Should you Buy a New Build Property?

Expertly Maintained Hire Diggers, Mini Excavators, Tools & Equipment, Construction Machinery, Bishop’s Stortford

Mini Digger Bishop's StortfordBuying a home of any kind comes with a range of choices and decisions that are crucial to your future happiness. You may be wondering about whether to look for a new build or an older property. There are a number of advantages and disadvantages with both types of house. Here’s a brief list of new build pros and cons.

New Build Advantages

More new build homes are appearing each year, almost 50,000 in the first quarter of 2021, and some of the advantages of buying a new build include:

  • Having a blank canvas with freshly plastered, painted, tiled rooms, allows you and your family to simply move in and get on with life. You could even have a say in certain design aspects if still being built.
  • The absence of a property chain is a major advantage for anyone who has experienced the stress and inconvenience of a sale falling through!
  • New builds are often a way for first time buyers to get onto the property ladder, with schemes such as ‘shared ownership’ and ‘help to buy’.
  • Most new builds feature the latest green technology keeping bills affordable. Data from Energy Performance Certificates, says over 80% of new homes have the highest A or B ratings.
  • New builds also come with a warranty unlike older properties.

New Build Disadvantages

  • New build properties are typically less spacious than older buildings, this affects size of rooms and storage.
  • New builds often have a charge imposed by the management companies for maintenance of shared spaces.
  • Use an independent, experienced conveyancer rather than the developers recommended conveyancer for a more objective outcome.
  • Although there is no chain, there can be building delays which can incur additional costs such as storage rental.
  • Quality issues and teething problems can happen with new builds, so sometimes developers will do a survey a little while after people have moved in.

There are thousands of families throughout the country in places like Bishop’s Stortford enjoying their new build home. We will look at the pros and cons of buying existing properties in our next blog, so watch this space.

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