Why Choose an Older Property?
It can be hard getting onto the property ladder. Especially with the cost of living on the rise and the ability to buy new builds becoming more difficult. However, there is nothing stopping you from investing in an older property. First, it’s important to identify the pros and cons of older homes and how a snagging list can help.
Pro: More Outdoor Space
An older property is more likely to meet your expectations if you are searching for mature trees, bushes, and huge established gardens. Historically significant homes are typically located on larger lots, and you will frequently profit from the past owners’ gardening skills. As they are constructed on complexes with a predetermined amount of area for each home, new-build properties frequently feature smaller, more constrained gardens.
In addition, older properties frequently have larger driveways and roads leading up to the property. Find out more about the common defects found in gardens that your snagging list may pick up here.
Con: Moving Chain
A chain is nearly usually present in existing properties. This means that before you can move, you will be dependent on the closing of other sales. Chains might involve a large number of “connected” buyers, which can hold down the process or, in the worst-case scenario, force you to make a difficult decision about temporary housing if timeframes don’t line up.
This is one of the benefits of moving into a new build, as there is no moving chain in front of you. Find out more about the pros and cons of a new build on our previous blog and how a snagging list can help.
Pro: Adding Value
When it comes to new builds, their value has typically already been determined, leaving the idea of future expansions sometimes impossible. Without expanding certain elements, homeowners cannot improve their value if they were wanting to sell in the future.
However, for older properties, there is so much more untapped potential. An older home might offer more room for expansion, including loft conversions and extensions. This provides homeowners with the opportunity to change their property, either to add value or to closely meet their own preferences.
Con: Energy Efficiency
Older homes are less energy efficient than newly constructed ones. Although there are laws to follow in order to fulfil energy efficiency norms, older buildings do not have to meet the same standards as new builds. As a result, utility bills can be more expensive.
Consider a snagging list. Throughout a snagging survey, a team will assess the entire property, including the interior and exterior. Using a thermal imaging camera, professional snaggers will be able to identify any areas in the home that have poor insulation or are letting out heat. It is recommended that a snagging survey is undergone before your move-in date, so that the potential buyer has time to pass on the snagging list to the seller. Then, the option to negotiate the price or have these issues fixed presents itself.
Pro: More Character
Compared to newer construction, older homes usually have better floor areas. Older homes frequently have larger living areas, bedrooms, or various reception areas.
There are several possibilities available on the real estate market, including Victorian terraces, Georgian townhouses, and rural cottages. Compared to new builds, which tend to all look the same, older homes utilise vintage elements and have an increased level of charm. Just be aware that character has a cost, both in terms of care and purchasing price. Make sure to hire a snagging list to detect any major snags with the property and the cost it would be to fix them.
Con: Maintenance Costs
When issues do arise, an older property will cost more to fix. Since nothing is probably brand-new, repairs for issues with the heating system or the electrics will probably be more expensive. You will be responsible for any charges since the property is probably not covered by the home builder’s warranty.
At Home Snagging, our team of experts will check the entire property for defects, including testing various utilities. With this information, you can decide whether the older property is worth the cost it has been priced at. A snagging list can identify various issues, including gaps in windows and doors and if the heating system has faults. But first, find a reputable snagging company that will accommodate your specifications.
Home Snagging UK
Here at Home Snagging, our team of professionals is here to help make moving in as easy as possible. Though your home will meet building regulations, many cosmetic and minor snags may go unnoticed by builders or developers. Consider a snagging list, which can identify any defects in a comprehensive report that can then be passed back to your developer.