What type of property will you choose? With the help of our guide, you can reach the best decision for your circumstances.
About as important as deciding an area to live in, choosing between a resale or brand new home is a key step in the home-buying process. Okay, so it might not sound that important on paper. But it’s a decision that will shape all aspects of your home-owning experience, from how much you’ll pay to how much maintenance is required.
Shared Ownership gives you the freedom to pick from charming resale properties as well as striking new build apartments. But what type of property will you choose? With the help of our guide, you can reach the best decision for your circumstances.
Why buy a resale apartment?
Resale homes may be pre-owned, but their affordability and natural charm make them hard to ignore. Here are some reasons why you might fall in love with them:
Great location
Many people find that they are priced out of living in some of the best parts of London. But with a resale apartment, being part of a well-connected neighbourhood is more affordable than ever.
As resale homes are already part of established communities, you’ll enjoy the convenience of existing amenities like schools, parks, shops and transportation. You can find an affordable resale home in some of the liveliest parts of London, including Fulham, Acton and Brentford!
Classic designs
Do you want a new home that already feels lived-in and atmospheric? Look no further than a resale apartment, which comes with a character and charm that is hard to find in newly built apartments. If you put some time into looking for the perfect home, you could find a dream home with stylish architectural details and vintage aesthetics.
Lower cost
One of the glories of buying a resale apartment is that you’ll often end up spending a lot less for your home. This is because resale homes have already been lived in and include appliances that may have been in use for several years. With many resale apartments, you’ll also be able to purchase your home with a lower deposit – mortgage lenders are more likely to accept a 5% deposit, compared to the 10% you’d need for a new build.
However, it’s worth noting that you may have to pay for maintenance and repairs further down the line, so make sure you get an independent surveyor to look out for any potential issues!
Why buy a new apartment?
New apartments are the go-to choice for people looking for a pristine and contemporary way of living. Here are some reasons why they might sweep you off your feet:
Personalisation
If you like the idea of putting a personal spin on your home, a new build home might be your best bet. With a newly built apartment, you’ll have plenty of scope to create the living space of dreams. New homes are a blank space for your personality to run wild, giving you carte blanche to decorate as you please. Sometimes you’ll even get the option to choose finishes, materials and layouts, depending on the stage of construction!
Modern amenities
Are you someone who loves to have the newest, sleekest technology going? You’re in luck – newly built homes come with the latest technology and luxury amenities to die for. Look forward to a home full of smooth surfaces, shiny finishes, and minimalist design. This doesn’t just mean you’ll get a contemporary kitchen area and interior – you’ll also be able to enjoy special features like balconies and terrace spaces.
Energy efficiency
At a time where energy bills are higher than ever, a new apartment could save you from paying silly prices to power your home. New-build apartments are built using energy efficient materials that are much more beneficial for the environment and keep your home functioning for less. This means you can end up saving money on utility bills, while being kind to the environment!
Maintenance warranty
Once you’ve moved into your new home, the last thing you want is to have to fork out more cash for a sudden repair. However, this won’t be an issue with a newly built home, which usually comes with a warranty that covers maintenance and repairs for all of your appliances.
New build apartments come with a full lease that offers long-term security, and your build warranty could end up covering things like theft or lost keys (trust us, it happens!) Instead of panicking about what could go wrong in your home, you’ll have the peace of mind of knowing that you won’t face any major issues after moving in.
Take advantage of a cash ISA
As if buying a new property wasn’t appealing enough, you can also use a cash ISA to pay for one. A cash ISA is a tax-free savings account that you can use to save up for your dream home, allowing you to pay in up to £20,000 in a tax year. With a lifetime ISA, you’ll enjoy an annual 25 per cent top up of your savings from the government, which can be a big help when it comes to buying your first home.
Resale and new build apartments have plenty of attractive qualities, but your choice will depend on what your dream home looks like. With BE WEST, we have all kinds of high-quality apartments available through Shared Ownership. With developments dotted all over West London, start your home-buying journey today!