Choosing to go with a modern build or a period property is a dilemma many buyers face. To help you see the key pros and cons of each option, we’ve put together three key area you should look at to help you decide which style best suits you.
Buying
Around one in five dwellings were built before 1919, and it is possible to get a good deal on an older house if you are prepared to put in some work. There can be several hidden costs lurking behind charming original features, especially if the previous owner has not kept on top of maintenance. You should allow up to 10-15% on top of purchase price for any essential work you might need to do to bring your new home up to scratch. There is also the likelihood of getting caught in a chain with older purchases.
Buying a brand-new property means there will be no chain. The government is invested in encouraging the purchase of new builds, and you could look at the Help to Buy schemes, and the discount initiatives on new homes, particularly if you’re a first-time buyer. You won’t need to worry about any hidden maintenance costs, as all fixtures and fittings will be up to modern standards and will have seen less wear and tear.
Return on investment
Even a cheap cosmetic makeover of paint and paper can bump up the value of an older property. Anything more extensive like a new kitchen or bathroom have the potential to add on thousands.
A newer property is a blank canvas; everything is new and waiting for you to put your own personal stamp on it, and it will be liveable upon purchase. If you plan to sell on at some point in the not-to-distant future, be aware that newer builds are difficult to add value to for this very reason.
Heating
Breathable walls, draughty windows and lack of insulation and damp proof courses can make for expensive heating bills. Check the Energy Performance Certificate of the building with your estate agent to find out how much it will cost to boost the rating. If you use an online estate agent, this information may be on the property’s profile. The average boiler will last around fifteen years, so check when it was last replaced and how often it has been serviced- it will cost upwards of £1500 to replace a boiler, and older models are more likely to cost you in repairs.
Newer builds will have been designed with insulation in mind and almost always feature a damp-proof course, cavity wall insulating, brand new boilers and double glazing, which will all help keep your home insulated without hammering your heating bill. The same will apply to the wiring and electrics, and most brand-new builds will also have guarantees on these sorts of fixings, so if anything does go wrong, you’ll be covered – but check when the guarantee runs until.
Do you prefer modern properties, or are you a fan of period builds? No matter what you consider to be your perfect pad, we can help match you to your dream house. We are the UK’s biggest online estate agent and have many years’ experience selling property online. Browse our range of homes available online now and be part of the I Am The Agent success story.
