Pros & Cons of buying an older property
In our previous post we explored the pros and cons of buying a new-build property. Like new-builds existing properties have their benefits and draw backs too so we are examining these in more detail below.
PROS OF CHOOSING AN OLDER PROPERTY
An existing home may be 10 years old or 100 years old and this means there is a great deal of variety out there, including houses which need a lot more work than others, so this is worth keeping in mind. However, there are advantages to choosing an older home:
SIZE & CHARACTER
Older homes frequently offer superior floor space than a newer build. You will often find larger living spaces, bedrooms or multiple reception rooms in older properties, though not always in the most practical / modern layouts.
If you are looking for period features and character in your new home there is a wealth of options on the property market from Victorian terraces, Georgian townhouses to country cottages. Just be aware that character comes with a cost in both purchase price and upkeep.
ADDING VALUE
A new-build property will have many mod cons and by its nature brand new fixtures and fittings. It is much trickier to add value to a new-build and there are often more space constraints for any future expansion plans. An older home may have more potential for development, extension, loft conversions and similar giving you more freedom to adapt your home over time.
MORE OUTDOOR SPACE
If mature trees, shrubbery and large established gardens are what you are looking for then an older home is more likely to suit your needs. Period homes are usually situated on larger plots and often you will benefit from the previous owners’ green fingers. New-build properties tend to have smaller, limited garden space and they are built on developments with a set amount of space for each home. You will often find driveways and the roads leading up to the property are larger in older properties.
LOCATION, LOCATION, LOCATION
If you fancy yourself as a Phil Spencer or Kirstie Allsopp then you’ll know how important it is to not just find the right property but also the right location. As older estates are more established they tend to have more local amenities closer to hand such as schools, doctors, shops etc. Larger new-build estates will often have a mix of residential and commercial plots but this is less likely on smaller developments.
You are also more likely to have success negotiating the property price on an existing build, backed by more historical information and neighbouring property prices.
CONS OF CHOOSING AN OLDER PROPERTY
An older property may seem like a good deal if the purchase price is lower but you may find there are immediate maintenance concerns and issues that need fixing from the outset. Be wary before making your decision and consider these potential problems of buying an older property:
Time-Intensive Investment
There are older properties which are perfectly ready to move in to but most will need some level of updating. It could be something as extensive as knocking down walls or roofing repairs, or smaller changes such as wall skimming and redecorating. Larger issues / repairs could cause serious disruption if you’ve already moved into a property and you’d be very lucky to find an older home perfectly decorated to your taste.
Maintenance Costs
An older property will cost more to fix up when problems do occur. Nothing is likely to be brand new so when there’s a problem with the heating system or the electrics, the repairs are probably going to be more expensive. The property would likely be outside of any warranty period from the house builder and therefore you will need to meet any costs.
Energy Efficiency
Older properties are not as energy efficient as those just built. Although there is legislation to comply with to meet energy efficiency regulations, the same requirement standards aren’t in place for older and new-builds. Utility bills may be more expensive as a result.
Moving Chains
Existing properties almost always involve a chain. This means you will be reliant on the completion of other sales before you can make your move. Chains can involve a huge number of “linked” buyers and so it can slow the process down or worst case leave you with a tricky decision on finding temporary accommodation if timelines don’t match up.
Premier Snag have extensive contacts with professional tradespeople in the construction industry and property building process. If you purchase an older property and are looking to have development work or repairs completed drop us an email to see if we can help find you a supplier.