Buying a new build property – the pros and cons
We’re finally building more homes in the UK, still not enough, but the Government says it wants to see 300,000 new houses built every year by the mid-2020s.
New build properties are clean and convenient and have several advantages over older homes, but are they worth it? Have a look at our guide of pros and cons.
Advantages of a new build:
- everything in it will be brand new and sparkly
- you are unlikely to need to carry out any repairs or decoration work for a few years and the property will come with guarantees
- new build homes are more energy efficient making them cheaper to run
- new build homes must be built to be accessible and easily adapted to meet the needs of disabled or elderly people
- peace of mind – most new builds come with a warranty, which insures the house against structural problems for ten years, and kitchen / electrical appliances will also have guarantees for 2 years
- if you get in early you can select the flooring, the fittings for the kitchen and bathroom etc. and may be able to negotiate with the builder / seller to get free carpets, curtains or other fittings
- some developers offer additional incentives, such as cashback, discounted mortgages, LBTT costs, part exchange on your old home and help to pay your deposit or legal fees.
However potential problems with buying a new build home include:
- delays in the completion of the home
- difficulties in getting faults put right – some builders can be difficult to deal with
- the possibility of living on a building site until the whole development is finished.
Remember that the process for buying a new build home is slightly different from the process for buying an older home, especially if building work on the property is not yet finished, so make sure you speak to someone who understands the system.
McDougall McQueen has extensive experience in this area and has a dedicated new build team to helping clients buying new-build properties. Get in touch today to find out more.
Return to the previous page