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New-Build vs Pre-owned Home – Weighing up the Pros and Cons

When deciding where to move to, there is a plethora of decisions to be made – location, size, type of property, and nowadays, the decision-making process of choosing a new-build or pre-owned home. Both obviously have their pros and cons, and to make the decision easier, here at fastsaletoday.co.uk it’s worth to carefully consider the main advantages and disadvantages of the two options.

Pros of new-builds:

More attractive layout

Compared to the existing properties, new-builds tend to have a more attractive layout reflecting the needs and preferences of a modern lifestyle. This is especially true for new-build flats which typically have the highly desired open plan kitchen as opposed to existing flats where kitchen and diner/living room are usually split.


Image credit: Photographee.eu/Shutterstock

Better energy efficiency

New-builds are almost always more energy efficient than the existing properties as the result of enormous advances in building techniques, materials and practices. For example, it is virtually impossible to find a new-build with a single glazing. Also, all new-builds include excellent insulation, making them cooler during the hot summer and warmer during the cold winter months.

Improved safety and security

New-builds typically feature the latest safety and security features. Examples include the use of fire-resistant materials, fitted fire doors, highly sensitive smoke alarms, burglar alarms, etc.

Warranty

All new-build homes come a warranty, so in the event you discover any flaws, faults or defects, the builder is obliged to address them and make the necessary repairs without a charge.

Incentives

There are various incentives regardless if buying a new-build or an existing home, however, there seem to be more and better deals if you decide to buy a brand-new home rather than a preowned one.

Pros of preowned homes:

More space

In general, preowned homes tend to offer more space for the money – larger living area, larger garden/backyard, more parking space, etc.

Tried and tested

While new-builds come with a warranty, preowned homes come with a certainty that they have been tried and tested. This means that any major issues would have been discovered and repaired by the time of purchase.

History and character

Compared to new-builds, preowned homes have a history and character. According to many homebuyers, this gives them a very special appeal.

Image credit: 1000 Words/Shutterstock

Established neighbourhood and community

In addition to be able to get to know your neighbours and the community before buying, many existing properties are also within areas with an established Neighbourhood Watch and tend to be closer to shops, schools, restaurants and other practical amenities.

Thicker walls

Due to the changes in the use of building techniques and materials, most existing properties tend to have thicker walls than their new-build counterparts. As a result, they are not as susceptible to damage and are usually more soundproof.

And the cons ….

Both newbuilds and preowned homes have their disadvantages as well. But besides the above mentioned advantages, most homeowners decide for other of the two options based on:

The price factor

Unfortunately, majority of people also have to consider the price factor when buying a property. Although they may personally lean towards a brand-new home rather than a preowned one, they may decide for the latter one anyway due to financial reasons. The difference in price varies greatly but preowned homes can cost as much as 40% less than brand-new ones.

Risk of hidden costs

The main downside of preowned homes is that they come with a risk of hidden costs. There is just no way of knowing if and when something will go wrong, and most importantly, how much will it cost to have it fixed.

 

Featured Image credit: Serhii Krot/Shutterstock

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