Shared Ownership New Homes vs Resales: What’s better for me?
So you’ve just discovered the wonders of Shared Ownership, and you’re eager to get involved. What next? Before you can set foot in your stunning new apartment or house, you’ll need to decide between a new-build property or a resale home sold by a current owner.
While many Shared Ownership homes are stylish new-build apartments, you might be more drawn to the character and style of an older resale home.
Unsure what type of Shared Ownership home to go for? With our guide, you can make the most well-informed decision:
Benefits of new-build homes:
A new home is a newly built property that is (usually) created to be part of a larger housing development. This enables buyers to be the very first owner of their dream home.
New fixtures and appliances
Buying a new-build home means enjoying the peace of mind that your home won’t require any fixing or maintenance in the near future. This is because you’ll enjoy high-specification fixtures and appliances, as well as building materials that comply with the latest safety regulations.
Most new-build properties also come with warranties that can protect you should anything go wrong in your home. So while you might be paying slightly more for a newer property, you’re also far less likely to have to pay to repair something like a leaky tap further down the line.
Better for the environment
Concerned about the carbon footprint of your home? With a new-build property, you’ll enjoy the comfort of knowing that your home is also good for the planet. New-builds are built using energy-efficient materials that are less harmful to the environment and can function on less energy than a regular property. As well as helping out the planet, you’ll also be less likely to run up your heating bills during those difficult colder months.
No property chain
When you buy a regular property, there’s always the chance that you’ll be at the mercy of a property chain that can delay your move. However, this won’t be a problem with a new-build property. Buying a new home means that you won’t need to wait to move in – as long as everything checks out with your housing provider, and you haven’t bought the property off-plan, you can get the keys to your home in no time at all.
Meet new people in your development
Want to get more out of your living area? Many new-build developments come with shared spaces like communal gardens and rooftop terraces that make socialising easier than ever. As well as inviting friends of your own, this is a perfect platform to expand your social circle and learn more about your new neighbours. If you’re a first time buyer, many residents will likely be in a similar situation so you’ll have an easy way to bond over your shared experiences.
Easy to personalise
When you buy a new apartment, there’s no need to fret about the previous owner’s (potentially bizarre) design choices. You’ll get a sleek and contemporary space to let your personal style shine through, creating a home that truly reflects your character. Depending on the stage of your building’s construction, you’ll be able to put a personal touch on your home in no time.
Benefits of resale homes
A resale home is a property which was originally bought by a customer through Shared Ownership, who now wishes to sell their home on the same basis.
While newer properties often command a higher price tag, buying a resale property usually works out as the cheaper option. In addition, the rent you pay on a resale Shared Ownership property will likely be less than you’d pay for a new-build, and any potential rent increases will be outlined in your lease. The only thing to be wary of is that you might end up paying more for repairs and DIY in an older property, which has naturally seen more years of use.
Plenty of character
Not gifted with an eye for interior design? With a resale property, you can enjoy a home that already has plenty of character and charm. As long as you’re happy with the seller’s interior design choices, moving into a resale home will require little legwork on your part. You’ll be moving into a home that already feels cosy and lived-in.
Join an established neighbourhood
In most cases, resale homes are located within local communities that have already been established. But while it might feel like you’re joining the party late, you’ll enjoy the support of neighbours who know the local area like the back of their hand. With local committees like the Neighborhood Watch already up-and-running, you’ll also be able to enjoy a host of exciting community events.
Ultimately, deciding between a new or resale property will depend on what your dream home looks like – do you want something sleek and new, or classic and charming? With Share to Buy’s property portal, you can find your perfect Shared Ownership property based on filters like location, number of bedrooms and deposit amount!