Buying a new build home is becoming a more popular choice, particularly for first time buyers and those using the government’s Help to Buy scheme, but despite the fact that a new build is brand new, there are still some downsides you need to watch out for before you buy…
The pros of buying a new build property
The cost of maintenance is quite low for the first few years as all the fixtures and fittings are brand new. • Double glazing and modern insulation can mean your energy bill is much lower than an older house. • The property comes with a 10-year warranty from the NHBC (National House Building Council) as well as shorter warranties or insurance from the developer. This means that if any significant defects are found within this time they will be fixed at no cost to the owner. • No one else has ever lived in the property, which many people like. • A lot of the time, developers will let you choose the finishes like kitchen work surfaces, flooring and other fittings.
The cons of buying a new build property
A new build comes at a premium price, and much like a new car that depreciates in value as soon as you drive it off a forecourt, a new build is only worth its price if you plan on having it for long enough to justify the instant drop in value. The expectation that a new build home is going to be perfect is unfortunately not true in every case. You will need to do your own research into the property, area, and developer as not all of them will have quality and honesty as their number one focus.
How to avoid the negatives of new builds
Shop around – not all new builds are built equally, so you’ll want to do as much research as you possibly can. View several new build properties and find the one you like best. Ask every question you can think of, even speak to locals and neighbours to find out about the area. Get as much information as you can before you commit to buy. • Get a survey – you may think that a new build property comes with no problems, but this is unfortunately a myth. When you buy any property, the seller is under no obligation to tell you everything, you must find out for yourself – and this is where a survey comes in. The term for a new build survey is a ‘snagging survey’ and it will highlight any defects from minor issues like bad finishes to major structural problems like subsidence. When you get a snagging survey, the developer is under obligation to fix any problems that have been found within the first two years of your purchase date. If you are thinking of buying a new build home, give us a call on 0800 038 6699 and discuss it further, or get an affordable conveyancing quote with no obligations, fixed fees and a no move no fee guarantee.