The Pros and Cons of New Builds

There are a number of advantages and disadvantages in buying a new-build home; we've put together a list of the most important ones below:

Advantages

• No renovation or modernisation needed
• No decorating needed
• Low maintenance
• Comes with a builder's warranty against defects
• Double glazing, central heating and good insulation usually as standard
• Good resale potential
• Can usually be let immediately
• Lower running costs than old homes
• Modern bathrooms and kitchen
• Often easier to obtain a mortgage
• You cannot be gazumped

Disadvantages

• Often smaller than older properties and have lower ceilings, smaller rooms and less sense of space
• Little individuality or exclusivity (all homes in a development may be exactly the same or very similar)
• Lacks the history, charm and character of an older building
• May be in an unfinished development without local shops and services
• May have many teething problems
• Slower capital growth than an old property (they lack 'rarity' value)
• They rarely have a large garden or plot of land
• Gardens lack mature plants and trees
• May have restrictive covenants
• Buying off plan may mean you run the risk of the developer going bust or the property being worth less than you've paid when you take possession

On average, new-build homes are a third smaller than 100 years ago; a modern three or four-bedroom house may be smaller than a two-bedroom Victorian cottage.