This article was posted by Richard Knowles on LinkedIn last week and it does raise a few questions with arguments for and against:
“Why would you buy a new build home …
Many house hunters will often dismiss a new build home as to modern or lacking in character and charm when compared to older, more traditional homes.
Below are five reasons to buy a new build home.
1. Energy efficiency
New builds are renowned for having better energy efficiency. For example, you will save on costs for amenities such as double glazing, effective boilers and water saving systems just to name a few.
2. A blank canvas
While a big renovation project will provide the opportunity to really put your mark on a property, new builds offer the same without the accompanying expense. They offer a ‘blank canvas’ which allows owners to stamp their personality on the home and offer them the opportunity to create their own living space to suit their needs.
3. Lower maintenance
4. The house chain is reduced
There is no need to wait for existing owners to move out, meaning that there is more confidence involved that the sale will be completed.
5. Incentives are available
Part Exchange and the Help to Buy scheme are available to help purchasers buy their new home.
So, would you buy a new build?”
The incentives are clearly an advantage for a cash strapped first time buyer together with the opportunity to buy with various ‘packs’ including furniture. The issue is that these properties are often overpriced as they have to price in these incentives plus the builder may have to take in a part exchange which is not desirable for him as in the present climate he probably needs the cash.