There are many disadvantages and advantages that need weighing up when it comes to choosing what type of property you should invest in. One of the main factors to initially consider is that of shall we go for a new-build or an older house with lots of character.
New homes are currently in high demand as the UK’s growing population are requiring their own castles on which to stamp their mark. Large numbers of developers continue to construct properties varying greatly in architectural design and as a result, new builds come in many different shapes and sizes, making this the first advantages of opting for a new house over an older one: you’re more likely to find something which exactly fits your needs.
New homes must also be built to a sufficiently high standard to satisfy the requirements of the National Home Building Council (NHBC). This body offers protection to the buyers of 80 per cent of the new homes built in the UK in the form of a well-established 10-year warranty on all homes.
Under this warranty the builder of the property registered under the scheme not only has to ensure that the home is completed to minimum NHBC standards, they are also obligated to correct any defect or damage which can be attributed to their failure to build the house to NHBC standards.
An arbitration service also exists to solve any disputes between the home-owner and the builder concerning liability for carrying out such repairs and their cost, further increasing the financial security of purchasing a new build property.
On a day-to-day level the beauty of a new house is that in effect, you are presented with a blank canvas on which you can impose your ideas and personality through its decor, furnishings and other fittings. Whilst this is a big advantage for tenants, it’s also great for landlords who typically seek out a basic interior which is simple to maintain and ensures that the property is rented easily.
Buying a home is (often not without reason) considered one of the most stressful undertakings we ever make. But if you’re buying new one thing you don’t have to worry about is that there is someone above you in the chain who has to sell their home before buying another. And of course this can make the process much easier for the buyers of your own home. A landlord investing cash will benefit most from this as an expeditious completion is sure to follow, enabling their new purchase to begin paying for itself quickly.
Individuality is also an important factor for the builders of many new homes. Whereas there have been times in this country when homes have been built to strictly prescribed designs – mainly due to the urgency to meet demand – today’s builders are encouraged to come up with individual and contemporary designs to suit both the neighbourhood in which they are building, and the types of people to whom the homes are designed to appeal. They also tend to maximise available space which is a landlord’s dream, squeezing an extra bedroom from the property with their savvy designs.
In the same vein, many new homes also include fittings and modern conveniences which make them suited to modern living and often the buyer is given the opportunity to customise said fixtures should they purchase the property mid-build.
And of course, as hinted at earlier, a new home needs much less maintenance than any older equivalent. Any work you wish to carry out is down to your personal taste, so stamping your personality on a new home is much easier, and cheaper, than having to adapt an existing home to your tastes and needs. So, in short, you spend less time making your home what you want it to be, and more enjoying it for what it is.
Allan Freeman, Comms Manager at We Buy Any House writes for the We Buy Any House blog as well as other property related blogs and websites.