Pros and cons: should you buy a new-build home?
Will you get a stress-free experience or will you be paying through the nose?
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Ruth Bloomfield1 August 2018
Buying a new home can seem like the least stressful option as a first time buyer, with the opportunity to move straight in, as well as the chance to use Help to Buy, provided the property costs £600,000 or less.
However, new builds aren't for everyone and you should weigh up the pros and cons carefully to decide what factors are most important to you when deciding where to live.
For starters, it is likely you'll pay a premium for that box-fresh feeling.
Here are the main pros and cons to consider before you start your home hunt.
PROS OF A NEW BUILD PROPERTY
- As stress-free a buy as you’re likely to find.
- You won’t get gazumped or gazundered, you won’t need a structural survey and your home should be covered by a 10-year warranty.
- You’ll be able to walk straight into a bright, modern property and start enjoying it.
- You might get residents’ facilities on site — from rooftop gardens to gyms.
- No DIY or repairs.
- Bills are likely to be lower than in a leaky old period house.
CONS OF A NEW BUILD PROPERTY
- You will pay a premium for a new home — the developers have to make their money somewhere.
- You will have to budget for a monthly service charge.
- Between £100 and £250 a month is usual for a one- or two-bedroom flat.
- Shiny new can sometimes be a bit soulless for those who like period features.
- No chance to put your own stamp on a property, or add value.
- You’ll have to make do with a balcony rather than a garden.