New Build or Period Property?

One of the first decisions you need to make when looking for a property is which type to buy – new build or old house?

New builds can come with guarantees, light airy rooms, modern fitted appliances and can be energy-efficient and often cheaper to run. Older houses arguably can have more character, be more spacious, and often have larger gardens. Depending on their age, they can be more expensive to maintain, and may not be as well insulated as newer properties.

Here are pros and cons for both new builds and old houses…

New Build

Many people are drawn to new build homes because they like the idea of being the first owners and prefer somewhere that doesn’t require renovating.

Thanks to the Government’s Help to Buy scheme, it is much easier, particularly for first-time buyers, to get funding to buy a new home. Some developments provide a choice of fixtures and fittings, so buyers can customise their property to their own taste. If a property is registered with the National House Building Council, it will have a 10-year warranty and protection scheme.

They have the further advantage of no onward chain and can come with part-exchange deals that speeds up the moving process.

Old House

Older properties tend to come with added extras like their own ready-made community and amenities. They can be cheaper than new builds, offer the added charm of period details, and look and feel more individual. They can offer more scope for extensions and loft conversions, meaning that they can grow with the family.

Getting a survey done on both new and old properties is vital, as it will highlight any defects that could be costly to put right once you’ve moved in.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.

For more information on mortgages, please talk to us. Clifford Osborne are Independent Financial Advisors (IFA) based in Eastbourne, East Sussex, offering retirement planning advice, pension advice, mortgage advice and more. Our clients often come from Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and further afield.

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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.

It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.

The information contained within the blog is for information purposes only and does not constitute financial advice.

The purpose of the blog is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.