The Advantages of a Resale Property: 

Lower Price: 

Resales properties are generally priced lower than a New Build of the equivalent build and plot size - although I deliberately chose to say ‘priced lower’ rather than cheaper. I will explain this in more detail in the next chapter.

Tax Benefits:

As we saw in chapter 4, resale properties are subject to different taxes compared to new builds. Stamp duty is not payable in most circumstances, transfer tax is either equal to, or lower than the rate of IVA that is payable on New builds.

Ready Immediately:

Resales can be viewed, not just imagined, and can be purchased quickly with no need to wait for construction to be completed. 

Prime Locations:

Having been built first, resales often enjoy prime positions in established areas.

Traditional Designs:

In the post crisis era, new-builds tend to have modern, minimalist designs that are not to everybody’s taste. Resales offer a far greater range of architectural choice

Mortgage Options:

It is possible to finance the purchase of a resale property as the deposit needed to secure the property is very rarely greater than the deposit needed for a mortgage. As we saw in chapter 6, while a mortgage can be arranged for a new build it cannot be secured until the property is completed. Stage payments will therefore need to be financed independently. 

Established Neighbourhoods:

In most cases resales are situated in established areas with mature gardens and established  local facilities and business . You can explore the area to see what is available and what the atmosphere there is like. With many new builds there will be a wait for the area to mature and for businesses and neighbours to establish themselves. 

Community Insights:

When a property is a community it is possible to see the community’s constitution, minutes of AGMs and annual accounts. With new builds the functioning of the community and costs are only predicted.

Disadvantages of Resale Properties 

Age and Condition: 

There are potential issues with older properties being past their prime and in need of work that may not be visible at first. As I described above, build quality of older properties was typically of a lower standard to today's builds. 

Lack of Guarantee:

Resale Properties are sold as seen without any structural guarantees (unless, as we will see in the next chapter, they are less than 10 years old).

Insulation Issues:

Older properties lack any insulation and retrofitting is difficult and expensive (if even possible).. Insulation keeps warmth in in the winter and heat out in the summer. Older properties can feel very cold in the winter months and, as summers get hotter, airconditioning can struggle to keep them cool while leading to expensive electricity bills. 

Pool Maintenance:

As a rule of thumb, a well built swimming pool should last for 50 years, even longer, however, if they have been poorly built or maintained they may degrade sooner and the pump and filtration system is likely to need replacing much more frequently. If you cannot find evidence that the pool is well within its life expectancy, keep aside some of your budget for an overhaul (I will say more about shared pools when I talk about communities). 

Aging installations:

Older properties may need rewiring to bring up to modern standards and electricity supply contracts may need to be upgraded to allow for the increased consumption that comes with a modern lifestyle and multiple household appliances. Pipe work is a particular concern with first generation properties and if it hasn’t been updated it will be prone to leaks. I would immediately replace the water main leading from the water meter to the house. It is typically a PVC pipe and very cheap to replace. If it hasn’t already been changed, after so many years it may be prone to burst at any time. If you were away when it happened (and I say this from painful experience) you may not realise until you receive a 4 digit quarterly water bill. 

Ageing Appliances:

Resales are often sold fully furnished with appliances (if they are second homes it’s often the case that you will have to take the furniture, whether you want it or not). The inclusion of appliances, including air conditioning may appear to make the offer more attractive, however consider that they are likely to be old and could need replacing. Budget to have the air conditioning serviced and cleaned as soon as you take possession. While it is rare, dirty air conditioning units can be a breeding ground for legionnaires disease.

Illegal Builds:

When viewing properties of this era keep in mind that, with the lax planning enforcement of the era (and beyond) there is a strong likelihood that any extensions, including terraces and swimming pools, will be unregistered. Given that they will have existed for a long time it is normally the case that they can be registered retrospectively however, as they were built without the supervision of building inspectors the build quality of such extensions may be questionable. Extensions should be checked for legality and inspected by a surveyor.