Old property versus new

The ESPC helps you decide

In this article we'll review the pro's and con's of buying an older property, and discuss the signals to look for when trying to establish flexibility on price.

And after you've bought your home, you only have 7 days to draw up your checklist and make your complaint, so read on and make sure you don't become a victim of ignorance.

Negotiate lead times
Older properties can provide greater flexibility
Older properties come with no guarantees
There can be higher infestation levels
HMO licences can detrimentally affect the quality of tenement living
Checklist for older properties

Older properties can provide greater 'possibilities'

On the other hand with a traditional property the selling points include 'character' through high ceilings, thicker walls, and original features. Mature gardens, established communities, and conversion possibilities, can for many, compensate for the additional effort required.

Renovation is becoming more popular particularly as price rises outpace incomes. You can of course buy direct from Developers but not everyone is dedicated to providing a good service and some have a 'plenty of fish in the sea' approach. However your surveyor should catch the 'renovation on a budget' types and advise accordingly.

Negotiate on price

Generally you can negotiate on price. This particularly applies to properties in need of renovation or where supply outstrips demand. Conversely, in a sellers market the offers over system restricts the opportunity to negotiate, so watch out for fixed prices which can indicate a degree of flexibility.

Fixed prices can indicate a lack of confidence in the price achievable or the desire for a quick sale, so find out how long a property has been on the market and put your negotiation skills to the test.

Sometimes an empty property can work to your advantage as it can imply the existing owner has a bridge mortgage - or at best money tied up when it could be earning interest elsewhere. They also have to maintain Council tax payments, or where previously rented they now incur costs rather than providing income. There are few circumstances when an empty property suits the seller, so find out about the level of interest and act accordingly.

Negotiate lead times

Private sellers will tend to be more flexible in lead times for moving in, particularly when they have achieved a suitable price. But be careful - if your bid asks for a longer settlement period and it's only marginally higher than the next offer, you could lose out.

Older properties can provide greater flexibility

There is greater variation in older properties so it can be hard to compare like for like. If your family size is likely to increase don't discount a house with an unconverted attic. Properties built pre-1965 are largely convertible so consider a home which may initially appear small but has the opportunity for a future loft conversion.

Older properties come with no guarantees

You normally only have 7 days to return to the selling solicitor with any complaints you have about your new home. Your surveyor will have tried to identify any defects but he can't catch specifics such as a gas boiler needing repaired or a cooker hood that doesn't work. Complaints are confined to the basics so draw up your after purchase checklist before you move in and don't pay a heavy price for a little hesitancy.

There can be higher infestation levels

Higher gaps between floors and ceilings and rougher stone brickwork can encourage rodents. Rough surfaces allow rats and mice to climb the walls and despite the height of traditional tenements, don't be too surprised if at some point you have to use the services of pest controlers.

HMO licences can detrimentally affect the quality of tenement living

In theory, controls are placed by the Council on the number of properties let on a multiple occupancy basis. However critics suggest this is a system which rubber stamps applications and its not uncommon to find owner occupiers outnumbered by tenant households.

By their very nature HMO's are for 3 people or above who are living together and unrelated, and as such tend to attract youth rather than established families.

If you are experiencing problems or just want to know more, the Scottish Government has produced a publication called the Management and maintenance of common property which discusses the Tenements (Scotland) Act of 2004. This provides guidelines on the responsibilities of flat owners and is a useful document to help you decide your next step.

Where Students are common it is estimated that properties will achieve slightly less than the normal asking price, so do your homework and enquire through the council the level of complaints in the area. You can obtain this under the Freedom of Information Act.

Checklist for older properties

Few with experience of buying an older property have come away completely unscathed, so make sure you don't delay checking key areas before your snagging period expires: