New build or second hand?

[fruitqueen]

I am in a dilemma and am hoping for some views here:-
I have seen an oldish property with loads of "character" which I really like, in a nice area in London , ( north) - but the place would need sprucing up and I can imagine the utility bills will be quite hefty considering it is not as energy efficient as I would like it to be.
Vs
A new build in a " not so nice" area .but its new and need no extra work to be done to it, and of course, more energy efficient.
Both are about the same price , the latter being a bit more spacious.

Which would be the better buy?

I'd be swung by location and the other aspects that can't be changed (garden size and position, availability of car parking if you drive...) Is there a difference with how each house and area fits in with your lifestyle?

Well it depends on how important character is to you and whether you've got the extra money to spend on fuel bills/improving the energy efficiency.

Location every single time. Plus older properties tend to hold their value better than a new build for which you will be paying a premium .

Which would be a better investment? For rental as well as capital gains?

Older in better location. Always and no contest. Newbuilds don't rise in value for the first few years as they are then " secondhand" and you pay a premium for being brand new.