Why are period properties a better investment than new builds?
In our opinion new builds are not the best property investment for the following reasons :
- Firstly, house buyers normally buy a new build because they like the fact that everything is “brand new”. By definition, once a new build house is sold to its second owner, everything is no longer “brand new” and the appeal of the new build is already floundering. As more new builds come on the market and the supply increases, the price of the older new builds must be adversely affected. This of course will not apply to unique architecturally significant properties in great locations – think Sandbanks in Dorset. But does apply to the kind of new builds that are on large estates. Think Milton Keynes.
- New properties are usually away from town centres and transport links which further impacts on their accessibility. The town centre is the oldest part of town which is where older properties are located.
- New builds usually have small gardens as land is at a premium as the developer wants to maximise the number of units on his plot. The same goes for room sizes. In the 1980s the Thatcher government brought in planning changes meaning that the requirements for minimum room sizes were eased that made bathrooms miniscule and still compliant with planning laws.
Gardens of older and period properties tend to be mature and larger simply due to the facts that they have had time to develop and there was more space available when they were built. This can often means that the garden is more private and a more attractive space.
And there is no reason why period properties cannot be well insulated, warm, comfortable and chic like their newer neighbours if properly renovated and looked after. These improvements will add value to your period home and you may never want to move again! Read more on How to make your Victorian House ‘Green’.