Disadvantages of buying old houses over new houses. Anyone that knows me will understand pretty quickly that I like to renovate property. I often get caught up in the old versus new house debate.
This probably stems from me being brought up in a building family. I love our old housing stock and many renovators and property developers will tell you it’s the bread and butter of their business. So with that in mind, what are the advantages and disadvantages of buying old over new? To be clear, I’m not talking about architect designed houses when I say new, I’m talking about average housing stock which is available on the market such as Wimpey et al build.
The Advantages Of Old Property
- History, charm and character
- Individuality and exclusivity
- Interesting original architectural features
- Mature gardens with fully-grown trees and a wealth of plants and shrubs ( if it’s not been removed for swathes of decking!)
- An absence of teething troubles
- A mature surrounding community with abundant shops and services
- More space with higher ceilings and larger rooms
- Outbuildings that can be converted into a self-contained studio or apartment, study, office or workshop etc
- The possibility to expand or convert it for a different use ( house to flats eg.)
- A larger garden or plot of land the property sits on
- Good long term capital growth – rising in value faster than a new homes
- Easier to sell than a new home (‘rarity’ has value).
The Disadvantages Of Old Property
- Out-of-date bathrooms and kitchens
- Plumbing and wiring may need updating
- Older forms of heating in place
- Poor insulation in the roof or walls
- No damp proof course
- Lack of storage space
- Restoration, renovation or decoration may be necessary before you can move in
- Larger ongoing repair and maintenance bills
- Hidden defects such as dry rot, rising damp or woodworm or other infestations
- Restrictive covenants or rights of way
- Listed buildings will be severely restricted as to what you can do regarding ‘improvements’
However, if you look at the list of disadvantages, the majority of them can be overcome with some time, effort and money. The only real ones which are difficult to deal with are restrictive covenants, everything else is easily sorted out. If you are thinking of buying a listed building, be sure you understand fully what you can and can’t do in respect of repairs etc. Listed building bring their own challenges, not least of which is planning rules. But for our regular Victorian etc style housing stock, old wins every time in terms of investment and holding or increasing value.
