New Or Used
Posted on 14 November 2018 by Julia Wilson-Sharpe
Would you buy a new or used property?
It is likely that those who wish to buy a new property have made that decision on the basis that no work will need to be done in order to make a house their home. Simply move straight in and furnish.
For those who buy used, do so for other reasons. It may be they are looking for a big garden, a cheaper property or perhaps it comes down to location. There is no doubt that a used property, is usually a good buy. It is however, exactly that, “used”.
This generally means that there could be work to do in order to make it our own and perhaps up date it a little. Some used properties have undergone extensions over the years. Loft conversions, conservatories or the removal of an internal wall to open up the lounge. This type of work will add to the space available. If for example, a loft conversion was done 20 years prior, it is likely that electrical work may not come up to the standards used today but could have been the standard required at the time.
A buyer may well ask a seller to have the electrics checked. It is important to remember that no seller is under any obligation to do it. After all, how many of us have the electrics checked in our homes every 15-20 years, not many.
Most people do have the boiler serviced yearly but not all. Not many people have the gas safety check which is available. Again a buyer may well ask for the seller to have the gas supply checked but the seller is under no obligation to do so.
Many buyers will opt to have an independent survey report. This is what all buyers of older properties should do; it is the most sensible thing and gives that little peace of mind. Again, a buyer is under no obligation to do any work.
We must remember a house has been valued as it stands, although the agent may not be aware of any issue at the time of the valuation.
The best way forward when looking at older properties is to have an independent survey. Possibly renegotiate the sale price realistically by obtaining quotes for the work. Having said that, we cannot not expect any seller to bring the property up to the standard of a new build. There will always be work to do on a home. If a buyer is asking or expecting too much, may be they should be thinking “New”
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Posted in: Buying & Selling Your Home