06 Jul Period Properties vs New Homes in North London
When it comes to choosing a North London property, whether to buy or to rent, one of the first things we consider is whether we would prefer a period property or a new build. But the question is more than just about taste; there are many more factors which are affected by the age of a property.
Whether it’s security, accessibility or even something as simple as layout, newer homes are often much more suited to the needs of the modern buyer (or renter). New builds tend to be more open plan with the possibility of being made to be wheelchair accessible, and come with security features as a requirement. What’s more, as well as the possibility of designing a new property from scratch, a buyer may be able to make choices about various features of new houses, such as fireplaces and kitchens.
New homes don’t come with a previous owner, and therefore the potential difficulty of being in a chain. This means the buying of your property can run as smoothly as possible and doesn’t rely on another person’s deal going through, making the process quicker and less stressful.
New build properties are often designed to be eco-friendly, whether this is the inclusion of more ‘extreme’ features such as solar panels or just good quality insulation. While this is obviously good news for the environment, it may also be good for your finances, saving large amounts of money on electricity or heating bills.
Schemes and incentives are on offer from the Government to help those looking to buy a new home, such as Help To Buy. This makes a new home particularly appealing to a first-time buyer who may be struggling to get onto the first rung of the property ladder.
Period conversions vary from property to property, presenting a unique home. Often the property includes various period features, such as fireplaces and cornicing, along with varying degrees of modern fittings depending upon the previous owners. The bonus of high ceilings is also likely!
Opportunity to add value
Unlike new build apartments, some period conversions enable you to add extensions, either upwards or at the rear. This not only provides more space in your property, but also adds value to the property if you’re looking to sell in the future.
Period buildings typically benefit from the most desirable locations, being close to major transport links and amenities. By virtue of being older, they have secured some of the most sought-after locations in the capital, some of which benefit from being situated around garden squares.
Period conversions come with period features that aren’t reliant upon current trends or the latest technology to be appealing. They also offer the opportunity to incorporate fittings as and when you want them, replacing the latest tech when something better comes out. The property is not reliant upon a development as a whole being updated, which can be the case when there is integrated technology in place that might be difficult to change per individual flat.
Taking these issues into consideration, it is important to remember that in many cases it is possible to have the best of both worlds, either by choosing one of many interesting and characterful new builds or by adapting and modernising a period home. In most cases the question comes down to personal preference, and how much time, money and imagination the new owner is prepared to invest in their property.