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When it comes to buying a property, many people have their ideal home in mind. Do they pick an old, period building full of history and character, or a modern new build?

If you choose to buy a period property, there are a range of pros and cons you need to consider before putting in an offer.

Pros 

Great location 

Older properties were usually built in nicer, more convenient locations as towns were developed. As towns and cities grew larger, needing to fit in more people, housing developments were usually built on the outskirts of existing areas, away from amenities.

Character

The character and uniqueness of old properties are one of the main features that people like about them. They don’t look like all of the identikit houses that spring up today. Many will still have their original features such as fireplaces, floors, plasterwork, and windows. You will have to restore them sympathetically to keep the character but you can get custom window replacement options that will work with any style.

Having these original features is a real talking point and something that you just can’t replicate with modern housing. New housing designed to look old can look very tacky, not the look you want.

Price

You will usually get more bang for your buck with an older property. They tend to be larger, with more land around them. The prices usually reflect the fact that they may be less than energy-efficient or need some modernization done to them.

More land

Older properties usually have more land and gardens around them as part of the price. This is because they were built before the huge population surge, where space came at a premium. Also, period homes still around today would usually have been those of more affluent families who could afford to buy and build on bigger plots of land. Enjoy the space, it can give you a whole outside world to expand your living area to embrace outdoor living too.

Scope to add value

New homes are designed to make use of the space in the best possible way. Architects take a long time to ensure that every square inch is utilized in the best way possible. Period properties that have not been modernized have a huge potential for adding value by reconfiguring layouts and bringing certain aspects up to date. This is something to keep in mind when you’re buying.

Cons

Limited design options

Sometimes the character of old properties is so overwhelming, it is almost impossible to put your own stamp on to make it your own. You will have to live with it for as long as you have the property. Yes, you could technically rip everything out and start again but what would be the point in buying an old property just to do that.

Repairs and renovations need to be done in keeping with the original design which could cost you a lot of extra money.

Less storage

Though older properties tend to have bigger rooms, they often have less storage built-in (such as closets). Modern families will find it difficult to fit in all of their possessions without having to buy a lot of storage furniture or do some renovation.

Energy efficiency

Today’s new homes are built using the latest material and energy-efficient insulation. This makes for warmer homes and lower energy bills. Older properties will often be very difficult to keep warm and will rack up higher bills too. You can arrange to have them updated but this can cost a lot of money.

You’re caretakers of the property rather than owners

Buying a very old building, perhaps one of historical significance in the area can be both a blessing and a curse. However, many people feel the burden of living on this type of property. They just live there, and the house goes on without them through the generations and it never really feels like a home. Of course, some people love the idea of being part of the history of the building and are honored to be able to look after it and preserve it for future generations. Just think carefully about this before you commit.

Final thoughts

Buying a house full of history and character can be an amazing experience, giving you the family home you’ve always dreamed of. As long as you can accept that you might have to do a bit more work on it than a new-build, then buying a period property could be a great choice for you.