Are new builds better than old homes?
Posted on 8th August 2019 at 13:50
Property Solicitors will always advise you to weigh up what is important to you. What property ticks the boxes for you?
Pros of buying a new build include the following:
It’s a blank canvas – A new build comes with sparkly new paintwork, tiles, kitchen and bathroom so you can unpack your belongs and just start living.
Buyer boost – with buyer incentives such as help- to -buy or shared ownership often first-time buyers can get help in purchasing a new build. The property team at MG Legal can answer any and all queries you have regarding shared-ownership and help-to-buy schemes.
Incentives – a lot of developers will throw in “extras” like money towards moving, carpets or paying your stamp duty in order to get a buy. Every little helps whether you’re a first-time buyer, or property magnate.
Modern living – many new builds offer “smart home” features or open plan living. If you’re fancy, Some larger developments even offer shared services like parks, gyms or concierge!
Build a home – if you buy the property “off plan” some developers will let you have a say in the fitting and lay out of the home.
Low bills – New builds have to comply with building regulations meaning that they are far more energy efficient than older properties.
Chain free – You’re the first buyer of that property so you won’t be waiting for someone to move out or get back from holiday in order to agree dates.
Cons of buying a new build:
Under pressure – Developers like to get buyers for all of the properties secured as soon as possible. This means working to their deadline and getting considerable amounts of grief if you don’t.
Space – the more homes on a site = more profit for the developers and this can mean less space for you. Check that you’ll have enough storage and somewhere to park!
New home premium – once you buy a new build it stops being “new” so the benefits of owning a new build soon disappear. Plan for long term living if you decide to buy a new build.
Leasehold – lots of new homes are sold leasehold. Which means LOTS of restrictive covenants (see our blog on indemnity insurance for more information - https://www.mglegal.co.uk/legal-news/indemnity-insurance/) along with costs and charges levied by the developer or the management company. Make sure you read the documents provided carefully and ask if you aren’t sure.
“We recommend….” - We often hear from our clients that a developer insisted they used their recommended conveyancer or local recommended property solicitor, in order to purchase a new-build. This should be avoided at all costs. MG Legal’s team of property solicitors have local knowledge, and lots of experience dealing with new builds, but we’re not partnered with any developers meaning we will ensure that the contract is in your favour, that your deposit is fully protected and that there is a ‘long-stop’ completion date for the property to be finished by. The developer’s solicitor and sales team will exert huge pressure on you to complete, while a conveyancing solicitor chosen independently (like us!) is less likely to bend under pressure.
Character – often new builds get a bad press for being a bit “samey” – oak beams, huge fireplaces, striking entrances or stained glass windows are period features that just won’t be found in a new build property.
Potential – an existing home may need some work meaning you can get creative and make a home with your own stamp on it (this could increase the property value too!)
As with all choices there is no right or wrong. It is your personal choice as to whether you buy new or old but when it comes to expert property law knowledge pick MG Legal for all of your needs.
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Tagged as: Buyers, Conveyancing Solicitors Preston, Lancaster Law, Preston Property Law, Solicitors in Preston, Solicitors Lancaster, Your Local Solicitors
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