New builds vs existing homes: which is right for you?

When looking at purchasing a new property, one big decision you’ll need to make is whether to buy a new build home or an existing property. New build homes are becoming increasingly popular; there was a 35% increase in construction for the 2021/22 period and the industry has rapidly recovered from the pandemic. However, does this make them a more convenient option than an existing home?

In this article, we will explain the differences between the two so you can make an informed decision on which kind of property is right for you.

Costs

On average, new build homes will be more expensive than existing properties. This is because they are subject to premium pricing; you’re paying extra because you’re the first person to inhabit the space. Once the home has been lived in, this can cause a sharp decline in the value of the property and you may struggle to recover all of your money. According to Land Registry data, the prices of new homes across 2021/22 increased by an average of 25.4%; this is in stark contrast to the 8.6% rise experienced by existing homes. 

New build homes are built to new, energy-efficient specifications and – with energy bills expected to stay at record highs – this is crucial for saving you money in the long run. By contrast, only 2% of existing homes meet the energy efficiency grades of new build homes. In an older home, you may spend a lot of money upgrading your infrastructure to reach this standard.

Moving Time

When you choose a new build property, your moving time is subject to the speed of your developer. Problems with the weather and workforce may cause unexpected delays to the building process. However, the process of moving into an existing home is not necessarily any simpler as the property chain can also cause unforeseen complications. Should the chain collapse, your move can be derailed and you could lose any money already spent on surveys and solicitors fees.

Space

New build homes are typically built at a high density as developers want to maximise their returns. Consequently, each property will normally only be assigned a small plot, resulting in less internal space. All homes on a new estate will be bound by identical or similar floor plans; this means that these properties have less character as there will be no unique features to differentiate between them. If you’re looking for a roomier house with character and period features, an existing property would most be the best option.

Maintenance

One benefit of a new build property is that, for the first few years, your home will typically be under warranty. This means that, should you run into any unexpected problems, you won’t be financially liable and can contact your developer for these to be fixed. When you buy an existing home, you have to expect that issues come with age and an older home is more likely to have a few maintenance concerns. You should ensure a full survey has been done before the completion of the paperwork, so you’re not hit by any nasty surprises! 

Which suits you?

New builds may be more appropriate for first-time buyers: they’re energy-efficient, require no modifications and provide a blank canvas to personalise as you wish. They also offer peace of mind that any maintenance issues will be rectified immediately, making them ideal for those who are perhaps not well-versed in arranging their own repairs. The Government also offers a ‘First Home Scheme’ that offers 30%-50% discounts for those purchasing a new build home, making them more affordable.

Existing homes may be better suited for families and those already on the property ladder. They offer more space and are normally located in areas with amenities and a community already established nearby. Older homes also allow the chance for you to increase their value by creating additional features.

Whatever kind of home you’re moving into, Simon Long Removals Gloucester are the go-to choice for anyone plotting a move in the Gloucestershire region.  Booking your removal with us couldn’t be easier – simply contact our friendly team today to discuss your move and obtain a free, no-obligation quote.