Everything You Need to Know About Buying a New-Build Home
Buying a home is an all-consuming task for any individual or family. There is a whole host of decisions to make, from your budget to your search area and far beyond.
One such decision is a relatively innocuous one, but one which could have dramatic impacts for the success of your house hunt and the affordability of your next home: to new-build, or not?
Between 2022 and 2023, Homes England-affiliated development programmes saw well over 35,000 new-build homes started across the country – with just under 33,000 completed in the same period. But what exactly is a new-build property, and what might you need to know about investing in one over a ‘conventional’ home?
New Builds – The What and Why
New-build properties are exactly as they sound: newly-constructed homes, often in entirely new suburbs or neighbourhoods. One of the many factors influencing the increasingly difficulty first-time buyers face in the UK property market is supply, and new developments are naturally part of the solution. New-build homes also offer some benefits over pre-existing properties.
For one, their newness makes them less likely to exhibit structural issues or require extensive post-purchase spending to get in a liveable state. Their newness also gives them an advantage with regard to innovation and developments, both in construction and interior design; as well as enjoying higher energy efficiency, new-build homeowners can enjoy a number of modern conveniences linked to recent technological developments. They can also be easier to buy, at least where developers decide not to sell new-builds as an investment (hence giving families a chance to get on the housing ladder).
Choosing a Location
As with the purchase of any property, location is absolutely key to the purchasing of a new-build. Your priorities are no different here, and such factors as the proximity of public transport links or local amenities will remain important considerations for you.
New-build developments are often strategically placed with such concerns in mind, too; as an example, there are new build homes in Bath that provide strong public and private transport connections to London, while keeping the historic charm of a smaller city close by. Northern developments can also be bought into at a steal.
Buying Off-Plan
In some cases, new builds do not present as fully-realised homes in existing neighbourhood. Indeed, they are often sold ‘off-plan’, as opposed to after construction; buyers reserve a plot based on the plans for the unit, and potentially a tour of a previously-finished show-home that demonstrates the eventual form and quality of the finished build.
Off-plan buys are higher risk, simply on account of your inability to see exactly what it is you are buying before you sign the contract. This risk is offset by a couple of factors, however. For one, off-plan agreements are often closed well below average market values for a given area. Developers are also likely to offer a warranty with new-builds, which guarantees free maintenance and repair where issues with a property arise.
You May Also Enjoy
NPPF review is a chance to fix planning, build homes, restore wildlife and help SMEs
Five key tax mistakes made by landlords
House prices post third consecutive quarter of growth
Estate agent predicts ‘Boxing Day Bonanza’ as property market reignites
Agent numbers set to grow by 4% in 2026
