New build homes – the pros and cons

New build homes – the pros and cons

Buying a new build home is ideal for anyone looking for a modern, immaculate home that needs nothing doing to it. New builds take a lot of the stress out of buying a home. You won't have to live with renovations, or find alternative accommodation while refurbishing your home to meet your standards.

However, there are many factors you should consider, and although new builds suit many buyers well, they do have a few drawbacks. Of course, if you intend to take advantage of the government-backed Help to Buy equity loan scheme, you will need to purchase a new build home. So what are the points you should bear in mind if considering a new build home?

Pros

• For many people, one of the main advantages of buying a new build home is that they will be moving into a brand new home, not previously lived in. You may be able to select from a range of fittings and furnishings to personalise the home to your taste.
• The idea of moving into a 'blank canvas' is very appealing to some people – somewhere immaculate and neutral that they can alter as and when time and money permit, or simply leave it as it is.
• A new build home will be built to high standards, be well insulated and energy efficient (older homes can be draughty and expensive to heat), and come with a guarantee.
•  It is well suited to anyone looking for a low-maintenance home that will need nothing doing to it for some time.
• The buying process will be simplified somewhat as there will be no upward chain. If you are able to part exchange your old home, this makes the buying process about as easy as it can be.
• There may be a number of incentives. You can often negotiate deals such as fixtures being included, a discount off the price, or having the fees paid for selling your old house.
• New properties are designed to make the most of the space in each room.

Cons

• As builders want to fit the maximum number of units on to the site, gardens tend to be small. However this can be an advantage, as larger gardens require more maintenance.
• New builds can carry a premium, though this is balanced out by lower running costs thanks to energy efficiency.
• New builds sometimes lack individual character and a neighbourhood identity.
• Rooms may be smaller, so do measure rooms carefully and check whether your existing furniture will fit. You may have to swap your three-seater sofa for a two-seater, for example.
• Possibly inadequate parking; your house or flat may only have one parking space, so if you have more than one car in your household you will have to compete for limited on-street parking with other residents.