Property patter: The pros and cons of buying new vs old

Brand-new developments are springing up all over the place, sometimes out of nowhere. These homes can be great options for people looking to get their first step on the property ladder or even older couples looking to downsize from family homes to a modern 2-bed apartment. As with everything, there are ups and downs to buying new just as there is with old.

Cost

If you’re thinking that brand-new means more expensive then think again. With help to buy schemes and special deposit offers, buying brand-new can be the easiest and lowest cost option if you’re first time buyer. With offers not just on the price of the property but with solicitor’s fees too, it’s not hard to see why these new homes go quickly.

But all those mod-cons and green grass can come at a price. Don’t be taken in by the show homes you see, many of those extras are an additional cost and can start building up the price of the property. From marble worktops, brass taps, tiled floors and immaculate lawns, double check what you actually get as standard and what is an additional cost. It’s worth brushing up on your haggling skills to try and bag a bargain – if you don’t ask you don’t get!

Also, if you’re using one of the help to buy schemes then double check the small print, many of them ask for repayment of the deposit in a few years’ time or come with other restrictions that might affect your future selling plans. With any special offer or deal, always check the terms and conditions.

If you’re purchasing an apartment, check for any additional factor costs too, like cleaning of the communal areas and maintenance of the gardens. Some of these areas come with children’s play parks nearby as part of the development so you may find that you contribute to that financially too!

Maintenance

One of the biggest upsides with buying a brand-new property is that the level of maintenance is minimum. In terms of décor, all the decisions and work is done before you get the keys, so come moving day it’s all ready for you. You don’t have to pick up a paintbrush if you don’t want to! Everything is brand-new so the only maintenance you need to do is cutting the grass and trimming the hedges.

If you’re looking for a DIY project, then maybe buying brand-new isn’t for you. Of course, everything in the home is chosen by you, but normally carried out by the builders from the development. Normally you’ll also be given a ‘snagging period’ where you take note of any issues with the property after you’ve moved in, like areas that need repainting, doors not closing properly etc. This is normal for brand-new homes though.

Many buyers are put off by brand-new developments as they can all feel the same, and look the same from the outside. If you’re looking for a property with a bit of character and original features to restore, then an older property might be better suited to you.

But there’s something nice about knowing you can simply enjoy your new home without having to worry about doing the work yourself. Ideal if you haven’t got the time or the energy.

Restrictions

With new properties you won’t have the same building and planning permissions as an older property. Some restrictions come in the form of the interiors though. Sometimes you might be told that you can’t paint for a while or that you may find cracks appearing as the house settles. Restrictions may also come in the form of your options for the interiors, like your choice of kitchen, bathroom or even flooring. Normally developers will have relationships with suppliers and your choice of décor will be limited to those suppliers. So if you’d rather buy your own, you might have to find your own fitters too as the builders may object to fitting items outwith approved suppliers. We’d recommend checking with them first before you waste money on flooring that you can’t have fitted!

If you’re looking for a new home, you can find the best new developments in your area at s1homes.com today. Trust Scotland’s home for homes.