New Build or Older Decision

[TulipsfromAmsterdam]

We are currently in the process of buying a new build which was already completed when we reserved it. Since then an older property has come on the market at a much lower price and we really like it.
We planned on using help to buy on the new build but the other house would cost 40k less so no need for HTB.
We could add value to older house.
The downside is older house has smaller garden and 1 less reception room and also there are the implications of withdrawing from purchase when some legal work has been done.
Can anyone help with their thoughts on situation please?

If the older place misses one reception room, the garden is smaller and it needs building work/doing up, then the new build sounds a lot better value for money at just 40k more (bigger, better garden and spick and span).

However, if your heart is completely set on the old property now, then no point forcing yourself to move into the new build.

How much is the new build? 40k of a 400k house isn't a lot; of a £100k house is more significant.

It sounds like your 40k is getting you better value for money (bigger garden, extra room, all new so no surprise new roof needed or rewire or whatever). The only positive you've given for liking the older property is price. How about location, layout, aspect etc?

Hard to say without knowing other details as previous posters have pointed out.
In general, though, I would expect a new build to be a poorer prospect than an older house simply because you are paying to be the first owner and may not get back as much as you paid if you were to move in the short term... I have seen this over and over again with people trying to sell newish builds and not getting the price they had hoped.