New-build homes are becoming increasingly attractive to first-time buyers—we explore the option of new build homes: the pros and cons.
The allure of new build homes are tempting for many house hunters, but it’s important that novelty doesn’t trump clear-headed decisions when considering the relative merits and disadvantages of buying a new-build property.
- You’re the first person to live in the property, meaning that everything is new and in good condition. Most new builds will also come with double-glazed windows and good insulation, which will cut your energy bills.
- New builds typically come with a neutral décor, giving you plenty of scope to decorate it as you see fit. Many developers will also let you customise your new home by choosing your own fittings, work surfaces and flooring.
- As everything in the building is new, maintenance costs are typically low in the first few years of ownership.
- As there’s no upward chain, new homes are easier to buy—particularly if you part exchange your previous home.
- Newness doesn’t always guarantee quality. Not every developer will prioritise transparency so make sure you research the area, property and the developer carefully.
- New builds can be more expensive and will drop in price once you’ve purchased, making them unsuitable if you’re looking for a short-term investment.
- Outside space—such as gardens and driveways—can be limited, as developers will sometimes prioritise fitting as many houses as they can onto a plot of land.
- New builds can lack the character and generous proportions of an older period property.
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See also: Affordable Housing