Buying a new-built home, the pros and cons

Who doesn’t love the idea of owning a brand new home that no one else has ever lived in? With a few older properties being little more than money pits, people are looking to avoid the endless problems a Victorian home can bring. No longer wooed by the charm of a home with history, many home buyers are looking to the new build industry for their next property.

The Pros

Old for New

If you’re looking to sell your current home some developers offer to either sell or part exchange your home against one on their portfolio. This takes away the hassle of finding estate agents and keeping your current home in show home condition for all those viewings! The additional advantage of being at the end of a chain means you can move in and get living without having to worry about what might be hiding under the 1970’s wall paper!

Help to Buy and Mortgage Guarantee Schemes

A huge incentive is the Help to Buy Scheme offered by the Government, with a number of different ways that might help anyone onto the property market. With the Mortgage Guarantee scheme lenders can offer a high-loan-to-value, reducing the deposit a homebuyer would need to make to as little as 5%.

All The Mod Cons

There is a lot of allure to the idea of everything being new and up to date. from the most energy efficient boilers to a fabulous new kitchen! Some homes come with solar power ready to feed your energy needs. Let’s not forget the exciting challenge of selecting the décor and carpets throughout.

But it’s not all plain sailing, there are issues to consider before you put a deposit on your new des-res.

The Cons

Flood Risks and Insurance Premiums

While developers are required to consider the flood risks of an area as part of the planning application, many new build sites are located on flood plains nonetheless. Technology is used to ensure that the builds are not at risk from sea and river level flooding, yet rainfall and other changes in the local environment haven’t always been factored in. Properties built after 2009 are not covered under new Flood Re scheme and therefore at risk being uncovered or hit by higher premiums.

It’s So Small

If your childhood years were spent in a Victorian terrace or a 1970’s suburban housing development you’ll definitely feel the rooms shrinking in on you. With the average new home being under 85 square metres developers will turn the focus onto the number of bedrooms, not the actual space the home occupies. Not only that but you’ll get more space down south than in Yorkshire. 

New home buyers often complain of not having enough space for furniture or room to entertain guests. RIBA is currently campaigning for better home design but that doesn’t resolve the current problem.

Some home hunters will buy new thinking it is automatically the better deal, but the best way to find a home you will be happy with is to outline what you want in a house and how much you can afford. That way you won’t find skeletons in the airing cupboard waiting for you as your family grows and your needs alter.

In short, know what you need before you buy what you want.

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