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In recent years, new build properties have gained popularity among homebuyers. These properties offer modern amenities, energy-efficient features, and the allure of a brand-new living space. However, like any major investment, there are both advantages and disadvantages to consider.

The process of buying a new build property can be slightly different from purchasing an existing home. The role of a conveyancing company such as Clarity, therefore becomes even more crucial to ensure a smooth and hassle-free transaction.

In this blog, we will explore the pros and cons of purchasing a new build property, helping you make an informed decision before taking the plunge.

Pros:

Contemporary Design and Modern Amenities: New build properties are designed with the latest architectural trends and offer modern amenities like open-plan layouts, en-suite bathrooms, integrated appliances, and high-speed internet connectivity. These features cater to the needs and preferences of contemporary living.

Energy Efficiency: One of the most significant advantages of new build properties is their energy efficiency. They often incorporate the latest insulation, heating, and cooling technologies, resulting in reduced utility bills and a smaller environmental footprint. You may even find that some lenders are offering Green cashbacks on the energy efficient homes.

Customisation Options: Depending on the stage of construction, some developers offer customisation options for finishes and fixtures, allowing buyers to personalise their new home according to their tastes and preferences.

Builder’s Warranty and Guarantees: New build properties come with a builder’s warranty, providing peace of mind against structural defects and major issues in the initial 10 years of ownership. Additionally, modern appliances and systems may come with separate manufacturer warranties.

Lower Maintenance Costs: Since everything in a new build property is brand new, maintenance costs are often lower during the initial years of ownership compared to older properties that may require immediate repairs or renovations.

Cons:

Premium Price: New build properties can come with a premium price tag compared to older homes in the same area. As a buyer, you should consider whether the additional cost justifies the benefits of a new build.

Completion Delays: Construction timelines can be subject to delays due to various factors like weather, labour shortages, or financial issues faced by the developer. Delays may disrupt your moving plans and cause inconvenience.

Limited Room for Negotiation: Unlike older properties where negotiation on the asking price is common, new build homes may have less room for bargaining, especially if the development is in high demand.

Potential Snagging Issues: Sometimes, new build properties can have minor issues that need to be addressed after moving in. These are known as “snagging” issues and might include cosmetic defects or incomplete finishes. Conveyancing companies such as Clarity can help you identify and address these ‘snagging’ issues before completion or shortly afterward. They will liaise with the developer to ensure that all necessary repairs or finishing touches are carried out to your satisfaction.

Unestablished Communities: Buying in a newly developed area means that the neighbourhood might still be developing. There may be uncertainties about the future growth of the area, access to amenities, and the overall character of the community.

Quality Varies: Not all developers have the same reputation for quality construction. Researching the developer’s track record and reviews from previous buyers is essential to ensure you are investing in a reputable property. As part of their service, a conveyancing company such as Clarity will carry out the necessary due diligence procedures. This includes scrutinising the developer’s credentials, review planning permissions, and investigating any potential legal or regulatory issues related to the property. This process helps to ensure that you are making a sound investment in a property with a reliable developer.

Taking the stress away from your purchase

Purchasing a new build home can be an exciting yet complex process. Engaging a reliable conveyancing company such as Clarity can provide invaluable support and guidance throughout the transaction. From conducting due diligence, reviewing contracts, and handling payments to addressing snagging issues and registering the property, conveyancing companies play a vital role in ensuring that your new build purchase is a successful and stress-free experience. With our expertise and assistance, you can confidently step into your modern, energy-efficient dream home.

Looking for some legal advice?

If you’re planning to downsize your home, our experienced and friendly team at Clarity would be delighted to help take the stress out of your move. We have offices in Northampton and Milton Keynes and serve the surrounding areas.