Old Homes Vs New Homes

Housing is just one of the basic needs to living a normal life in the UK and in light of the current economic state of the UK it has now become an issue due to many people being turned away for a mortgage. Although there still appears to be new houses being built in certain areas of the country, many people are struggling to find a sufficient amount of deposit to apply for a mortgage and gain the chance to buy their own home.

New houses are built differently from older developments and not everyone like to buy a house that is too modern. The trend for new houses is generally wooden flooring, thinner walls and a kitchen with mod cons. Most new homes contain traditional radiant heating systems; however some have taken the approach of installing underfloor heating systems in a bid to stay environmentally friendly. The general consensus for a newly built home is that they are suitable for anyone who is looking to buy for the first time and who are keen on buying a house which they do not need to renovate.

The advantages of older houses are that they maintain their original character and tend to have thicker walls. Aside from the aesthetic appeal of the houses, they tend to be less energy efficient. Newer houses are designed to release less amounts of carbon dioxide, due to the developmental efforts involved in making them environmentally friendly.

As more houses are being built the issues of energy efficiency becomes prominent, placing more pressure on raising the standards of building new houses and making sure that they fit to government criteria. The problem with housing is not environmental but financial - whether people can afford to buy a new house or not. In order to apply for a mortgage now, one must be earning more than thirty thousand pounds a year and have an immaculate credit history. Gone are the days of when banks were lending out money to graduates and offering one hundred percent mortgages, now people are finding that they are being rejected for even a credit card application regardless of whether they have a good credit history.

The advantages of new houses are that they are very often offered on a shared ownership deal, making it more affordable and easier for first-time buyers to step onto the property ladder. Buying a house that is not a new build may often be more expensive because of where it is located. Others may need a lot of renovation, which can pose as a problem if people are only interested in buying an older development to save money and do not have money to make the necessary improvements. Some people intentionally buy homes that are in need of renovation, as a way of bringing the value back into the house and then selling the house to make a tidy profit; however a lot of research and budgeting is needed as this could mean losing out on a lot of money if this is not closely monitored.

The main points to remember when searching for a house for the first time are;

* How much you can afford to buy on a house and whether you will have enough money for a deposit?
* Are you buying a new house to settle into or are you seeking a possible investment?
* Will the property need extra work done to it and how much extra will this cost?
* If you are buying a new development is it in an ideal location and will it be a good long term investment?

The best way to make a final decision on what to purchase is by making a checklist of what you are looking for and keeping a track of your finances. Draw up a realistic budget plan, stating your monthly income against your monthly expenditure. This can be done with the help of an expert or by downloading a form from the internet. You should also take time in looking for a house, do not feel you have to rush this and always be prepared to look for the right things. Possible things to look out for is the strength of the ceiling, how many bedrooms the house has, bathroom location and space, kitchen space, garden space etc. Also look for any evidence of damp, wall cracks, possible drainage problems and electric wiring, and of course where the house is located.

At the end of the day this is not just a home to you, it should also be an asset. Often newer developments will suit first time homeowners; however, those with an existing mortgage may find that a brand new development would make for a nice change as they are generally low maintenance and better value for money.