Benefits of buying a new build
Being the first person to live there can be considered by many buyers as a huge plus.
No Forward Chain:
When you buy a new build, you are stepping into a property that is already vacant. This minimises the risk of getting caught in a lengthy property chain. Unlike older homes, where you might have to wait for previous occupants to move out, a new build allows you to move in promptly.
Some developers even help with selling your current home through part-exchange or assisted sale schemes.
Energy Efficiency:
New build homes adhere to the latest building regulations, ensuring they are energy-efficient.
Modern construction techniques and materials contribute to better insulation, reduced heat loss, and lower energy consumption.Not only does this benefit the environment, but it also translates to cost savings on energy bills over time.
Ready-to-Go Interiors:
New build properties come with fresh interiors – think pristine flooring, tiling, and paintwork. Minimal DIY work is required upon moving in, allowing you to focus on settling comfortably.
Some developers even let you customise fittings to match your taste before you arrive.
Modern Features and Technology:
Contemporary design features are often standard in new builds. Open-plan layouts, spacious rooms, and smart home capabilities enhance convenience. Imagine controlling your heating or security system from your phone or tablet – it is all part of the modern living experience.
Possible Incentives:
Developers sweeten the deal by offering extras during the sale. These could include paying your stamp duty, providing cashback, or covering the cost of curtains or blinds.
Warranty Protection:
Unlike existing homes, new builds come with warranties. Typically, this warranty covers any issues that may arise within an agreed period (usually around ten years). The developer or builder takes responsibility for addressing these problems, giving you peace of mind.
It is recommended that you check exactly what your warranty covers, as not everything will be included.
Let us explore a few aspects to be cautious about:
Premium Pricing:
New build properties often come with a higher price tag. You will normally pay more for a new build than you would for a similarly sized property, in a similar location, which is ten years older.
You pay for the privilege of being the first occupant.
Keep in mind that the property’s value may depreciate once it is no longer brand-new.
Long-Term Considerations:
If you plan to stay in the property for several years, the surrounding area’s development can positively impact its value increasing the value of the property.
Possible Delays:
Be prepared for potential move-in date delays, especially if you are buying off-plan (before the development is complete). Delays can be frustrating and may incur additional costs if you have already moved out of your current home.
It is common for the move-in date on a new build property to be delayed, particularly if you are buying a property where the development has not yet been completed (‘off-plan’). Not only can this be frustrating, but it also can add to your costs. For example, if you have moved out of your current home, you will need to find alternative accommodation during the interim period, which can mean paying for rent and or storage while you wait for your new home to be ready.
In some cases, lengthy delays can also result in your mortgage offer expiring.
Complex conveyancing
The legal work for new build properties is, in general, more complicated.
Quality
You can certainly expect a few ‘snags’ when you first move in. This might be something small or could be as significant as structural issues.
Ongoing construction
If you are one of the first people to move into the development, you might find yourself living on a building site for several months as more new homes are built on the development.
It’s a good idea to discuss with the developer exactly how long they intend to work on the development and what the plans are for the surrounding areas.
Summary
While new build homes offer numerous advantages, it is essential to weigh them against potential drawbacks. Whether you choose a new build or an existing property, make an informed decision based on your long-term goals and preferences.
Happy house hunting!