It is an attractive thought to be the first person ever to live in a property. Imagine not living in past tenants spoils. Is it, however, better than renting an existing home? New housing offers great practical benefits but choosing this over the intangible character of an existing house may have you split. Let's delve deeper into the pros and cons of a new property to help you choose with a clearer mind.
Who likes waiting? You will likely be able to begin your tenancy in a new build whenever it suits you. Once the paperwork is finalised you can be ready to move with no wait time of current tenants. After moving, maintaining the property will be a dream. New builds will be built with the latest specifications and regulations so there will be no lingering doubts that there’s work to be done. It is worth knowing the National House Building Council (NHBC) offers a 10 year warranty on new builds so anything that does go wrong will be fixed at no expense to you or the landlord. With the latest specifications, the property will naturally have top tier energy efficiency, subsequently, saving money on your utility bills. This is an important benefit to counter the premium rent argument, which we will discuss. Onto the outside, neighbouring homes will share the enthusiasm of living in a new home and add to the ambience of the surrounding area.
A drawback to new builds is the premium pricing for buyers which landlords will look to make back through renters. New builds are seen as luxury because no one has lived in the property and they come with the latest specifications and regulations. The premium price creates higher deposits and higher monthly payments for renters and it is out for discussion whether these costs are made back by the cheaper utility bills. Don’t be fooled by the new property, premium price, new materials, latest specs and regs jargon. This does not mean the property is built with more quality than existing houses. Developers are in the business for profit and this can mean cheaper materials used to build houses and more stud walls used to maximise profits. Stud walls can become problematic when it comes to noise cancelling or hanging heavy items like mirrors on them. If the stud walls don’t put you off then maybe the tighter space might. Developers build smaller rooms and smaller gardens in order to fit more houses on site to maximise profits. Size really does matter with property and you may find similar sizing between a four bedroom new build and a three bedroom existing property.
There is a lot to think about when renting a new property and it’s up to you to decide if the positives outweigh the negatives. Each tenant requires different needs for their situation and it’s key to understand what your own priorities are. This could be location for example which new builds often offer benefits as developers generally build close to amenities and public transport. To maximise your money for space, enjoying larger rooms and a garden, an existing build will serve you well. If stud walls don’t scare you and you would prefer peace of mind with maintenance issues, a new build is perfect.