New year, new home – 8 myths about buying a new build that aren’t true!
1. New build homes are more expensive
There is a common misconception that new build homes are more expensive, this isn’t the case! Whilst they may seem to cost more up front, new build homes feature new roofs, appliances, heating and major systems that likely won’t be needing repairing, replacing or upgrading anytime soon.
2. New build homes are lacking in character
What do you define as character? Buyers of new build homes have a blank canvas to choose any features, designs or characteristics they wish. Just because a home is new, doesn’t mean you can’t have every feature you’ve dreamed of!
3. You will be waiting a long time to move in
It’s true that new-construction homes do take time to be built – they can on average, take around 6.5 months from the ground up (depending on external factors such as supply chain or bad weather!). However, this doesn’t mean you’ll need to wait that long, since builders often start before they have a buyer. Construction on these spec homes might already be well underway or even completed before you put in an offer!
4. New homes are harder to finance
The exact opposite is true! With the aid of help to buy schemes and builders incentives, there might be more simplicity in financing a new home. Here are some incentives to look out for:
- Mortgage offers
- Discounted deposit schemes
- Part exchanging your current home
- Stamp duty offers
- Site sales
5. They lose their value faster than pre-existing properties
This isn’t true, in fact, many new build homes increase in value before the buyers have moved in, especially buyers who purchase in the early stages of construction. As the site develops further and the builders sell more houses, this helps to increase the popularity of the site.
Also, as many new build properties are fitted with high spec interiors and new appliances including boilers etc, these will last for a long period of time, often with warranty for peace of mind. Thus, meaning less need for replacements, increasing the property’s value.
6. You can’t inspect a new build home before you buy it
You can absolutely do a home inspection before you purchase a new construction.
The advantages of purchasing a new build home from a builder include being able to visit the site during construction, meaning not only having the opportunity to inspect the property, but also being able to understand the building process from start to finish at a deeper level.
7. New build homes are poorer quality than pre-existing houses
Building construction principles generally do not change on any type of house. The construction of a load bearing wall is the same, whether it’s in a new build or a custom build, a house is still going to be built to a requisite standard.
New homes are subject to the latest in building code, which has become more stringent over time. They are subject to improved electrical wiring requirements, more ground-fault interruption requirements, higher insulation requirements and improvements in plumbing.
8. Less space
It is a common misconception that new builds are smaller than pre-existing houses on the market. While many believe that development space is growing thin, there is in fact abundant land on which to build. Also, modern builds may appear smaller in footprint, but are in fact much more suited to the contemporary lifestyle than older homes. They boast flexible living spaces and smart storage, allowing people to make the most of every inch.