Are you thinking about purchasing a new home? If so, you will probably have many questions. One of the most common ones is “Is buying a new build a good investment?” We know that the process of making this and other important decisions can be very stressful, so we have compiled the main things you need to know about newly built properties in this blog.
Buying a newly built house is a huge investment and one which needs careful consideration. New housing developments are being built in every town and city giving new home buyers a choice of location, house type and affordability to fit their budget.
What are the advantages of buying a new build?
There are many advantages to buying a new build such as:
- No lengthy chain
- You will be the first person to live in your new house
- You get a blank canvas, so you get to choose what you want to do with it
- Incentives such as upgrades to kitchens, carpets etc.
- 10-year warranty to cover structural defects
- Low maintenance, you won’t need to worry about repairs in a while
- Cheaper to run, as they are energy-efficient
- They usually are a good investment if you plan on selling in the future
- Everything is brand new
- You get more peace of mind
The appeal of a new build is that it is brand new and, if you buy off-plan, you will be able to choose the exact plot you want. One of the advantages of buying a new build is that many of the fixtures and fittings are included in the price or available as upgrades, depending on the developer.
The latest building regulations mean that there are standards your developer must meet to ensure your newly built home is built to the current building regulations and standards. It will also have to be as energy-efficient as possible, making it cheaper to run.
New build houses also come with a 10-year warranty, the first two years are with your builder and the following eight years are with your warranty provider which covers everything structurally. The appliances your builder installed will also have their own warranties, usually for a period of two years, giving you overall peace of mind.
Are there disadvantages to buying a new build?
However, there are also disadvantages to buying a newly built house. For instance, they may not be built on time, it could be harder to get a mortgage, the build quality will not be good, and you will be living on a building site.
Some of the most common downsides of buying a new build house are:
- Potential for delayed completion dates
- Small room sizes
- Little or no storage
- Small gardens
- Little or no parking
- Poor build quality
- Living on a building site
- Upgrades are not cheap
- Management fees
As always there are pros and cons to any investment decision, especially buying a newly built house. However, if you want a brand-new house that needs little doing to it, the price, location, travel links and local amenities are what you are looking for, then buying a newly built house is a good investment.
Are you thinking about buying a new build? At Lively Professional Services, we conduct professional new build snagging services to give you the peace of mind that you need.