When it comes to buying a home, the good thing is that there’s plenty of choice out there, from older properties to brand-new developments.

Just like buying a car, there are ups and downs with buying ‘used’ versus buying new.

Much of your decision making can come down to personal choice and your own circumstances, but if you’re open-minded then our guide to the pros and cons of buying new vs old will come in handy.

For part one of our guide, let’s start with older properties…

Cost

Buying an older property doesn’t necessarily mean you pay less for the property itself. A 5 bedroom period home in Giffnock could cost double the price of a 2 bedroom semi-detached in a new development in Paisley for example. Also, older tenement flats are extremely popular due to their size but depending on which area of Glasgow you’re looking at, prices can vary for the same style – it’s all down to location, location, location. So if you’re set on a certain style of property, but have a limited budget, you might need to broaden your search radius. The money you save on the property itself could help you do it up on the inside.

Bargains can also be found in the form of ex-local authority homes, usually built in the 70s or 80s, they can be great starter homes for families due to their low costs and handy locations. A 3 bedroom ex-local authority, or ex-council home, could cost less than £100,000! Not only do they come with a low price tag, but they can have inexpensive running costs and low council tax.

The main cost consideration when buying an older property is the money it takes to update it. You may find that the interiors need upgrading. You might be lucky that all it needs is a lick of paint and some new carpets, but it could also need a new bathroom or kitchen – two of the most expensive rooms in the house to update. Although, if you’re looking for an exciting renovation project then an older property could be just the ticket. Remember, s1homes has great hints and tips for upgrading your home on a budget!

Maintenance

With some older properties, it’s not just the décor that needs updating. You may find that there are larger projects needing work, like updating electrics such as the wiring, boilers needing replaced, dampness or even structural work. Any issues like this should be covered in the Home Report, but depending on the age of the property, we’d recommend getting an additional valuation done. You may also find that your mortgage provider asks for some additional checks to be done too. You’ll need to take the additional costs into consideration as this might affect your offer price and your savings! It’s always advisable to keep some extra budget for any little surprises that may pop up.

These big jobs could pay off in the long run though if you’re looking to sell in the future. Restoring a period property to its original glory can be an extremely rewarding venture not just personally but financially too. When updating these kinds of properties, remember to think about updating for the future, like investing in energy saving systems from light bulbs to even solar panels.

Restrictions

Some period properties may come with building and planning restrictions that could put a spanner in your renovation plans. Restrictions can cause lengthy delays and result in your costs mounting up. It’s worth keeping this in mind when looking at period properties and if you can, take your builder along with you to viewings.

Properties that are only a few years old may not have that many restrictions in terms of building or planning, you might just be limited in terms of space. Extensions are a great way to make a property grow with your needs, meaning you might not have to move to a bigger property. Many people extend outwards into the garden or upwards into the loft. You may just need to check how this impacts your neighbours. Smaller changes like adding French doors and taking down walls might just need building warrants for approval which can be simple enough for your builder. Renovations like this can add value to your home and help when it comes to selling.

If you’re looking for your next home, trust Scotland’s home for homes, visit s1homes.com today.

Come back next week for our pros and cons for buying a brand-new property.