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Buying a new build home

If you are looking to buy a home, there are advantages and disadvantages to buying a new-build over a re-sell home. Some of these are more obvious then others, I have outlined some of them here for you.

Advantages of buying a new-build home:

Buying a New-Build home - copyright YinYang |istockphotos.com

There are many advantages to buying a new-build home directly from the builder. New-builds have more insulation in their walls, lofts and floors then older homes as regulations have changed over the years – this alone can help reduce your energy bills. Add to that the fact that many new-builds also have double-glazing as standard, which as well as contributing to reducing your energy bills tends to mean that you have added security, and lower maintenance requirements (older, wooden framed windows will need periodic treating or painting to keep them weather-proof).

They are often fitted with more efficient boilers and heating systems which are good for the environment as well as your pocket. Although new homes can tend to be more compact then some older homes, they are designed better to have more usable space.

In addition to these considerations, there is a warranty given, as well as many builders giving a range of incentives, from the inclusion of white goods, carpets, or even a bespoke design services for the kitchen or bathroom. Some homebuilders will even contribute towards stamp duties, deposits and other financial aspects of moving home.

Some homebuilders have deals, which automatically include many extras into the price of their new-builds, like Bovis’ “Its all included” deal. So it is always worth asking what can be included for the property you have chosen. Another deal available to people considering buying a new build home is a scheme, where on selected properties they will guarantee a refund of 10% of the original purchase price if you sell your new home within 3 years and do not manage to sell it for the original sales value.

Disadvantages of buying a new-build home:

Many people assume that because they are buying a brand new house, that they will be avoiding a lot of the "inherited maintenance issues" that are associated with an older property, although most new homes come with a 10-year warranty from the National House Building Council this only covers major structural issues. It is still possible that there will be issues with your new-build which can range from minor annoyances (splashed paint, broken tiles) to more serious issues with the wiring or plumbing.

Another disadvantage could be that if you are buying your home before the building has finished, then the work may not be finished when you are expecting it to be. Some developers may try and anticipate the completion date, but you should be aware that it could still over-run by as much as 6 months.

Something else to be aware of is that although you may not be stuck in a chain, you will be tied to the builder’s timetable. They normally ask for a reservation fee as soon as you have decided on the property you want, and then there is normally only a gap of 21 to 28 days in which you can sort out your mortgage. If you miss the deadline they have for this, then it is possible that the developer may start to withdraw the incentives offered, or even cancel the deal completely.


 
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