Opinions are divided among homeowners in regards to new-build properties.
For some, new-builds are the antithesis of period properties that embody British architecture at its finest, from Regency terraces to thatched cottages.
For others, they represent 21st-century living at its very best, with light, airy rooms and modern gadgets.
Aesthetics aside, the pros and cons of buying new-build properties are quite finely balanced. Some pros and cons will help to highlight key issues in the old v new debate.
Benefits
– Help to Buy scheme makes it easier for first-time buyers to get funding for new – builds.
– With most new-builds, it is possible for the buyer to work with the builder to customize a property and choose bathroom fittings, kitchen appliances etc. As the first owner of a property, you can stamp your mark on it from day one. You do not have to live with the design choices from previous owners.
– Most new-builds also come with a guarantee from the builder. If a property is registered with the National House Building Council , it will have a 10 year warranty and protection scheme. This will help to reduce maintenance costs.
– New-builds can be more energy-efficient than older properties, often with better loft insulation etc.
– New-builds are generally laid out in such a way to reflect the realities of modern family life, with a large open-plan kitchen-cum-dining-room-cum-living area.
– Buying off-plan would most likely get you a good discount and a new-build may prove to be a good investment.
Things to consider
– Some new-builds can be less spacious inside than older homes, with slightly lower ceilings and storage space, which you will need to use efficiently or risk being overwhelmed with clutter.
– As land is at such a premium, new-build properties may be closely bunched, and have smaller gardens.
– Like new cars, which depreciate in value after a few hundred miles, brand new homes are not brand new for ever. If you have to sell a new-build after 12 or 24 months, try to make sure you cover your costs when moving on.
– While the best new-builds are superb, it is worth having a ‘snagging survey’ carried out before buying a new-build to avoid any surprises in the future.
– The anticipated completion date of a new-build property can be prone to slip. This need not be a problem, but too long a delay can put a mortgage offer in jeopardy.
– It’s worth noting that many new homes developers invest in and re-develop period properties, often into blocks of flats, so there are plenty of instances where a homeowner can benefit from the best of both worlds.
This is not a debate in which there will ever be a clear winner. But it’s best to have an open mind on the subject and not miss out on new or old properties when they come on the market.
