Buying a new build property

There are increasing advantages to buing a new home, especially as utility prices are going through the roof and new builds usually have the most energy efficient homes!

Content

• Pros for New Builds
• Cons of New Builds
• New Build Nightmares
• Extra Checks for New Builds

Pros of New Builds

1. You are the first owner and they are packed with all mod cons and facilities.
2. Typically have good structural guarantees.
3. Cheap to heat as highly energy efficient.
4. Move in straight away.
5. If you buy early you can have an influence on the final finish.

Cons of New Builds

1. They are often priced at a premium compared to nearby 'second hand homes'.
2. They can have little character and be on sprawling estates.
3. Tend to 'feel' smaller as they are packed in unlike older properties.
4. Walls aren't always as thick as brick/plaster as they can be just partitions, so can be noisy.
5. Garages can be so small they don't fit standard car sizes!

Another big benefit of new builds is when the property market isn't peforming too well, they can offer good value for money. Offers such as 'no deposit' or 'we'll pay your stamp duty' can save you a fortune.

But BEWARE, sometimes you can negotiate more money off the price of the property if you buy than if you take up one of their incentives.

If you are struggling to sell your own home and have to move quickly, developers often offer a Part Exchange Service. This means they (or a company they work with) buy your current property and you pay the money required to purchase their new property.

New Build Nightmares
Many people buy new build because it is an easy move. You know who you are buying from, there is no one to wait for on moving day to move out the house, the developers help to chase the purchase/sale along and when you move in, everything should be beautifully finished and in top notch working order!

However, not everything always works out like this with a new build! It's a complicated task building a home and research from Inspector Home shows that on average in the UK, a new home has EIGHTY defects!

Not all of these are serious defects, they range from screws missing from hinges to switches not been put on straight to more serious problems such as the hot tap being plumbed to the cold and vice versa!

Other new build buying nightmares include:-

1. The date you were supposed to move in being delayed - or even brought forward by months, with no come back on the developer.
2. Structural problems occur and you get caught in a claim which drags on between the NHBC (or other guarantee) and the developer while still living in a problem home.
3. The home isn't built according to your specifications and additional work has to be carried out.

Extra Checks when Buying or Investing in a New Build

To help ensure that you don't end up with a new build nightmare, make sure you follow these extra checks:-

1. Check out the company you are buying from to make sure they have a good reputation and are financially sound.
2. If buying off plan, visit the site monthly to see how your property is coming on - however hard this may be!
3. Make sure you measure your furniture to fit into the new home as show homes can be deceptively small. This includes checking your car fits into the garage.
4. Always use your own legal company - not the one recommended by the developer as they will stick to their contract rather than adapting it for your benefit.
5. Make sure you build in 'complete subject to a snagging survey' which needs to take place once the house is 'ready'. This ensures any problems are dealt with as a priority by the developer - as they want their money!

Much more thought is being put into new builds these days from an eco friendly perspective through to creating new communities such as the Newhall Project and Poundbury, a development backed by Prince Charles.

You just need to ensure that it's built right from the start, before you move in and then you can enjoy your new home!

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