BUYNG your first property can is a very exciting time in your life but it is important to know what type of property you wish to call home before jumping onto the ladder.
A common dilemma first time buyers often find themselves facing, is whether to buy new or old. Whist both have their pros and cons, it is important to find the right fit for you as both will be massive financial investment.
A new build can be a very attractive option for a first home, it is fresh blank canvas for you to make your own with no repairs from previous occupiers or they usually come with a warranty period. Colin Moran, Managing Director of Property People told Property Pulse of his thoughts on a new build homes for first time buyers, “A new house is appealing as the idea of being the first occupant of a new property is very popular with home owners. Many of these come with a turn key finish with all flooring and painted throughout. Also a new build property comes with a builders guarantee that covers all structural elements for up to 10 years.”
However, it is important not to be get caught up in the aesthetic of a staged new build and consider wider contributing factors and look at the benefits that come with the charm of an older property, as Colin explains, “A pre-owned home has its benefits as well. When buying a new build home you will have to buy all of the fixtures such as blinds, Curtain poles bathroom accessories. Also pre owned homes generally have more individual character and unique features.’ Often older houses are in settled communities which can be a vital consideration for buyers with families, nevertheless a property in a new development is an opportunity to be part of a new community.
The choice, be it overwhelming is ultimately down to your personal preference, time, money and vision. A popular trend often sees first time buyers flipping old houses and making them their own, whilst many opt for a turn key modern alternative, either way it is a huge commitment which must be thought out thoroughly.
The impact of Coronavirus on the market can easily cloud a first time buyers judgement, leading hasty decisions in order to secure a new home. Colin shared reassurance with Property Pulse for first time buyers, “Propertymark have issues advice to all estate and letting agents on how to ensure safe practice when conducting viewings and in the office environment. Agents have taken every possible precaution to ensure the public can view properties for sale and for rent without actually requiring to enter the property. Property portals such as Property Pal have virtual viewings and 360 degree photography on their site to allow the customer to short list properties at home and cut down the need to see every property with an agent.” With this in mind, first time buyers should feel rest assured that they can take their time, view a variety of property types and focus on finding the right fit home, old or new.