The help to buy scheme has played a significant part in encouraging housing developers to create new homes and buyers to invest in them.
Redrow, Persimmon, and Barratts homes are just a few of many well-known housing developers designing and building houses across the UK.
Now, there are multiple benefits when buying a new home. Such as you sometimes get to choose the design of the kitchen, and you may be able to haggle in new carpets and appliances too.
But the question still lies whether an fixer upper and old home is just as beneficial to buy, if not better than a new build. Yes, there may be work to do on the house like a satellite dish repair, or the walls might need plastering. But still, the cost of an old home and repairs together, can be much more financially beneficial.
To provide you with a balanced view, here are just as many reasons why buying an old home and fixing it up could work out better for you and your family than buying new.
Old Houses Are Cheaper Than New Homes
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Brand new homes arrive with a premium price tag attached. However, its older counterparts tend to be much more feasible to buy price-wise.
With a significant gap in price between buying a new and old home, if you’re on a budget or prefer living frugally, an older home could be the better option for you. And it doesn’t necessarily mean you need to buy a fixer-upper either. Updated older homes are still considerably lower in price than new houses, usually between 10% to 20% less.
Old homes and new homes are built with different materials. Years ago, houses were designed, constructed to last; as such, the materials were more solid and stable.
This is evident when you experience being in a new home compared to an old one. The new home walls are often paper-thin, and it’s easy to hear everything going on in the next room. Older homes, however, allow for more privacy sound wise, even when they’re attached to other homes.
Apart from better soundproof, the structure of the walls are different. Newly built walls are often drywalls. But in an older home, the walls are formed with plaster and lathe. Meaning they’re much sturdier and stronger structure-wise.
On viewing the new housing developer’s marketing material, the rooms look immaculately presented and have had an interior designer’s touch to mould the room to perfection.
But suppose you look beyond the decor, fluffy rugs, and elaborate lighting. You’ll notice the rooms are relatively small in new homes.
Most older homes, however, are much more generous in space. Allowing you and your family the room to grow. For instance, if you want to expand your family eventually, it’s a lot easier to do when there is ample room.
Bigger Garden Area
The gardens can sometimes be a hit or miss with new builds. If you visit a housing developer, they usually show you a map of the homes and the expected garden sizes. From here, you can ask for the dimensions to see how extensive the garden space for a plot you’re interested in will be. But generally, they tend to be modest in size.
However, on the other hand, older houses, more often than not, tend to have roomy back gardens. Whether a two-bed or a five-bed, you can find plenty of old homes with generous outdoor spaces.
If you love spending your time outdoors in the summer soaking up the sun and the children like playing in the garden. An older home with a spacious garden might be more fitting for your family and lifestyle.
Lots of Greenery
Another significant benefit of older houses is, there’s no need to wait for budding shrubs or new trees to grow.
Established greenery makes a difference to a house. It adds structure and charm to the front garden. And large trees and hedges in the backyard give the outdoor space privacy, preventing the garden from being overlooked.
Against this point is more for those who enjoy being outdoors, particularly in the garden.
The Neighbourhood Is Settled
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When you buy a new build home, sometimes you might not know who your neighbour is until the day you move in. This can be daunting for many. Because neighbours can sometimes make or break your experience in your home.
Suppose you’ve bought a semi-detached cottage. And the home attached has been purchased by a young single bachelor who loves to have parties at his house every weekend. This may be problematic if you have a family and value early, quiet nights in.
However, with an older home, you can often survey the neighbourhood and even knock on the neighbours’ doors on either side of the house you’re planning to buy to get acquainted.
This gives you an edge in deciding whether you’re likely to settle in well to an area, before buying a house.
No Ongoing Building Work
New build estates take a while to complete. In some cases, you can expect there to be ongoing construction work for a few years, which could be disruptive to your time in your new house.
But, you needn’t worry about ongoing construction when you’re in an established area in an older home. This is one of the many benefits and reasons why mature homes are a better option for families keen to buy their first or next home.
Old Homes Ooze Character
Some new build housing developers add character to their homes. But those developers also attach the price tag to match. In a nutshell, if you want new builds with charming features that you often find on real cottages out in the countryside, you can expect them to be expensive.
But with older homes, you get a plethora of choices of houses of all ages, which have detail and features extracted from the year they were built. Admirable features include tall ceilings, exposed wooden beams, and grand sash windows.
If you’re in love with periodic features on homes, an older home may be the better choice for you.
New builds and old homes both have their advantages to win over new and existing homeowners. Hopefully, the tips above have given you some insight and inspiration as to why older homes that require some DIY can, in some cases, be the better option. But, overall, the decision ultimately lies with your need and desires from a new abode!