With an Abundance of New Build Properties on the Market Today, Is it Right for You?
A constant point of debate among current homeowners, new-builds provide a running list of pros and cons that often leave it hard to decide on your next steps as a home owner.
Typically, you have two characters of people when deciding on a home; those looking for the convenience of a 21st century new-build and their many modern features, and those seeking something that embodies the finest of British architecture, history and character.
Not very often is there a meeting of viewpoints in this heavily debated topic, but with the rising favour of these new-build properties that continue to steadily dominate the market we’ve decided to ask what are the pros and cons?
- With government backed schemes such as the Help-to-Buy, it is much easier for first-time buyers especially to get funding for these types of property.
- Fully customizable and personal to your tastes. Often with these types of build you’re able to select the fixtures and fittings before completion, making it easily adaptable to your tastes before you’ve even put the kettle on.
- Guarantees provide the peace of mind, and are sometimes offered from the builder if registered with the National House Building Council. This can sometimes reach up to 10 years, helping reduce short term maintenance costs.
- Changing standards and quality of energy-efficiency has led new builds to pave a way in better insulation and the likes, ensuring for cheaper overall running costs.
- Modern living. We all know what to desire from a modern living situation, with big open-plan kitchens and interconnected spaces. You’re more likely to find this with the specifically designed new-build home, rather than the older kind.
However, it isn’t all praise and benefits when it comes to new builds, because for the above you must make some compromises.
- Less spacious. Often designed to fit many homes into a smaller plot of land, you’ll find certain features such as lower ceilings and limited storage space to be a consistent theme throughout these properties. I wouldn’t hold out for an attic space either, with many squeezing in that extra room in its place.
- Land nowadays is at a significant premium, and so building companies must make the best use out of land possible. The once expansive gardens you’d find with an Edwardian bungalow have been scrapped in favour of bunched up properties and smaller spaces.
- Avid completion dates and moving in is often delayed, so making plans around this is usually more difficult than it may seem. Whilst this often is not a huge problem, too long a delay can often leave the mortgage in question.
- Not unlike the shiny new cars spotted around on the nearby driveways, these homes hold the risk of depreciate over time. If you’re forced to sell after only 12-24 months, it may lead to you taking a small loss.
Something also worth considering is how many home developers often invest and develop previously ignored and neglected period properties, leaving you with a potential instance of benefiting from both worlds.
In any case it isn’t a clear-cut case for either side, its entirely down to you and your needs. And if you need some more help, why not give us a call on 01332 561722 to find out a little more on what we can do to help!