New Builds: Pros & Cons for first time buyers?
For some, new-builds are the antithesis of period properties that embody British architecture at its finest, from Regency terraces to thatched cottages. For others, they represent 21st century living at it’s very best, with light, airy rooms, modern gadgets and energy-saving gizmos. But for first time buyers, what’s the best option?
When it comes to types of house you’re interested in, it’s rarely more complicated than two main choices. Modern or traditional? Most people lean extremely heavily on this side, and they rarely ever find a middle ground. They’re either drawn to properties with extreme character or they prefer the modern convenience and the polished tone that comes with it.
Theres rarely a more contentious point within those passionate for property than which is better? And although this question is seemingly impossible to answer since it’s down to preference, it’s hard to ignore the inevitable forming answer becoming clearer with each passing day.
New Builds are designed to be affordable, providing new prospecting home owners with luxury, affordable homes that they wont have to break the bank for. Thank to the government’s Help to Buy Scheme, it’s much easier (particularly for first time buyers) to get funding for this sort of property.
Is your taste specific? Because with most new builds, it’s possible for the buyers to work with the developer / builder to customise a property and choose bathroom fittings, kitchen appliances, etc. As the first owner of the property, you’re able to customise the basics as much as you desire, adding a personal touch to your first home. Along with being more energy-efficient, reducing maintenance costs, new builds are often built in mind to accommodate the realities of modern family life. Large open-plan kitchens, spacious dining spaces often supersede the separate space favoured in older properties.
However, sometimes new builds can be less spacious than older homes, with less storage space and lower ceilings. As land is at such a premium, new build properties may also be closely bunched, and have smaller gardens than your average older home.
The final thing to consider is that not every single development always sticks to schedule, meaning your completion date can be continuously pushed back. Whilst this may not be through anyones specific fault, too long a delay can put a mortgage offer in jeopardy. This is not a debate in which there will ever be a clear winner. But it’s best to have an open mind on the subject and not miss out on new or old properties when they come on the market.