The pros and cons of buying a new-build

In early 2017, the government announced ambition new plans to increase the UK’s housing stock by building new homes.

Construction companies and local authorities are being encouraged to reduce obstacles to new-builds and provide the homes the market needs. This means buyers should have more options, but what are the pros and cons of buying one of the new-builds?

Schemes

The first benefit is that you may be able to take advantage of a scheme to help you get on the property ladder if you are a first-time buyer. Furthermore, it is a competitive market and many builders offer incentives to homebuyers, such as carpets or kitchens or even covering the cost of stamp duty.

New-builds are chain-free, meaning completion may be quicker than buying an older property. New-builds can also be more energy-efficient and offer long-term savings.

Most importantly, many new-builds come with a warranty — usually NHBC. This means any problems arising in the first two years will be fixed by the builder free of charge.

This does not mean you do not need a survey, as problems can arise after this period. If you are searching in the South East and need a homebuyers report Kent offers a number of options, such as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Kent.

There are some issues that may deter you from choosing a new-build. Although you may be presented with a blank canvas and be able to put your own print on your new home, there are unlikely to be any attractive features distinguishing your home from others on the market.

Commodious

Also, new builds rarely offer the same commodious space as older properties. You will want to make sure that your furniture will fit in the rooms and that you have enough storage space. Garages are often a problem, so make sure the space on offer is sufficient for your vehicle.

You are likely to be paying a premium for a new build and you will not see it increase in value immediately, as other buyers will also be looking to benefit from a brand-new purchase rather than make an offer on a property that is just a year or two older.

Finally, make sure you that are not tied into an expensive leasehold, although the government has banned these in most cases.