The Pros and Cons of Buying a New Build Property
Newly built properties can be excellent. Everything is brand new and ready for you to move into. Why, then, is there such a huge market for older or 'second-hand' properties? This article will show the pros and cons, helping you decide whether to buy new or not.
When a new build site gets underway, it can be easy to be swayed by the shiny new show homes, particularly if you have been considering moving house. Newly built properties can be excellent. Everything is brand new; no one has ever lived there before, so there are no scuffs or marks and no evidence of previous occupants. If you've never considered buying a newly built property before,
It's an exhilarating experience to watch your home take shape before your eyes with each course of bricks that is laid. You have the freedom to select the interior, choose the spec of the fittings, and then, when it's all ready, you move into your brand new house, exactly as you want it. No DIY, no construction work while you're also trying to live in the house.
For many years, property buyers have been able to buy a new property 'off-plan', securing a particular plot long before the property is built. In some cases, this can be a highly lucrative option; if the property market rises during the build time, you could end up in a position of increased equity before you have even paid for the property.
New homes, because the owner, or in this case builder, is not going on to buy another property, are naturally the end of the chain. This can be comforting to know that there will be no legal or financial issues from the seller that can scupper your moving plans.
You select the exact plot on the site that you want, paying a reservation fee to secure it until it is completed, at which point you will move into the property that is finished with your chosen interior finishes. A newly built property will be constructed to current energy efficiency standards, meaning the property will be warm and well insulated when compared to an older home and will almost always come with provisions for modern living such as parking or garages.
Sounds fantastic, doesn't it?
But it is not all sunshine and roses. As with everything there are cons to the pros. The prices are fixed, and there is often no opportunity for negotiation. Extras are added to the price to get certain tiles or flooring. There will be limits to the options available that are provided by the builders. And, perhaps most importantly, your timescale is dictated to you by the builders, reliant on when the building work can be completed. And, if you have a change of heart, your reservation fees will be sacrificed.
Buying a newly built property removes much of the individuality in your home - the builder will have a handful of property types and styles to choose from, and choices for the bathrooms, kitchen, fixtures and fittings, rather than you being able to have bespoke options. Your property may end up being the same as someone else's on the site - of course, there is no issue here, but many of us prefer to have something unique, a little bit different, or tailored to our tastes. Buying a newly built property from the builder can be a straightforward option to have a ready-made home without much upheaval. But, there is little opportunity for expressing individuality in your home. It all comes down to personal preferences and what works best for you and your circumstances.
If you are considering moving house and think that buying a new build directly from the builder doesn't sound like a good option for you, get in touch with our team to see what is available on the open market.