The idea of moving into a brand new property can be exciting, however you need to be certain it’s the right choice for you. Here’s a look at some of the pros and cons of moving into a new build, as well as a few other considerations you may want to make first.
They’re generally cheaper to buy than older properties
On the whole, new builds tend to be cheaper to buy than older properties. Most of today’s properties are designed and built with affordability as a top priority given how hard it now is to get a foothold on the property ladder. In fact, if you’re a first time buyer, a new build could be the most affordable option – there are schemes out there for first time buyers aimed specifically at new builds including discounts and special financing offers.
You’ll also spend less in maintenance
Older properties are more likely to suffer from deterioration and will require more maintenance. With a new property, you don’t have to worry about replacing old pipes or fixing cracks in the walls. This could save you a lot of money in the long run.
However, there are hidden initial improvement costs
When buying a new build, you’re only getting the basic shell. As a result, many features that you’d automatically get in an older property won’t be found in a new property. For example, you’re likely to have to buy all your own white goods including an oven and washing machine. There may only be a bathtub and not a shower and you’ll likely need to get a curtain rail and toilet paper holder. TV aerial fitters will also likely be needed if you plan on watching terrestrial TV. On top of this, you may want to get a smoke alarm and carbon monoxide monitor fitted.
New builds may lack a sense of ‘character’
A property that has had previous owners may have quirky features left over from past renovations and historic features that can help to give it a sense of character. New builds can sometimes lack this feeling – whilst an architect may have put in some of their own unique features, you won’t get that same history that comes with an older property. For some people, this could offer a blank slate and a chance to style the home to their liking, however others may prefer a home that feels lived in.
Moving into a new build can require patience
With some new housing projects, it’s worth getting in there early – this could mean securing the ownership of a property before the construction has been completed (in some cases, before it’s even began). The average home takes nine months to build, so you could be waiting around for a while to move in. Such properties therefore may not be appropriate if you’re looking to move into a property as soon as possible, unless you’re able to find somewhere temporary in the meantime. It is possible to buy new builds that have already been completed – it depends on the popularity of the area as to whether new properties get snapped up quickly. You can search for new build projects online.