Buying a home can be a lengthy, time-consuming, and expensive process. By the time buyers have received back their Survey, they will often have already invested significant sums of time and money into the purchase process, only to find the property is unsuitable (and may never have been suitable) for their needs. This may be a familiar story for many.
We have compiled this guide to help buyers identify at the earliest possible stage, which type of property is likely to be suitable for your needs. This may help prevent to prevent buyers from proceeding down the long road to purchase a property that may never have been suitable for them in the first place.
We show below the benefits and drawbacks of various property types/ages that you should carefully consider before deciding to proceed to purchase. Please note this guide is based on our extensive experience of Surveying residential properties and should be viewed as general advice to the most common issues encountered, it is not specific to individual properties. We would always recommend instructing an independent Survey before the purchase of any property.
Ultimately, the decision of whether or not to buy a certain property type is a personal one. There are many factors to consider, and the best option for you will depend on your individual circumstances.
Home Buyer - General Considerations
It is important to consider these key issues when buying a property:
The location: Make sure the location of the property is right for you. Consider the proximity to schools, shops, transport links, and other amenities. Consider any adverse factors such as noise disturbance that could affect enjoyability.
The size of the property: Make sure the property is big enough for your needs. Consider the number of bedrooms and bathrooms, as well as the size of the living areas. Make sure the floorplan advertised by the estate agent is accurate and reflects the true, habitable floor area of the property.
The layout of the property: Make sure the layout of the property is practical and suits your lifestyle. Consider the position of the kitchen, living room, and bedrooms.
Quality and condition: Make sure the quality of the build is good, the condition and finishes are suitable for your requirements. Check for any defects, such as cracks in the walls or uneven floors. We are here to assist with this, click here for information about the different Surveys we offer.
The price: Make sure the price is right for you. Compare the price of the property to similar properties in the area. We can also provide a valuation with any of our surveys to assist with this, click here for information about Valuations.
Period Properties
We have classed these as properties built around the 1800's (or earlier) – 1920’s.
Advantages:
Character and charm: Period properties often have a lot of character and charm, thanks to their original features such as high ceilings, bay windows, fireplaces, ornate finishes, etc. They were also often built with superior, high-quality, long-lasting materials.
Size: Period properties can be larger than modern homes, with more space for living and entertaining.
Location: Period properties are often located in desirable areas, close to amenities and services.
Tax relief: You may be eligible for tax relief on the renovation of a period property.
Disadvantages:
Repair & Maintenance: Period properties can be more expensive to maintain than modern homes. They are more likely to suffer from issues such as dampness and structural movement, particularly where alterations have been carried out using modern methods and materials.
Energy efficiency: Period properties are often less energy efficient than modern homes.
Chains: Any second-hand property can be more difficult to sell, as they may be part of a chain.
Local Authority consents: If you want to make any changes to a period property, you may need to apply for Planning, Conservation Area, and/or Listed Building consents and approvals.
Basements (including converted basement flats): Basement and lower ground floor areas were often built to inferior standards and not designed as part of the main, habitable accommodation. This is particularly a concern where such areas are subsequently converted to become part of the habitable floor area as they are inherently more susceptible to issues such as dampness.
Deleterious materials: Older properties such as these are more likely to contain potentially harmful materials such as lead and asbestos.
1930-1970's
Advantages:
Character and charm: Like period properties mentioned above, many properties of this era also have a lot of character and charm (particularly in the earlier part of this era). Although typically not as elegant as period properties, they will still retain a number of character features and may be priced more affordably.
Size: Properties of this era can be larger than modern homes, with more space for living and entertaining.
Location: Properties are also often located in desirable areas, close to amenities and services.
Design: Compared with period properties, they are often less susceptible to issues such as dampness due to the inclusion of cavity wall construction which became widely adopted during this era.
Disadvantages:
Repair & Maintenance: These properties can be more expensive to maintain than modern homes, as they may require regular repairs and updates. Like period properties, these are also likely to have foundations below modern standards making them potentially at higher risk of structural movement.
Energy efficiency: They can be less energy efficient than modern homes, as they may not have been built to the same standards.
Chains: Any second-hand property can be more difficult to sell, as they may be part of a chain.
Deleterious materials: older properties such as these are more likely to contain potentially harmful materials such as lead and asbestos.
Non-standard construction: Many ex-local authority properties (particularly those built in the pre and post-war eras) were of experimental and non-standard construction which can seriously adversely affect saleability and mortgageability.
Modern second-hand (1980’s - new-build)
Advantages:
Maintenance: Modern properties are likely to have reduced maintenance requirements compared with older properties.
Energy efficiency: Modern properties are often built to higher energy efficiency standards, which can save you money on your energy bills.
Design: Modern properties are often designed with open-plan living spaces, which can make them feel more spacious and airy. Higher standards of Building Regulations also mean that, if constructed properly, they should be inherently less susceptible to many defects compared with older properties.
Disadvantages:
Chains: Any second-hand property can be more difficult to sell, as they may be part of a chain.
Lack of character: Modern properties often lack the character and charm of older properties.
Build quality: There are some concerns about the build quality and inferior quality of materials on some modern properties.
Plot size: Properties on large, modern developments often have smaller plot sizes compared to older properties.
New-Build
Advantages:
No chain: When you buy a new build, you will not be buying into a chain. This means you can move quickly and easily.
Low maintenance: New build properties are typically very low maintenance. This is because they are built to the latest standards and regulations, and are often fitted with new appliances and fixtures.
Modern design: New build properties are typically designed with modern features and finishes. This can make them a more attractive option for buyers who want a new home with all the latest mod cons.
Government incentives: There are a number of government incentives available for buyers of new build properties. These can include stamp duty relief and help to buy schemes.
Disadvantages:
Price: New build properties can be more expensive than older properties and sometimes subject to a ‘new-build premium’.
Location: New build properties are often located in new developments, which can be some distance from amenities and services.
Build quality: There are concerns about the build quality and finishing standards of some new build properties (click here for information about new build snagging surveys).
Lack of character: New build properties often lack the character and charm of older properties. This is because they are built to a standard design (particularly on larger developments) and are often not fitted with period features.
Flats
Purpose-built and converted flats are likely to have the same benefits and disadvantages as houses of that era (see above). When purchasing a flat, we always strongly recommend making early enquiries as to the following:
· Maintenance Charges
· Ground Rent
· Maintenance Plans
· Reserve Funds
A well-managed block should typically have plans to carry out regular, periodic maintenance and repairs which should be planned and regularly budgeted for to prevent leaseholders from being burdened with large repair bills as/when these are required. If there are no maintenance plans or provisions in place for the block, you may wish to reconsider at an early stage whether you wish to proceed with the purchase.