There are many benefits to buying a newly built home, however there are also some points that you should consider before going ahead.
New build homes are a popular option, offering the chance to move somewhere completely fresh and in pristine condition. You won’t have any DIY to do and the property will be clean and ready for you to simply unpack.
Running costs are likely to be lower as builders have to meet energy efficiency regulations. A new build will also generally come with warranties and guarantees, including a 10-year structural warranty and often guarantees on items such as boilers.
You should however make sure you are aware of a few considerations before you go ahead and exchange contracts.
The new build premium
A new build home will cost more than a similar home on the open market. This is referred to as the new build premium and can mean you pay an extra 20-30% or more.
Room sizes and gardens
Room sizes and gardens tend to be smaller in new builds as the builder tries to fit as many properties as possible onto a site. You should check that your furniture will fit. Storage can be minimal, so you will need to make sure that there is room for items such as wardrobes.
Delays
While you may be pressured to exchange contracts quickly, there could then be a long wait until your property is finished and ready
for you to move into. There are often delays, meaning the estimated timeframe might not be met.
Keep an eye on your build
If you have bought off-plan and have only viewed a show home, then it is recommended that you visit the site to check on progress and make sure you are happy with the situation of your home and that the furnishings and finish match that of the show home.
Snagging
A report by New Homes Review found that 87% of new build homeowners reported snagging issues with their property. Snagging is a list of problems with the home that become apparent after you move in. While this is normal and to be expected, some builders have a better reputation than others at dealing with the repairs needed. It is worth researching your builder to find out whether existing new homeowners are happy with the service they have received and whether all of their snagging has been satisfactorily resolved.
When will the whole development be finished?
If you are one of the first to move into the development, you could spend a long time living among building works.
Extra expenses
You should be very clear about what ongoing expenses you may have to pay. This could include maintenance for private roads, parks and open areas.
We can advise you on your new build contract so that you know exactly what you will be taking on. If you would like to speak to one of our expert property lawyers, ring us on 0333 305 5189 or email us at info@lpropertylawyers.co.uk
