The Pros and Cons of Buying a New Build Property

In recent years, new build properties have become increasingly popular among homebuyers, offering the appeal of modern amenities, energy efficiency, and the excitement of a brand-new living space. However, like any significant investment, there are both benefits and drawbacks to consider.

The process of purchasing a new build property can differ somewhat from buying an existing home, making the role of a conveyancing firm such as Franklins crucial for ensuring a smooth transaction, as hassle-free as possible.

In this blog, we will look at the advantages and disadvantages of buying a new build property to help you make a well-informed decision before committing.

Pros of Buying a New Build Property

Modern Design and Contemporary Amenities

New build properties are constructed using the latest architectural designs and feature modern amenities such as open-plan layouts, en-suite bathrooms, integrated appliances, and high-speed internet connectivity. These features cater to the preferences and needs of today’s lifestyle.

Energy Efficiency

A major benefit of new build properties is their energy efficiency. They typically incorporate the latest insulation, heating, and cooling technologies, leading to lower utility bills and a reduced environmental impact. Some lenders even offer a better interest rate or cashback on energy-efficient homes.

Customisation Options

Depending on the construction stage, some developers allow buyers to customise finishes and fixtures, giving you the chance to personalise your new home according to your tastes meaning there should be very little you will need to do when moving in.

Incentives

Majority of the developers will throw in some free sale extras to get the sale done which may include covering SDLT costs or Sale Extras costs.

Builder’s Warranty and Guarantees

New build properties come with a builder’s warranty, providing peace of mind against structural defects and major issues during the first 10 years of ownership. Additionally, modern appliances and systems often come with separate manufacturer warranties.

Lower Maintenance Costs

Since everything in a new build is brand new, maintenance costs are generally lower in the initial years compared to older properties, which may require immediate repairs or renovations.

Cons of Buying a New Build Property

Premium Price

New build properties often come with a higher price tag compared to older homes in the same area. It’s important to consider whether the additional cost is justified by the benefits of a new build.

Potential Completion Delays

Construction timelines can be delayed due to factors like weather, labour shortages, or financial issues faced by the developer which could take weeks or even months. These delays can disrupt your moving plans and cause inconvenience.

Limited Negotiation Flexibility

Unlike older homes, where negotiating the asking price is common, new build properties often have less room for price negotiation, especially in high-demand developments.

Potential Snagging Issues

New build properties may have minor issues, known as “snagging” problems, that need addressing after you move in. These might include cosmetic defects or incomplete finishes. As your conveyancer, we can help you identify and resolve these snagging issues, liaising with the developer to ensure necessary repairs or finishing touches are completed to your satisfaction before completion, otherwise it may take months for the issues to be resolved once completion has taken place.

Space

A significant number of developers will develop a high number of properties on one development to maximise the profit, meaning there is usually less space for gardens, parking spaces and smaller room sizes.

Estate Management Charges

Many developments are not adopted by the local council and are managed privately by management companies, meaning the owners will have to pay for the maintenance of the playground and shared spaces via service charge.

Unestablished Communities

When buying in a newly developed area, the neighborhood may still be evolving, leading to uncertainties about the area’s future growth, access to amenities, and the overall character of the community.

Variable Quality

Not all developers have the same reputation for quality construction. It’s essential to research a developer’s track record and reviews from previous buyers to ensure you’re investing in a reputable property. As your conveyancing solicitor, we will perform thorough due diligence, reviewing the developer’s credentials, planning permissions, and any potential legal or regulatory issues related to the property. This process helps ensure you are making a sound investment in a property from a reliable developer.

Reducing the Stress of Your Purchase

Buying a new build home can be both exciting and complex. Engaging a reliable conveyancing partner can provide invaluable support and guidance throughout the transaction. From conducting due diligence and reviewing contracts to handling payments, addressing snagging issues, and registering the property, conveyancing companies play a crucial role in making your new build purchase a successful and stress-free experience. With our expertise, you can confidently step into your modern, energy-efficient dream home.

You can contact our New Home conveyancing team here or call on 01604 936512 / 01908 953674 or email info@franklins-sols.co.uk.