Some people rather enjoy DIY - others can't stand it. Which type of person are you? If you want to move in without having to do anything at all, then you may prefer a new house, or an older one that has already been refurbished. On the other hand, if you're prepared to pay frequent visits to Homebase, then you could make yourself some extra money! Let's look at the pros and cons… The new There are many advantages to buying a new home, and one of the main ones is… it's new! New homes have new appliances, new plumbing, new roofs, new boilers, new electrical systems… You get the point? You're unlikely to have to spend money on repairs for a while, and brand new houses even come with a 10-year warranty if the developer is registered with the National House-Building Council. It may even be easier to get a mortgage on a new house than an old one. However, new houses are often more expensive, partly because of the 'free' extras that the developer has thrown in such as carpets and kitchen appliances. It saves you the hassle of finding these things yourself and, of course, these extras can form part of your mortgage since they're part of the overall price of the house. But, in reality, you could probably have got them for a better price yourself. Another disadvantage is that you often don't get as much 'house' for your money as you would with an older one. Many of the houses built over the last 30 years are described as 'boxes' with good reason. In the Seventies and Eighties there was a building frenzy which resulted in developers trying to cram as many houses as possible into the smallest possible area. As a result, you'll encounter 'double' bedrooms which barely have the space to swing a cat in once you've got the bed and fitted wardrobe in situ. And your second bedroom may well be big enough for a baby but perhaps not for a strapping 10-year old. The newer, open plan houses have also had their day. If you've got a couple of kids and you're living in a home that has only a combined sitting/dining room with a kitchen off to the side, then there's nowhere for any member of the household to go apart from a bedroom, is there? Fortunately, builders have, more recently, have been taking these complaints on board and many new houses these days are built with greater consideration for the vagaries of family life. One final consideration is that your new home is only going to increase in value if the overall property market rises. It's not easy to make 'improvements' to a new house so there'll be little you can do yourself to increase its value. If you have no interest in doing up your home, though, then you may want to opt for a newish house. The not so new Older properties usually need something doing to them, unless the current owner is a Renovation King. But you do tend to get more space for your money, especially with Victorian and Edwardian houses - and those built in the Thirties. If you want an older home that doesn't require any work, then be prepared to pay for any refurbishment carried out by former owners. Otherwise, start honing your DIY skills! Doing up a run-down house is an excellent way of owning the sort of home that you ordinarily wouldn't be able to afford. Think about the benefits of living in an older two-bedroom house as opposed to a brand new one-bedroomed flat. You've immediately increased your target market when you come to sell because small families will be interested, as well as childless couples or individual buyers. You've also got the facility to take in a lodger if required. More importantly, and depending on the sort of work that needs doing, you can make your improvements as and when your budget allows you to. Doing up a property is a good way of increasing the value of your home quite substantially - you might have to spend £5,000 installing a new kitchen but you'll probably have put £10,000 on to the value of the house thus increasing your equity by an easy £5,000. The main thing is to choose a house that is structurally sound so that all you have to do is work on the 'innards' as and when you can. An older house can be a bit demoralising though because it often seems as if it will never be sorted out to your satisfaction. The expenses can also be fairly major - a new roof or kitchen costs a lot of money so you need to weigh up your needs and wants with your ability to DIY or finance any necessary improvements over the long term. Article date: July 2006

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