BUYING EXISTING OR NEW HOMES
WE ARE THE LONDON MARKET EXPERTS ON EXISTING & NEW HOMES
What are the pros and cons of buying an existing versus a new home? Independently of whether you’re a first-time buyer or not, there are a few things to consider.
The biggest divider in property buyers in London is the option to buy a new development, potentially off-plan, versus buying an established house built in the last century. The old debate between modern new properties, versus old homes that have passed the test of time. Whether you’re a first-time buyer or not, there are a few things to consider.
PROS FOR BUYING A NEW PROPERTY
- There is no chain of buyers above you, hence you’ll be the first owner ever, taking advantage of a fresh home.
- Fresh paintwork, kitchens or bathrooms hence very little upgrading work necessary, latest design and technology, even gyms or concierge.
- They tend to comply with the latest regulations around insulation and energy efficiency, hence you will have relatively low bills.
- Usually new builds have incentives to buy, with schemes like Help-to-Buy or Shared Ownership or buy off-plan and save some cash.
CONS FOR BUYING A NEW PROPERTY
- There are usually delays on completion dates, so you might not move in when you planned.
- Even if it looks modern, sometimes the quality lacks; have a snagging survey as soon as possible for some reassurance.
- A lot of new builds are sold on a leasehold, rather than a freehold; it’s important you understand the costs, charges or limitations.
- It will probably bring back more cash on re-sale if you keep it for longer term, as buyers will look for a new build instead of a couple year old build.
EXISTING PROPERTIES
PROS FOR BUYING AN EXISTING PROPERTY
- More flexibility to put your own stamp on it, since it will probably need a bit of work anyway, and hence increase its value.
- Existing homes have a bit more of a ‘personality’ such as a Georgian or Victorian home.
- Existing neighbours that you could liaise with to find out about the area, who also have built a sense of community.
- You have tangible expectations with an existing property, rather than buying off-plan and hoping it will turn out as you imagine.
CONS FOR BUYING AN EXISTING PROPERTY
- There are chains of buyers before you and hence consider if you’ll have to deal with the previous owner and any property chain involved.
- Often, you will want to redecorate a tired bathroom so these decisions should be budgeted for before putting an offer in.
- Lack in energy efficiency, with older insulation technologies, Victorian windows, etc. could result in slightly higher bills.
- You will probably need to create a maintenance plan, as some features will need attention as soon as you move in.
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PARTNER WITH WENTWORTH
We will be your partners in the buying process, support you through one of the most important investments of your lifetime. Instruct us with the property you are interested in, and we’ll take care of everything for you, ensuring you get the best price.
