"Choosing between a new build and an existing property is one of the biggest decisions facing UK homebuyers, as each option comes with its own set of advantages and challenges. New builds often offer modern designs, energy efficiency, and fewer immediate repairs, while existing properties may have character, established communities, and potentially lower upfront costs. Buyers must consider factors such as location, budget, and long-term maintenance, and understanding the pros and cons of each choice can help make a more informed decision."
"A new-build property is one that has just been constructed and never lived in, while an older home has had previous owners and may feature traditional characteristics. New builds typically offer contemporary layouts and modern systems designed to current building standards, whereas existing properties often showcase period features, established character, and architectural details that have developed over decades. The distinction is important, as it affects everything from warranties to mortgage options and potential running costs."
Homebuyers choosing between new-build and existing properties must weigh trade-offs among modern design, energy performance, immediate maintenance needs, and established character. New-build properties offer contemporary layouts, modern systems, and higher energy efficiency — 87% of new properties achieved an A or B energy rating in England from April to June 2024, versus less than 5% of existing properties. That efficiency often means lower heating and electricity bills, while older homes can be more costly to heat unless upgraded with insulation, new heating systems, or double glazing. New builds typically command significant price premiums, although research shows buyers negotiate an average discount of 14% off asking price. Buyers should consider location, budget, long-term maintenance, warranties, mortgage options, and potential running costs when deciding which option best fits their needs.
Read at London Business News | Londonlovesbusiness.com
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