What are the pros and cons of buying a new build property?
If you’re looking for a home in Surrey then you have probably considered the numerous new build options in the area. New Build property is essentially anything that has been fairly recently constructed. It’s the opposite of a converted property, for example, where the outer building may date back to the Victorian or Edwardian eras but the inside has been more recently updated. In the first quarter of 2017, roughly 39,520 new homes were completed so the numbers of new build options are increasing all the time.
The pros and cons of new build property
There tends to be a lot more support available, financially, for those who are looking to buy a new build property. More than 100,000 new homes have already been purchased with the government’s Help to Buy scheme, for example. Plus, 200,000 new build homes are planned under the Government’s Starter Homes Initiative, which will be sold at a 20% discount to those under 40. The only potential difficulty with new build finance is that you may be offered a slightly smaller mortgage – for example, 75% loan instead of 85% - but this depends on the property and the lender.
Personalisation and aesthetics
If you’re buying off-plan in particular then you will have a lot of opportunity to personalise the finishes and fixtures to really make a new build home your own. This is a huge pro for many people who are looking for a property with an individual feel. If you’re keen on personalisation then get as much information as you can about what the finished property will look like – brochures may not always be accurate so a visit to a show home is a good idea.
Ease of purchase
Perhaps the biggest challenge with a new build is the timing. Most mortgage offers are only valid for six months so any delay in construction could be difficult in terms of ensuring everything goes ahead on time. However, you’re also dealing with a chain-free property that doesn’t involve an outgoing seller who may change their mind or the conditions. For many buyers, especially first time buyers, that alone is worth its weight in gold.
The bricks and mortar
Some new build property has slightly smaller dimensions than older homes so it’s always worth checking this in detail to ensure your furniture and possessions will fit. In terms of industry specifications, new build property is constructed to the latest standards, which means that the first few years in a new home should be free of dealing with any big repairs.
New build property tends to be much more energy efficient, which can save a lot of money on bills. Plus, most new build homes come with a 10-year NHBC warranty and a two year developer warranty. So, if there are any structural defects then correcting them doesn’t have to come out of your bank account.
New build property offers many in the UK the opportunity to purchase, whether first time or an upgrade to an existing home. Explore the property search tool on our website to find your perfect new build – or contact the Clarke Gammon Wellers team in the area you are looking, for more information, on the following numbers: Guildford 01483 880900, Haslemere 01428 664800 or Liphook 01428 728900.