The Kuflink Peer to Peer Investor Blog

Publish at: 2018-03-15 10:59:52

Should Young Home Owners Buy New Build Homes?

For young buyers, getting onto the property ladder can be a long and difficult struggle. Just saving for the deposit alone can be a trying feat, taking the average first-time buyer 8 years. Then there is the process of finding the right property, negotiating on the asking price, and dealing with legal matters – all of this assuming the house-sale does not fall through.

For this reason, new builds can be very appealing for young homeowners, because they can select a house and plot without fear of the seller pulling out. But are new build homes really all they are cracked up to be?

The Pros

  • Energy Efficient: New build homes are well insulated, have double glazing, and new central heating. As such, they typically have a higher EPC rating and are warmer, as well as cheaper to heat.
  • High standards: Incorporating modern safety concerns, new builds are constructed to a high standard, providing buyers with peace of mind.
  • Low maintenance: Completed just before a buyer moves in, everything in a new build home has never been used before. This means that there is little maintenance required.
  • 10-year warranty: Guaranteed by the National House Building Council (NHBC), new builds in the UK have a 10-year warranty. This covers structural issues and major repairs, so there are no costs to buyers if something goes wrong.
  • Personal style: One of the biggest appeals of a new build is choosing the finishes and styling. You can select everything to suit your tastes, meaning there is no worry about having to redecorate or carry out major work – it is move-in ready.
  • No onward chain. There is no need to wait for the buyer to find a new home. Instead, as soon as the home has been built, you can move in.

The Cons

  • More expensive: Often, new properties carry a higher price tag than older properties of the same size and calibre. Being brand new, they carry a premium.
  • Characterless: New builds are often described as ‘boxy’ as they lack any traditional features. However, this depends on personal preference.
  • Smaller: Builders want to fit as many plots on a piece of land as possible. As such, rooms and gardens can be smaller than in older properties.

As you can see, there are more pros than cons to new build properties. However, no two buyers are the same, so consider what you want from your new home to help you decide if you would prefer a new build or an older property.

This is a guest article, written by Allsop

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