to a decreased overall floor space.
A snagging survey is an assessment of a property to identify any flaws or issues with the developer. Some common issues that may be identified during a snagging survey include:
- Poorly finished or damaged surfaces
- Faulty or incomplete electrical or plumbing work
- Inadequate insulation or ventilation
- Structural issues such as cracks or uneven floors
- Problems with doors, windows, or fittings
It is important to have a snagging survey conducted before completing the purchase of a new property to ensure that any issues are identified and can be addressed by the developer.
Disadvantages of Old Houses
The primary disadvantage of owning an old house is increased maintenance expenses. Owning an older house typically results in higher maintenance costs. The energy efficiency of an older home is typically lower than that of a newer home. Older houses may not comply with current building codes and may require more costly maintenance.
Additionally, they may have smaller floor plans, higher utility costs, and fewer safety regulations than more recently constructed residences.
Considerations When Buying Newer Homes
When looking to purchase a new build property, it is important to consider the developer’s reputation as well as any additional costs. To ensure clarity, it is important to discuss with the developer the fixtures and fittings included in the purchase price. Some things to consider include:
- Landscaping of gardens
- Decking
- Fencing
- Appliances
- Window blinds
- Covers
Taking these factors into account will help you make an informed decision when purchasing a new build property.
A property survey can be essential in avoiding potential expenses and guaranteeing a secure and well-maintained residence. It is recommended to arrange a Snagging List to identify any issues that must be addressed before the build is finished.
Considerations When Buying Older Homes
A survey is imperative when purchasing an older home, as it can identify any potential problems with the property before making a commitment to the purchase. Property surveys come in four forms:
- Level 1 (Condition Report)
- Level 2 (Homebuyers Survey)
- Level 3 (Building Survey)
- Snagging List (for new builds)
It is important to thoroughly inspect any older home before making a purchase, as there may be underlying issues that are not immediately visible. Additionally, it may be wise to research the history of the property, the surrounding area, and consult with the existing owner.
It is important to obtain a property survey and consider potential renovation costs.
Conclusion
Ultimately, the decision to buy a new build house or an old house comes down to personal preferences and individual needs. Each option has its pros and cons, and understanding these differences is key to making an informed decision.
Whether you’re drawn to the energy efficiency and modern design of a new build or the character and charm of an older home, the choice is yours to make.
Summary
In conclusion, both new build and old houses have their unique advantages and disadvantages. New builds offer energy efficiency, modern design, and lower maintenance, while old houses provide charm, character, and larger spaces. Ultimately, the decision comes down to personal preferences and individual needs. It is essential to consider the factors discussed in this blog post to make an informed choice that best suits your lifestyle and requirements.
Frequently Asked Questions
Is it better to buy a new build or an old house?
New builds may offer better energy efficiency, but can come with a higher price tag and potential delays. Therefore, buying an old house may be a more economical option.
Why avoid new builds?
New builds often come with a premium price tag and there can be quality issues that cause snags, so it’s important to be aware of the potential drawbacks before committing to buy.
This can mean that when you come to sell, your house may have depreciated in value more quickly than an old house.
Are new build houses built to last?
New build houses have no guarantee to last a certain amount of time, as various factors can affect their integrity.
Although, there are measures one can take to extend its longevity.
Do new build properties lose value?
Do new builds lose value? Yes, new build properties can depreciate in the short term due to the initial purchase price being higher than similar older properties and depreciation over time.
However, they are still good investments over the long term as they have the potential to increase in value like any other home.
What are the primary differences between new build and old houses?
New build houses are newly constructed, while old houses have been lived in by previous owners. This difference makes them vastly different in terms of features, maintenance and amenities.
