People often ask is it worth buying a new build house or apartment? Across the UK there are many new homes and developments and buying a new build home is incredibly popular – especially given the many property incentives on offer, but what are the advantages of buying a new build house or apartment that make it worthwhile?
The advantages to buying a new build home include:-
- Potentially significant capital growth if buying off-plan or early in the scheme
- No wasting valuable evenings/weekends on viewings or haggling with estate agents
- No chain or risk of being gazumped
- You can often move in quickly
- There are great property incentives and discounts (especially if you are a first-time buyer!)
- The National House Building Council provides homebuyers with a 10-year warranty & insurance policy if buying from certain developers
- Brand new fixtures and fittings – often you can even choose from a range of ‘looks’ and styles
- No extensive repairs, decorating and less ongoing maintenance
- New-build homes are known to be more energy-efficient than older homes
- Work/live properties enable you to combine the costs of home and work space in one property
- There is usually a sense of community with people moving in at the same time and communal facilities
- There is lots of help for first time buyers – various incentives and packages are often available
- Strict regulations mean new build homes need to comply with strict safety and security regulations
- Student new-build developments can make an ideal buy-to-let investment for parents
So, to answer to the question is it worth buying a new build house or apartment…most people would say yes given all of the above advantages, but you must be aware that there are other things to consider too, such as:-
- If you want to secure your chosen property/plot, you often have to place a non-refundable reservation fee there and then – especially if attending an opening sales event where there are many other potential buyers competing for the best properties/plots. Unfortunately though, the process for buying a new build home is not the same as the process for buying a previously owned property, where you can make an offer and then withdraw with no financial loss if you change your mind. Things move significantly quicker as there is no chain, so it is not unusual for you to have to agree to exchange contracts within 28 days (if the new home is built) AND you risk losing your deposit if you can’t exchange on time.
- Other things to consider are factors such as the property and garden may be smaller, it is often said that it is best to move in only after any flaws (commonly called ‘snags’) have been fixed, and you may not get a designated parking space.
- When buying a new home or investment property it is important to do your research, especially where an incentive or discount has been offered. See 10 Mistakes to Avoid When Buying A New Build Home and Key Considerations Why Buying Off-Plan for useful tips and further information.
If you do your research though, read the small print and you seek independent professional advice before committing to buy a property – living in a new build home can offer the benefits and advantages above!