For those looking to climb that first rung on the property ladder, a new build is enticing. While the UK housing market may appear stagnant at the moment and doesn’t look set to improve in 2017 when it comes to housing prices, the cogs are still turning for developers and contractors as new development phases continue to be approved up and down the country.
New builds offer value for money you may not find on the open market, they are priced relatively fairly and will gain value quickly as soon as you are handed the keys. If you are debating on buying a new build, there’s a lot to consider but there are also plenty of positives that come with purchasing such a property. Here are a few to bear in mind:
Variety of properties to choose from
Most new developments have every style of modern house available, from snug coach houses to three storey properties, so whatever style you are looking for there’s a good chance you’ll find it.
Up and coming locations
Land acquisition companies and developers – First Urban is a good example of such a company – will look for towns and local areas where change is occurring. Developments near shopping centres and retail outlets are popular, as are new builds located near schools and public transport routes. New communities are being created now when it comes to developments, ensuring those moving into the area have everything they need right on their doorstep.
When moving in to a new build there will be no nasty surprises when it comes to decorating or moving things around. You won’t discover mould in the corners, garish 70s wallpaper in the living room or ‘bodge jobs’ anywhere. And if you do discover anything that you are not happy with you can immediately notify your developer, who should fix the problem for you.
Guarantees as standard
For many, buying a home can feel daunting as you use all your savings to get into the property and then have no back up funds to fix any issues that may occur in that first year or so. New builds come with guarantees, on the building itself – many in partnership with the NHBC – that usually cover the external features of the property for ten years, items such as the boiler for one year and flooring and plasterwork for three. Obviously this is something you will need to confirm with your developer, but expect to enjoy a guarantee on something on the build.
Financial advice and support
Many developments come with a sales team of experts who are on hand, should you need any advice about your application or the processes involved with buying new. They can also point you in the direction of reliable mortgage advisors and conveyancers you may have not known of before.
So, is buying new for you? If the list above is anything to go by it’s definitely a good choice! Of course, there are drawbacks with everything and time delays are one of the main issues with new builds. However, developers will always keep you in the loop should this issue arise.