18. New builds

A new build property is one that has been recently constructed and has not been previously owned or occupied. New builds can include completely new constructions as well as properties that have been substantially renovated or rebuilt. 

Advantages of new build properties 

• Modern design and features: New builds often come with contemporary designs, energy-efficient materials, and the latest technology, making them more appealing to buyers looking for modern amenities. 
• Lower maintenance costs: Since everything in the property is new, maintenance costs are typically lower in the initial years compared to older properties. 
• Warranties and guarantees: New build homes often come with warranties, such as the NHBC (National House Building Council) warranty, which covers structural defects for a certain period. 
• Customisation options: Buyers of new builds may have the opportunity to choose certain finishes, fixtures, and fittings to personalise their home. 
• Energy efficiency: New builds are usually constructed to meet current energy efficiency standards, which can result in lower utility bills. 

Disadvantages of new build properties 

• Premium price: New builds often come at a premium price compared to similar-sized older properties due to the benefits they offer. 
• Potential for delays: Construction delays can affect the anticipated move-in date, causing inconvenience. 
• Snagging issues: New builds can have 'snagging' issues, which are minor defects or unfinished work that need to be addressed after moving in. 
• Less character: Some buyers feel that new builds lack the character and charm of older properties. 

Impact on property purchase 

• Warranties and guarantees: Ensure you understand the details of any warranties and guarantees that come with the property. This provides peace of mind and legal protection against potential defects. 
• Legal and financial considerations: Purchasing a new build may involve specific legal and financial considerations, such as dealing with a developer rather than an individual seller, and understanding the terms of any new build insurance. 
• Mortgage process: Some lenders have specific mortgage products for new builds, which may include different terms and conditions. 
• Future value: Consider the potential future value of the property. While new builds may depreciate slightly initially, they often retain value well due to their modern features and energy efficiency. 

Confirming the anticipated build date 

If you are unsure of the anticipated build date for your new build property, you should contact the developer or the builder for this information. It is crucial to have an estimated completion date to plan your move and manage financial arrangements accordingly.