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The pros and cons of buying a newly built property

If you’re looking to buy a new property, one option to consider is a new build property. Here is a quick check list to help you decide if a new build property might be right for you.

Pros

  • Low maintenance for at least a few years – this can have a huge financial advantages
  • A higher standard specification often with kitchen appliances included, and other choices are available to tailor make your new home
  • Every new home comes with a 10 year warranty, which typically covers structural repairs for the duration as well as minor repairs for the first two years
  • More energy efficient so cheaper to run with lower bills
  • Often comes with more light and higher ceilings to improve quality of life
  • No onward chain
  • A variety of useful schemes and incentives are available to help you fund your deposits, the sale of your existing home and even financial incentives from the developers – anything from carpets, white goods, to cash back or stamp duty paid.

Cons: 

  • Some new builds can be small – perfect for buy-to-let investment and first time buyers
  • The house might not be finished for some time. Although you can sometimes negotiate the builder to agree a completion date so you could get a compensation if they don’t finish the work on time.
  • If you’re buying off-plan, you'll need to base your decision on the site plan and show home, rather than the actual property you’re buying
  • Some mortgage lenders won’t release the final loan until all the work is completed.
  • The garden may have to be laid and planted
  • Incentive may be subject to small print, such as completing within a timeframe set by the developer

Another element to consider is, if you have a property to sell, the developer might be able to offer Part Exchange or an Assisted Move. Often developers can offer incentives and promotions so you should ask which plots are applicable where flooring might be included, or Stamp Duty paid. You should also ask when you’ll be able to move in so that you can prepare your move and plan your mortgage. 

So if you’re considering a new build is speak to the site sales advisers ​so they can advise you on how best to proceed and visit our website at andrewsonline.co.uk to see the latest new build developments.​​​

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