New Build Properties
Advantages of Buying a New-Build
New-build homes come with a 10-year NHBC warranty covering structural defects should anything go wrong.
Greater Government Assistance
The Government provides greater assistance to those buying new homes to encourage more new homes to be built. Help to Buy equity loan scheme and Starter Homes Initiatives are only available on new homes.
If you buy off-plan there is often the opportunity to customise your home with your choice of fixtures and finishes. Customising in advance of moving in can minimise disruption that you would have to endure if you bought an older property and wanted to change the big areas such the kitchen or bathroom.
New builds are made to comply with the latest building standards and as a result, a major repair is unlikely.
New Builds have to meet the latest energy efficiency standards so you could benefit from lower gas/electric bills.
There is no chain to worry about when you buy a new-build home so once you have concluded the missives the property will be yours without the chance of the seller pulling out of the sale.
Disadvantages of Buying a New-Build
Buying Before it’s Built
Artists impressions of the property might differ from the reality. What may look like a big property in the impression may not feel as big as you had imagined. This can be the case for the show home as well where there are many tricks used by the homebuilder to entice you.
If there are delays in the construction there is a risk that your mortgage offer could expire as these tend to be only valid for 6 months after initial agreement.
New build properties tend to be built in phases allowing which could mean you are living on a building site when the next batch begins construction.
Whilst you property has a 10-Year warranty that covers structural defects new build properties this does not cover other aspects of the property. Properties in Scotland are sold under the principle of caveat emptor (buyer beware), meaning responsibility for assessing the condition of the property and identifying any defects rests with the buyer.
Therefore undertaking a snagging survey for a new build property is critical to ensure defects are rectified before missives are concluded.
These are defects in the property such as doors not opening and closing properly, cracks in walls, windows not fitted correctly, electrical points not installed correctly. These issues would usually have been resolved when buying a home ‘second hand’.