There are many reasons why some buyers prefer new-build homes over older properties – including the convenience of being able to move straight in.
However, new builds aren’t necessarily the foolproof buy that they are perceived to be and they can come with their negative points too.
If you have got your eye on a new-build house or flat, then you will find our list of pros and cons very helpful.
The pros of buying a new-build property
As we just mentioned, when you buy new builds, you can move in straight away. You don’t have to worry about carrying out renovations or redecorating because everything in the home will be brand new.
This means your kitchen, bathroom, electrics, central-heating system and boiler will be modern and up-to-date too, so you should not have to worry about spending anything on your property for a few years.
If you buy the home before it is completed, some builders will also let you have a say in how the property is decorated and let you personalize certain aspects of the kitchen and bathroom.
Many builders also provide you with a warranty that will cover the construction work too. In fact, NHBC’s warranty covers approximately 80 per cent of new builds in the UK.
Older properties often have problems such as damp and mould, but modern homes are built with damp proof courses to stop them occurring. New homes are very unlikely to have structural problems such as subsidence too.
The Cons
While moving into a house that is newly built and ready decorated is nice, it does not allow you to put your own stamp on the property. If you don’t get to have a say in the design of things such as the kitchen, you may feel the home is not personal to you.
New houses are often part of an estate of houses that all look the same and while this may not bother most buyers, if you want a unique home with lots of character, a new-build may not be the right option for you.
If you have bought a house that is part of an ongoing new development, there is a small risk that the builders may go out of business before it is all completed – leaving you living in the middle of a ghost town. If your own house is still unfinished, then it can cause you a financial headache too.
New builds can potentially also lose their value more quickly than older houses. Like with new cars, the amount your home is worth can instantly drop as soon as you own it.
If you are buying property, then it is worth assessing the positives and negatives of both new and older homes before you choose your new home. It is worth finding out how much you can borrow too, because new builds tend to be more expensive, so that may also influence your decision.
