Advantages and Disadvantages of Older Properties
Old properties are more affordable from the start for many, however, their cheaper price tag comes with a few downsides that may end up costing you more money over time. In this blog, we’ve highlighted the advantages and disadvantages of older properties, so you can decide if they’re the right purchase for you.
Older properties can be appealing to many, as their affordable price tags are more appealing when comparing them to a new build. However, their age may come with some extra fees that you weren’t expecting.
Advantages of Older Properties:
Older properties can be wildly cheaper than new builds due to their already established foundations. Not only is their initial price cheaper, but older properties also fall under a different tax bracket to new builds, meaning you would pay even less on an old build’s tax.
Typically, older properties were built with space in mind meaning the rooms inside the house are bigger, there is more front & back garden space and there are usually less homes close by meaning you get more privacy in your day-to-day life. Homes today are, on average, 20% smaller than homes built in the 70’s, so for those who need that extra space, an old build may be for you.
As new builds are often built close or in large cities, older properties tend to reside in more rural areas. This means that there are more parking options close to your home. A majority of older properties either have a personal drive or a private car park close by to accompany for everyone’s vehicles.
Disadvantages of Older Properties:
Wear & tear
As expected, one of the main disadvantages of buying an old build is that there will be some natural wear and tear. As the house will have had other residents before you, you should expect some renovation to be required. As every home is different, the renovations could cost you varied amounts of money depending on the work that needs to be done.
Dated heating systems
Older properties will have different heating systems to new builds. Many new builds will have loft and wall insulation, up-to-date boilers and double glazing, whereas some older properties may not have these. Not having this modern technology can cost homeowners up to £500 a year in bills and paying to have these technologies installed can be expensive.
Less storage space
Despite the excess room and exterior space a period property offers, the storage space in an old build is limited. Where new builds offer excess space to store your belongings, such as garages, basements and lofts, older properties are often only built with small lofts leaving little to none excess storage.
Despite the negatives, the advantages of an old build may be appealing for many and their lifestyles. If however, a new build is what you’re after, contact us for more information, so we can get you on the right track to your new build.