Should You Buy An Old Property? Here Are The Pros and Cons

Should You Buy An Old Property_ Here Are The Pros and ConsPhoto by Mike from Pexels

When you buy a house, if it’s your first home or you’ve owned a house before, you might be stuck on whether you should buy an older property or a new build. 

Of course, when making this decision, there are several considerations you should take into account before making your final choice – including how much you have to spend, where you want to live, how much work you want to do, etc. 

These could help to shape what you’re looking for and help you to discount certain properties. If you’re still unsure as to whether an older property is the right choice for you and your family, here are some pros and cons along with what you could expect from the alternative. 

Is An Older Property Right For You?

In this country, you won’t be lost on older and historic properties to buy. Which is perhaps the main reason why so many opt for an older property than a new build. Of course, when buying an older property, you will want to ensure that you have a full buildings survey done on it and you are aware of any legal implications that come with the house – such as if it’s Grade Listed before purchasing.

Pros:

They Are Charming 

The charm and traditional features that old houses have make them a great choice. Filled with history, they tend to have quirkier features, such as smaller door frames or crown moulding. These traditional aspects allow you the freedom to decorate the house exactly how you want to, adding your own personal touch to the space. 

Whether you make it so the furniture matches the decor or you update it with some modern additions, your new ‘old’ home will be beautiful and adored by all who visit.

They Are Spacious

Usually, older properties tend to be more spacious. From extensive living space to a large garden, you’ll have more room to play with. This will prove to be very beneficial if you’re looking to grow your family in the future or you want to have people over frequently to stay. 

You Can Increase Their Value

If you’re looking to sell your home in the future, you could make certain changes within it – such as adding a renovation. This will help to add value to the property in the long term and ensure that you get a profit when you sell it on to its next owners!

Cons:

Expensive to Upkeep

One major downfall that’s worth mentioning with an older property, is the costly and time-consuming maintenance that it will require. Unfortunately, when you have an older home, chances are that you will have to consistently ensure that it’s not facing any issues – such as mould, cracks in the plaster, etc. 

They Tend To Have Old Heating Systems

Another big pitfall of an older property is the fact that they often aren’t the most energy efficient. Although the walls are thick, they tend to have older heating systems installed and have features such as single glazing. Of course, these are issues that can be fixed, but the costs that come with them could put off a buyer – especially a first-time buyer looking for a home that’s good to go. 

The Alternative: New houses

There are many benefits with buying a new property, but there are also some downfalls that you should consider. Many first-time buyers opt for newer houses due to the fact that they are modern and require little maintenance, but others prefer a challenge when buying a house and want to add their own unique stamp to it. 

Here are some key pros and cons of this choice:

Pros:

They Are More Energy Efficient

It’s a little known fact that new houses have better insulation. And because of this, they are far more energy efficient than older houses.

Less Maintenance and Upkeep

As aforementioned, new houses require less maintenance, meaning that they are more cost-effective in the long run. 

Cons:

Lack of Personality

If you’re looking for charm, you might not find it in a new build. As they tend to be all built the same on one block, they don’t have the same traditional features found on an older property – no matter if you make your home custom or not.

There Can Be Delays

Unfortunately, if you’re waiting for a new build to be built for you there can be delays which extends the move-in process. This could cause you numerous problems and make you regret your decision

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