Why You Should Never Buy A New Build
For many people, new builds represent a new start in life and are the pinnacle of the homeownership journey. A brand new home with never before used fixtures and fittings can be extremely appealing.
When buying a new build, you avoid most of the problems that come with an older property such as dampness, mold, and other maintenance issues. Plus, you can be the first person to live in your home and make it exactly how you want it from the start.
But new builds aren’t all they’re cracked up to be. As with everything, there are downsides to purchasing them, all of which we’ll discuss below.
9 reasons why you shouldn’t buy a new build house
1. New builds are often more expensive than older properties
One of the main reasons people avoid buying new build homes is because they’re simply too expensive. The price tag on a new home is often much higher than an equivalent resale property, sometimes by as much as 20%.
This is because developers need to recoup the cost of the land, materials, and labor, as well as make a profit. So, if you’re looking for a bargain, a new build home is probably not the way to go.
2. Your home will be worth less than what you paid for it
Another downside of new build homes is that they tend to lose value quickly. This is because as soon as you move in, your home is technically second-hand, which means it’s worth less than a brand-new property.
New builds tend to also be less sought after than older homes, simply because they’re lacking in character.
3. The quality of materials and workmanship is often inferior
Unfortunately, in the rush to get new developments finished and properties sold, the quality of workmanship can often be poor. This is especially true of larger developments where there are lots of homes being built at the same time.
Comparing a new build home to an older property, it’s often easy to spot the differences in craftsmanship. For instance, older homes tend to have higher ceilings and more robust construction.
4. They usually have thin walls
One of the main complaints people have about new build homes is that the walls are paper-thin. This can be a real problem if you live in a semi-detached or terraced property as you’ll be able to hear every noise your neighbors make.
It’s also an issue if you want to hang pictures or shelves as the nails sometimes won’t go into the plasterboard walls.
5. There’s often a lack of green space
New developments are often built on brownfield sites, which means there’s little or no green space. This can make for a very cramped and claustrophobic feeling, especially if the streets are lined with parked cars.
6. You might have to wait a long time to move in
If you’re buying a home that has yet to be built, you could be in for a long wait before you can move in. It’s not uncommon for new build homes to be delayed by months or even years. This is because the construction process is often fraught with problems and delays.
7. You might not be able to get a mortgage
If you’re buying a new build home that hasn’t been built yet, you might struggle to get a mortgage. This is because lenders are often reluctant to lend money on properties that haven’t been completed.
8. You might have to pay for things that should be included
While you might be expecting your new build home to come with certain features and fittings, such as a fitted kitchen or flooring, this is often not the case.
This is because developers will usually try to keep costs down by only including the bare minimum. So, if you want certain things in your home, you might have to pay for them yourself.
9. It might look too similar to other homes in the development
One of the main criticisms of new build developments is that all the homes look exactly the same. This is because they’re usually built to a template, which means there’s little or no variation.
Of course, if you’ve commissioned a bespoke home, this won’t be an issue. But if you’re buying a mass-produced property, it’s something you’ll need to take into account.
While there are some advantages to buying a new build home, such as the fact that they’re usually cheaper to heat and maintain, there are also some significant downsides, as we hope we’ve shown.
So, if you’re thinking of buying a new build home, make sure you take all of the above into account before making your decision.