Buying a property is a big decision, with lots of choices to be made and factors influencing the type of home you buy. Deciding to buy a ready-built or new build house is going to be one of the dilemmas you face along the way of buying a new home.
We have put together a list of the advantages and disadvantages of buying a new build property
The Advantages of New Build Homes
- New build homes have many benefits, most buyers like the fact that the property is brand new and they are the first people to live there.
- New builds offer buyers the opportunity to choose their colour choices such as kitchens tiles and any other optional extras.
- They tend to have a higher specification against buying an older property.
- A new build property comes with guarantees, as well as warranties such as the NHBC 10 year warranty which gives some security. There are other providers such as Premier and LABC which are the same company.
- You can expect reduced fuel costs as most new build homes have energy performance certificates that outline the energy performance of the property.
- Decoration and repairs should be minimal in the first few years.
- New homes have a higher level of security
- In comparison to older homes, they are generally easier to purchase and offer a simplified buying process.
- You can expect a good return on your investment depending on when you purchased your property during the start and completion of the development.
Decided on buying a New Build property? Take a look at our Top 10 Tips for First Time Buyers in New Developments and our guide on How to Choose a New Home Builder.
- You could potentially be living on a live building site until it is completed.
- New build developments have a tendency to suffer delays
- There are usually high density of units on the site.
- New build properties can suffer from a lack of privacy with overlooked gardens etc.
- Insufficient parking spaces and small garages can make it difficult for car owners.
- The quality of your new build home may not be to the highest standard. We would suggest you do not go off the quality or finish of the show house and instead ask to look at a stock unit.
- Your developer’s aftercare service may not be the best.
- Leasehold v Freehold. If your new build property is a leasehold contract, there could be charges. Make sure to check these before you buy.
- There could be an additional communal charge on the property.