What to know before buying a new build home
New build properties have been on the rise in Britain, with one of the main reasons stemming from the UK governments commitment to building 300,000 new houses every year up until the mid-2020s. The rise of new homes has certainly impacted the housing market, but what does this mean for those interested in purchasing newly built properties?
You may have noticed the spectrum of opinions from friends and family when it comes to newbuild homes – with some rejoicing at the construction of affordable housing, and others uneasy about their reputation of quantity over quality. There’s little doubt that they’ve presented themselves a controversial topic, but what might those seriously considering purchasing a newbuild benefit from knowing about them?
Help to buy scheme
For first-time buyers, new build homes become very attractive as the UK government’s help to buy scheme incentivises purchasing a newbuild. This is due to first-time homeowners only requiring a 5% deposit with the schemes help for a purchasing a newbuild, as opposed to a 10% deposit for an old home.
This difference of 5% can make a big difference when it comes to getting on the property ladder quickly, so as a first-time buyer, it’s certainly worth finding out more about the help to buy initiative.
Find out about the developers
If you have found a newbuild property that you’re considering buying, we suggest doing as much research as possible the property’s developers – both online and offline.
Look out for where they’re mentioned online, and what people are saying about them. Minor issues may not be a major cause of concern, but if you notice a trend of problems, it may be worth ironing these out before you go through with the purchase. Along with this, having a ‘snagging survey’ carried out may highlight any potential issues later on – helping you avoid any poorly built properties due to poor workmanship.
If the housing development is partially completed with other homeowners already moved in, find out as much as you can through them before you purchase. They’ll give you a great idea of what it’s like to live there, any issues they’ve had with the property and issues with the developers.
The possibility for personalisation
With many newbuild developments, developers offer the opportunity for the homes to be purchased off-plan, meaning that you’ll purchase the house (often at a discounted price) before it has been completed.
Although it may sound silly to purchase a home without seeing the finished product, previous developments and show homes are often used for reference by developers to show homeowners. What’s great about it being a work in progress, however, is the opportunity for you to personalise the homes permanent fixtures and fittings. These can be implemented during the construction period – giving your brand new home personal touches that you otherwise wouldn’t be able to achieve with an old house.
Consider floor space
If it’s a large amount of floor space you’re looking for in your dream property, some newbuild homes may struggle to meet this requirement. With modern land being so expensive, developers seek to use the space most efficiently – often resulting in smaller room sizes, lower ceilings and more compact gardens.
As a result, you may wish to consider whether you’d be willing to compromise on space for the luxury of being the first one to live in a brand new home. A more modest-sized home may also be more cost-effective, however, which may be especially important for first-time, younger buyers.
We hope our blog has given you some useful information relating to newbuild properties.
If you are looking to buy, you can view our current listings here.