The pros and cons of buying a new build house
Buying a home is probably the most expensive transaction you will ever be involved in. If you are planning to purchase a new build, there are a number of advantages and disadvantages that you should be aware of before you get carried away with excitement and sign on the dotted line.
- You will be the first to live in the property
- You will be able to choose fixtures and fittings and upgrade to higher specifications
- You may be able to negotiate on price, extras and costs
- The property has warranties and guarantees
- The property will be more environmentally friendly and constructed using up to date standards
- It should need minimal maintenance and repair and running costs will be lower
- You may be able to part-exchange your current property to make the process smoother
- There can sometimes be snagging issues that the builder may not address until after completion
- New developments may have common areas that require regular financial contributions
- Completion dates are not always agreed in advance and this could affect your sale (if you have one)
- Contracts allow the builder to make changes to the specifications described in the marketing particulars
- Some new houses are leasehold and are subject to escalating ground rents
- There is likely to be disruption while the estate is being completed – the roads and landscaping are the last to be completed and could take years
- The builder may impose restrictions on future extensions and alterations or what can be parked on the drive
- There may be issues regarding boundary positions, ownership of the land or rights of way
Jackie Prior, Mander Hadley’s Head of Conveyancing, said: “None of the disadvantages involved with purchasing a new build are insurmountable, but it does highlight the importance of buyers appointing an independent, specialist conveyancing solicitor who will carry out their conveyancing and act in their best interests.
“It is important to remember that you don’t have to use a solicitor recommended by the builder of your new home. You are free to choose your own independent solicitor who will have the expertise to investigate, research, and report on all conveyancing matters and advise if anything is wrong.”
For advice and help with buying a new build home and all other residential sales and purchases, please contact us.