New-Builds are a bit like Marmite, you either love them or hate them. Like anything, there are Pros and Cons of buying a New-Build and this short article looks at both the good and bad along with comparisons to an older second hand home.
What a New-Build lacks in character, it makes up for in stylish modern living.
Many believe that new-builds lack the architecture of a traditional great British home such as fire places, wooden beams and intricate brickwork. But for others, they prefer 21st century, open-plan, modern, stylish living with light, airy rooms and glossy worktops.
One of our favourite past times is to moan about parking on social media. How many times have you driven through Radstone Fields and become increasingly annoyed about the “idiot” who parks on the corner, you just think to yourself it’s an accident waiting to happen?!
Well that’s partly because the developers would much prefer to squeeze in more houses than provide better parking facilities. Older second hand homes tend to come with larger driveways with off-road parking for a few vehicles or more whereas a new-build often only has one parking space and two at most. In an age where most households have more than one car, this can pose a parking head-ache.
An Older Build can be more spacious but have higher bills
One thing for sure is that land in Brackley costs a premium so new-build developers tend to cram in as many houses as possible which means the room sizes and gardens are often smaller than that of an older build. Therefore, you are most likely going to get more square footage for your money with an older second hand home. Although bigger they often leak out heat due to poor insulation and so cost more to keep warm, 80% of newly-built homes will meet an energy performance rating of ‘B’ or higher making your gas and electric bills lower.
New-Build Premium & Incentives
Just like a brand new car, a new-build house comes with a premium price tag. It’s said the minute you drive a new car off the forecourt it depreciates in value and a new house is no different. When it comes to new-builds you could typically pay as much as 10% more for the same size house elsewhere in Brackley. The new-build developer will incentivise you to buy new with the promise of paying your stamp duty tax, solicitors’ costs and other extras. Consider the cost of stamp duty alone for a £300k house is £5k (assuming you are not a first-time buyer) that is a saving not to be sniffed at.
You may also be eligible for help with your deposit from the government in the form of a Help to Buy Equity Loan which often can bridge the gap in price between a New-Build and an older property.
At the end of the day, there is no right or wrong and it comes down to your own personal preference. Buying a house is one of the biggest and most overwhelming decisions you will ever make. Just make sure that you have all the information required about your desired property before making your choice.