Key considerations when buying a new home

In recent times, new build properties have surged in popularity among home buyers, offering a blend of contemporary living, energy efficiency, and the appeal of a fresh start. Yet, like any significant investment, there are nuances to navigate.

The process of purchasing a new build differs from buying an existing property, which is why it’s important to use a solicitor with specialist knowledge in this area to facilitate a seamless transaction.

In this article, we’ll look at the advantages and drawbacks of investing in a new build property, empowering you to make a well-informed decision.

Pros:

1. Contemporary Design and Modern Amenities: New build properties boast cutting-edge architectural designs and come equipped with modern amenities such as spacious open-plan layouts, sleek en-suite bathrooms, integrated appliances, and high-speed internet connectivity. These features cater to the demands of modern living.

2. Energy Efficiency: A standout benefit of new build properties is their energy efficiency. Incorporating state-of-the-art insulation, heating, and cooling technologies, these homes lead to lower utility bills and a reduced environmental impact. Some lenders even offer incentives such as Green cashbacks for investing in energy-efficient homes.

3. Customisation Options: Depending on the construction stage, developers may offer customisation options for finishes and fixtures, allowing buyers to tailor their new home to their unique tastes and preferences.

4. Builder’s Warranty and Guarantees: New build properties come with a builder’s warranty, offering protection against structural defects and major issues during the initial years of ownership. Additionally, modern appliances and systems often carry separate manufacturer warranties.

5. Lower Maintenance Costs: With everything brand new, new build properties typically entail lower maintenance costs in the earlier years compared to older properties that may require immediate repairs or renovations.

Cons:

1. Premium Price: New build properties often come with a premium price tag compared to older homes in the same area. Buyers should weigh whether the added cost justifies the benefits of a new build.

2. Completion Delays: Construction timelines are susceptible to delays due to factors like weather, labour shortages, or financial constraints faced by the developer. These delays can disrupt moving plans and cause inconvenience.

3. Limited Room for Negotiation: Unlike older properties where negotiation on the asking price is common, new build homes may offer less room for bargaining, especially in high-demand developments.

4. Potential Snagging Issues: New build properties may have minor issues that require attention post-move-in, known as “snagging” issues. These could include cosmetic defects or incomplete finishes, which a conveyancing solicitor like Franklins can help identify and address with the developer.

5. Unestablished Communities: Buying in a newly developed area means the neighbourhood might still be evolving, raising uncertainties about future growth, access to amenities, and the overall community vibe.

6. Varying Quality: Not all developers uphold the same standards of construction quality. It’s crucial to research a developer’s track record and gather feedback from previous buyers to ensure you’re investing in a reputable property. Your conveyancer will conduct due diligence, scrutinising the developer’s credentials, reviewing planning permissions, and investigating any legal or regulatory issues related to the property to safeguard your investment.

Navigating the Purchase Stress-Free:

Purchasing a new home is exciting.  At Franklins our specialist New Homes department will offer invaluable support and guidance throughout the transaction. From due diligence and contract review to addressing snagging issues and property registration, conveyancers play a pivotal role in ensuring a successful and stress-free experience. With their expertise and assistance, you can confidently step into your modern, energy-efficient dream home.