The appeal of buying a new home may seem obvious to some. Being the first to live in the property, minimal repairs for years to come, and a chance to choose some of the fixtures and fittings at the start can add to the allure of a new build property.
While it is easy to be swept away with the thought of your dream home being a new build, it is worth remembering that no home buying experience is without its hiccups. Here are some of the key points to bear in mind:
The price is just a guide
Like any home that is on the market, the advertised price is the price that the seller would ideally like to achieve. If you’ve ever sold your own house before, you likely have accepted an offer below the price that you originally asked for. The same is true of new build homes. Like an older home, you can haggle on the price. More than that, you should haggle on the price.
With a new build home, you will be paying a premium price. Make sure that you are looking at comparable older properties to gain an understanding of how much the new build is really worth. With comparable prices in hand, go haggle. If developers won’t budge on price, then they may be willing to throw in extras to your home or even cover your legal fees as a compromise.
Check that the builder is signed up to a warranty scheme
One of the appealing factors of a new build home is the minimal repairs that will be required for the first few years at least. However, things can and do still go wrong at times. Knowing that the builder is signed up to a warranty scheme gives peace of mind that your new home will have been built to agreed standards. If issues do arise, you have some form of protection. The most common warranty provider is the National House Building Council (NHBC). If the builder does not offer a recognised warranty scheme, then you need to walk away. You would not want to have scary repairs further down the line in the same way that you not want to have to stumble upon a scary festival according to a recent study done by Betway.
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However, the likelihood of that happening nowadays is slim, just as it is with most builders these days will be covered and so the chance of having to walk away are slim. In fact, if you were a betting person, you can be sure that the odds at would reflect this.
Plan for the future
We’ve already mentioned premium prices. The truth is that even in a strong housing market, for the first couple of years, a new build home will probably lose some of its value. Add to that the fact that there may still be vacant new builds available on the development, and suddenly the ability to move again becomes restricted. Does the new build home provide for your current needs, and is it likely to cater to them over the coming few years?
So, given that these are just three of many points to consider, should you still be looking to buy a new build home? Absolutely. Assuming, of course, that is the right decision for you. A new build home will comply with the latest legislation and energy efficiency guidelines, saving you money on your bills. You can rest in peace that all of the electrics are new and in order. You also have no onward chain in the home buying process and what you are getting is a blank canvas to truly make your own.