Many clients have often asked us “should we buy new build or second hand?”
Obviously there are pros and cons to each and there are many things to consider when deciding which is better for you and your family. Here we compare the advantages & disadvantages of buying new so you can make an informed decision
Pros of buying a new build
Energy Efficiency:
According to Government EPC data 84% of new homes built between October – December 2021 received a rating of A or B. This is compared to only 4% of old homes achieving A or B rating. With better insulation and more energy efficient building materials, appliances and heating system the potential savings on energy bills is an added bonus when buying new.
Ready to Move In:
New homes offer a clean modern interior that is ready to go. Being the first to live in the property this is the ideal blank canvas for owners to create a home just the way you like it. Older homes will have been decorated to the taste of the seller, so you may need to decorate or live with the seller’s choice of kitchen worktop for a while.
Modern living:
Many new builds now offer communal facilities like a clubhouse or gym and in some cases a concierge service that is ideal for those with busy lives. New builds are often designed for open plan living and offer smart home technology.
Chain free:
When buying in the UK one of the biggest headaches for buyers and sellers alike is the ‘chain’. Fears of the chain being broken or delayed can cause anxiety right up to the day of exchange or even completion. New builds are sold chain free.
Warranties:
New builds are sold with a 10 year warranty and there maybe additional incentives offered by the developer. However you should be aware of what is included in the warranty.
Maintenance:
Being new there will be less maintenance and repairs to worry about compared to older homes. A RICS survey or home buyers reports for older homes is recommended to find out what might need repairing immediately or in the near future.
Cons of buying a new build
Size:
As developers try to maximise the number of houses and apartments in a development, the result is rooms are generally smaller than older homes.
Character:
Large developments will have a uniform look which often lacks the charm and character of the Victorian and Edwardian houses we often see around the UK.
Premium:
Buying new may attract a premium that results in a higher purchase price and stamp duty costs. .
Estate Management Charges:
The land on which new estates may not be adopted by the council. In which case an estate charge maybe chargeable to look after the roads, service areas and playgrounds within the estate.
Services Charges & Ground Rents:
Apartments and sometimes houses will be sold as leaseholds. Consider how long is the lease, what restrictions, charges and costs are written into the leasehold contract.
Conveyancing:
New build conveyancing can be more complicated. Therefore it is important to employ a solicitor or conveyancer that is familiar with new builds. The selling agent may recommend their appointed solicitor however you may want to consider engaging your own solicitor.
Delays:
Although new builds are chain free, delays may happen due to construction delays or compliance issues etc.
As you can see choosing between new build and older properties is not as straightforward as deciding between the condition of the house. Aside from the above points you will also need to consider location and amenities. How far from the nearest town is the development, how many phases are there ?
Whether you are ready to buy or would like to learn more about buying in the UK contact us today to see how we can help you secure your next home in the UK.