Buying a New Build vs Buying a Renovation Project
Buying a property can be both a daunting and exciting process. It is often an expensive investment that requires a lot of time and thought.
It’s important to consider what factors are important to you and your family – such as a garden, large bedrooms and period features. Find a property that ticks the most boxes on your list and make sure you can afford it.
Deciding on whether to invest in a new build or renovation project can be challenging. There are pros and cons to both types of property, and you should consider each thoroughly. Here are few things to consider if you are unsure of what kind of property you would like.
In 2018 alone, there were over 165,000 new build dwellings in the UK, according to government figures. New builds are brand-new properties with the latest energy systems and modern technology.
New builds are brilliant for people wanting to move straight in without the hassle of renovation. There are no chains involved as there are no buyers above you in the property chain with a new build. The property is often a blank canvas with fresh paintwork, tiling and carpets. You might also get the chance to design certain property aspects if it is still being built.
First-time buyers should use the help-to-buy or shared ownership scheme to help them purchase their new home. New builds are often more energy-efficient, and thus your energy bills will be lower. Over 80% of new homes have the highest energy performance ratings than only 2.2% of existing properties.
Of course, there also cons to newly built properties. There are often delays building the property causing move-in dates to be pushed back. This might be an issue if you are currently renting a home and you are on a timeline. Modern homes usually have smaller rooms as developers try to fit as much as possible into one plot. This can result in less space and storage for all of your belongings. Consider investing in walk-in wardrobes for your new home to add more storage.
The UK is known for its beautiful period properties from the Victorian and Georgian eras. Existing homes often need maintenance and sometimes a whole renovation project to make them more modern.
The benefits of existing properties are that they are cheaper to buy and feature period features that you would not find in a freshly built property. Each room is larger and has more space for your furniture and storage system.
You can always add value to a period property by renovating and personalising it. With a renovation, however, comes expensive costs.
If you are renovating a period property, invest in energy-efficient features to lower your bills and energy usage. It also takes time to buy an existing property, as you will need to navigate the property chain.
Find your dream home this year, and make sure you choose a property that is practical for you and your family.