Buying a newly built home can have many advantages. But is it the right option for you? This post takes a look at some of the pros and cons of buying a new build, so that you can decide whether it’s the right decision for you.
The pros of buying a new build…
New builds are often safer
A big benefit of new builds is that they are built to modern safety standards. This means you don’t have to worry about issues like hidden asbestos or lead paint. There’s also no wear and tear to worry about, which means less risk of issues like electrical fires.
The buying process is simpler
Purchasing a new build is generally not as complex. There isn’t the complex legal work of changing ownership and you don’t have to worry about chain delays or sellers backing out.
Some new builds are customisable
If you buy a new build before construction, you may have a chance to customise various features. It’s worth looking out for home builders that specialise in custom homes. This could be much more convenient than having to remodel an existing home to your specs.
You could save a lot money
New builds can sometimes cost less than older homes of the same size. If you’re a first time buyer, you may even be entitled to various incentive schemes that reduce the price further. On top of this, a new build will cost you less money in maintenance because of lack of wear and tear, and less money in energy bills because of more energy-efficient construction methods.
There may even be a warranty
If you do encounter faults with your new build (commonly known as ‘snags’) after moving in, you may find that you don’t have to pay for repairs. This is because most new builds come with a warranty.
The cons of buying a new build…
They can lack character
New builds are often built more minimally to save costs and don’t have any history or footprints left by previous owners. For some people, these homes can often lack a sense of ‘character’ because of this.
You may have to wait a while for completion
Most new builds are sold before they are completed, which means having to wait a while to move in. This could be anything from 6 months to several years depending on the nature of the development.
The location isn’t always as convenient
New builds are often built on the outskirts of towns and cities. While new builds in central city areas do exist, they are few and far between. Consequently, you often need to be prepared to live somewhere a little less accessible when buying a new build.
Space could be a problem
Because there is so little available space to build on, many new builds in the UK are quite compact. Some people may find such homes cosy, but others may find the lack of space restrictive.