16th Mar, 2018
When it comes to buying a house – old or new – it is all about personal preference. Some people love exposed beams and the warm character an older property has to offer – whereas others seek the open-plan and modern feel of a new build.
It is easy to believe that a newer home will also be more reliable and require much less maintenance. But this isn’t always the case, and there are still many other factors to consider before purchasing…
Securing a mortgage for a new build can sometimes be harder than for an older property, because some providers put stricter limits on the maximum value of a house they’ll offer a loan to. This could reduce the options you have in terms of lenders, and you could end up with a poorer deal.
Timings can also prove to be an issue. The majority of mortgage offers are valid for six months, so if you’re looking to buy a house that is in the process of being built – and its completion date is after this – your rate could alter, and you may have to begin your search again.
Plans and brochures for new properties can be misleading, as they don’t always give a clear idea of what it will look like when it’s completed. This is a huge factor to consider, as this could mean you are unhappy – and stuck with – the final product.
On the other hand, some builders offer a bespoke service, allowing you to choose tiles, flooring, colour schemes and sometimes the entire kitchen – just make sure you know what options you have before you commit to anything.
When it comes to buying a brand new house, there isn’t generally much room for bargaining to get a better deal. It is quite common that you will have to pay the full price that is advertised, and there is unlikely to be any leeway to reduce this.
If you’re one of the first people to move in, you could find yourself living on a building site whilst the rest of the properties are being completed around you. If you have a young family, this could also prove to be hazardous, so it may be worth having somewhere else to live and delay moving in.
These are just a few points to consider when buying a brand new property. On the other hand, there are also many pros to owning one, including the 10-year NHBC warranty – which covers any structural defects – or the governments Help to Buy equity loan scheme is available on new homes. They can also be easier to purchase – depending on your situation – due to there being no previous owners to contend with.
We would highly recommend that you do your research by asking the developers as many questions as possible, which will make everything clear from the onset and prevent an issue creeping up to surprise you later down the line.
If you’re on the lookout to purchase a house, old or new, we are here to help! You can contact one of our reliable sales team here.
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