The advantages and disadvantages of buying a new build home

The advantages and disadvantages of buying a new build home

Unless you are buying a larger, purpose built new home, the new build house will most likely have less floor area than an older property with the same number of bedrooms.

A cash buyer recently visited property agents Berrys to discuss buying a house in Shropshire. His first question was: “Should I buy a new build house or an older property?”

He was trying to establish whether one had a distinct advantage over the other and wanted Berrys to disregard his personal circumstances and requirements.

Of course, to disregard a buyer’s circumstances and requirement does not make any sense as these factors are the key to choosing what is right.

Philip Robinson, residential agency manager at the Shrewsbury office of Berrys, takes a look at some of the advantages and disadvantages of buying a New Build Home in Shropshire.

Features

If you are looking for a property with multiple reception rooms, high ceilings, traditional fireplaces and other unique and character features, you are unlikely to find these in the modern new build home.  Nevertheless, property developers can no longer be accused of building ‘identical rabbit hutches’ as they have been criticised of doing in the past.  Reputable developers take great care in providing a variety of house types and sizes on a new development, with thought given to outdoor space too in the provision of parking and green spaces.

Repairs

Here the new build has a clear advantage over the older property. Strict building regulations mean the new build is constructed to a high specification with a 10-year structural warranty.  With everything brand new and fit for purpose there is no need to make an allowance for the cost of repairs and ongoing maintenance that you will most likely have to allow for when buying an older property.


Heating Bills

Even an extensively refurbished older property will struggle to compete with the energy efficiency of a new build.  Modern construction prevents damp whilst cavity walls, double glazing and improved insulation provide long term energy savings.  Modern heating systems are constantly improving, further reducing monthly outgoings. If you are buying a buy to let property, bear in mind that you have a responsibility for the property to be safe and fit for purpose.  From April 2018, it will be unlawful to let a house with an EPC rating of F or G (the lowest two grades of energy efficiency).

Size

Unless you are buying a larger, purpose built new home, the new build house will most likely have less floor area than an older property with the same number of bedrooms.  Consequently, all rooms will be smaller and this is a consideration if you are downsizing from an older property and you feel that you could not possibly part with some larger pieces of furniture.  However, the property developer would argue that the new house has been designed with modern living in mind and that an older property has lots of wasted space.

Fittings

Just like buying a sparkling clean, brand new car, there is an attraction to buying a new house that has never been lived in by anybody else.  Furthermore, if you buy a new build off-plan, you will discover that many developers have a variety of internal fitting packages to choose from. You may be able to select floor tiling, carpets, kitchens and even white goods from a number of options that the developer can offer at competitive rates.  However, the range will not be unlimited and you may find that owners of an older property have carried out high quality improvements to an older property that you absolutely love and would not even have contemplated.

Price and Ease of Purchase

There is a premium attached to a new build home, so you will notice that it will cost more than an older property with a comparable number of bedrooms. On the plus side for first time buyers, most developers will offer the Government Help to Buy to Scheme that requires only an initial five per cent deposit, whereas you will need to pay a higher deposit for an older property and often need extra funds to carry out improvements/alterations.  Buying off-plan also gives you confidence to prepare for your move at a certain time.  Compare this with the uncertainty of buying an older property, with potential hiccoughs with chains, surveys and people changing their minds right up until exchange of contracts.

Even if you are not thinking of selling, perhaps now could be a good time for you to review the value of your own home and consider whether or not it will still continue to serve your needs in five years’ time.

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Latest Comments

warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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SecomTech
SecomTech 04 Apr 2017

...and not one mention of the rules on PERMITTED DEVELOPMENT!!! Unless you have studied the plans you will not know...It's probable a high proportion would not need planning permission...BUILDING Control...

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Jonathan
Jonathan 03 Apr 2017

That's a very interesting study indeed. There is no doubt that new services and web apps such as Wonego.com in the UK or Roomster in the US will change the way people look for a flatmate, and that tenants...

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MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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