When looking to buy a new home you can choose to buy a new property, to purchase an older house or to build your own house.
When deciding between the three, ask the following questions:
- How much do you want to spend?
- How much time and money do you want to invest on improvements?
- What amenities can you live without?
- What kind of neighbourhood do you want to live in?
The following information may help you make a decision:
Old homes
Older properties tend to have more character than newer properties. You may find Victorian terraces or Georgian town houses in need of modernisation but full of original features, well within your budget.
These properties often need re-wiring, new boilers, central heating, insulating and decorating throughout which can take a lot of time, money and effort but you can have a lot of fun putting your own mark on the property and restoring some of the features back to their original glory. Your efforts could even double the value of your property once the modernisation is complete.
However, there are more hidden costs associated with older properties including the need for re-pointing, damp proofing etc.
But older homes do tend to have larger rooms and gardens, ideal for growing families or those who like a bit of space!
New homes
Buying a brand new property, fitted with a luxury designer kitchen and en suite bathroom can prove irresistible. On top of that new homes are generally cheaper to run than older properties, and they are built to a high standard.
New homes, according to the National Association of Home Builders, come with more amenities and conveniences. They tend to feature more built-in appliances, including dishwashers, and virtually all of them have central heating systems.
Studies show that occupants of new homes are almost six times less likely to die from fire than occupants of older homes. New homes generally come with smoke detectors, and with central heating systems that reduce the need for space heaters, which can sometimes cause fires.
New homes are also thought to be more energy efficient because of better windows, improved heating and cooling systems and a better use of insulation. They also require less maintenance because they are, after all, newer and come equipped with the conveniences a buyer is pursuing.
Build your own home
If you’re building a home, the largest advantage is you can tailor it to your own preferences. You can pick the floorplan that suits your needs and the amenities you want. However, it can be a lot more expensive and you have to find and purchase the land on which to build.