Pros & Cons of buying a new-build
When looking to move into your first home, or even just find a new one, deciding the type of property that’s right for you and your family shouldn’t be something you rush into. You may have always wanted a brand-new home, never lived in by anybody else, or you may want something older with more character.
As demand and prices continue to rise for both new-build and older properties, in the first of two articles we are taking a look at the pros and cons of both property types, starting with new-builds.
PROS OF CHOOSING A NEW-BUILD HOME
Buying property straight from the developer is exciting. No one else will ever have owned or lived in your property and it is completely fresh and new, just for you. Other key benefits of a new-build include:
Financial Support
There are a range of Government schemes available to help buyers get on the property ladder, however some of these schemes only apply to new developments or first-time buyers. The new Help to buy: Equity Loan scheme is only available for new-builds and there are currently limited housing association resale programmes for Help to buy: Shared Ownership properties.
Developer Incentives
New property developers often look to offer incentives to ensure all their plots sell and a new community develops quickly, with no vacant houses left. Some developers will offer up great incentives such as covering your stamp duty or paying for carpet fitting throughout your new home.
Benefit from a Warranty
A new-build home almost always comes with warranty and this cover will protect you from the costs of repairing any building issues that arise when you first move in. Warranties cover a ten-year period, with the first two years covering minor issues (snags) as well as structural faults with the remaining eight years solely covering structural issues.
Design, Unpack and Go
Sometimes, if you buy off-plan, you can be involved in the planning and design stage of your home, allowing you to select certain features you are sure you want. Even if this isn’t the case, you’ll have the real luxury of being able to unpack and move in with everything 100% fresh and new. Of course you may have decorating or taste-related changes to make but you can essentially move in on the day you complete and start enjoying your new home.
Energy Efficiency and Cost Effectiveness
New build properties must comply with all new building regulations and this includes energy efficiency rules. Properties which are more energy efficient cost less to heat and run, which can be a long-term saving.
CONS OF CHOOSING A NEW-BUILD HOME
New-build properties are extremely popular but they aren’t for everyone and here are some of the reasons you may not want to opt for the newest properties on the market:
Internal Space
Developers are often under pressure to pack as many key features into each individual property as possible and this can mean rooms aren’t the largest. Make sure you know the full dimensions of all rooms and assess whether your furniture will fit before making a decision on a potential new-build home. Take a look at our show home viewing tips for a handy guide when visiting developer sites.
External Space
Many new-build housing estates are more tightly packed than properties on legacy estates. This can mean some properties are heavily overlooked or feel hemmed in with less space between houses and narrower roads on the approach. You will often find compromises in the size of your garden space and driveway compared to older properties which should be a consideration if you are green fingered or need to space to park multiple cars within your household.
Snags and Delays
If you are buying a property which has yet to be completed or built at all, be prepared for timescales to potentially move. It is rare for developers to finish builds exactly on time so be prepared for any changes to completion date.
Similarly, the quality of your new build is something you simply must get checked. Even properties built to the highest standard may have some hidden snags or quality issues in finishing. Professional snagging companies are of course available to help identify any issues and help ensure problems can be fixed within your warranty rights. Fixing any issues can cause a little more delay than if you’re moving straight into an older home, but you can be sure the property is in the best condition.
New Home Premium
If you’re buying a new-build home, the developer will typically factor a ‘new-build premium’ meaning you’d likely pay more than you would if you bought an older property of a similar size in the same area. There are good reasons for the property to potentially cost more including many of the pro’s mentioned above – warranty periods and energy efficiency for example which can save you money in the longer term.
However, with many buyers finances stretched to reach deposit requirements, property prices and affordability are a major factor to consider. You are unlikely to be able to negotiate any significant reduction in price on new-build properties or get much success with a ‘cheeky offer’ below the asking price.
If a new-build home sounds right for you our team of expert property surveyors have extensive knowledge of your residential property warranty rights. Book a Premier Gold or Premium home snagging survey with Premier Snag and our team will be on hand to ensure your property is built to the highest standards.