Pros
- The cost of maintenance should be quite low for the first few years since fixtures and fittings will be new
- Double glazing and insulation will keep energy bills lower
- Most new builds have a 10 year warranty
- No one else will have lived in your home, meaning it’s all fresh and new
- Developers may let you customise fittings and finishes before you move in. You may get a choice of floors, work surfaces and cabinets, for example
- If you’re waiting for the property to be built, you may have more time to save for a larger deposit
- You don’t need to worry about the seller changing their mind and withdrawing the property from the market
- Your surveyor is less likely to come across costly and unexpected hurdles
Cons
- You may pay more for a new build home than you would for an older property
- The property may have defects that need to be rectified at a later date
- New build homes have a reputation for being smaller than older homes
- As new builds are generally built in the same style as those on the same development, some people argue they have less character
- If you buy a new build off-plan, you’ll be purchasing a home you haven’t seen
How to minimise the risks
No property purchase is completely without risk. From your initial property search right through to the day you get your keys, any number of things could go wrong. And whether your home is old or new, issues could arise after 10 days or 10 years. However, there are things you can do to make the home buying process go as smoothly as possible and minimise the likelihood of issues. Here are our top tips:- If the developer has a show home you can visit, this should give you an insight into how the property should look. Don’t be afraid to ask the developer to guarantee certain features in writing so you aren’t disappointed when you move in
- Before making an offer, request the measurements for the inside of the property. This will enable you to check you have enough room and your furniture will fit
- Read any documentation you’re given thoroughly to ensure there aren’t any hidden clauses
- Determine whether the property is leasehold or freehold. If it’s leasehold, familiarise yourself with the terms of the lease
- Don’t be afraid to ask your solicitor for more information regarding the terms of your contract or lease
- Although new build properties are less likely to have severe structural faults than older homes, instruct a surveyor to carry out a professional snagging survey to be sure
- If you spot any defects after moving in, make a list and report them to the building company so they can be rectified
