With average house prices in London increasing by about 7.9% a year, it begs the question for a potential home-buyer as to whether buying a new-build home is worth it. For a buyer to be well-informed, they must consider both the pros and cons of investing in new construction before going ahead with it. This article will delve deeper into these contrasting aspects of buying a new property. While the decision to buy a new-build home is tough because it has its own advantages and drawbacks, the succeeding step is crystal clear: to hire a real estate agent. This is most advisable because hiring from a firm like Belgarum, top property agents in Winchester makes sure that your best interests are kept in mind while coordinating and scheduling with developers and contractors.
Pros of new build homes
Numerous factors make new-build homes desirable. They give customers a blank canvas to design the home of their dreams. Firstly, everything is brand new, and the smell of a new home – your new home- is generally an unmatchable feeling. Because it is entirely yours, it is easier to customize your home and interiors, tailoring them to your preferences. This is right from the colour of the postbox to the number of shelves you require in your closet – all designed for your exact functionality and usage. Additionally, this gives you a chance to update your home with the latest smart technology and even electrical and plumbing systems. With the right choice of energy-efficient systems, this can potentially save costs on utility bills and maintenance. Since most features of the house would be brand new as well, it is unlikely that you will have to make any expensive repairs very soon. In this sense, you would potentially save on maintenance and repair costs.
Secondly, it is often easier to recoup your initial investment when selling a newer house because it is more attractive in the market. Therefore, the prospective profit from reselling a new home is generally higher. This point, however, is often contested by the fact that your home might not go up in value in the first few years of purchase because there is a lower possibility of making a meaningful upgrade to it. This is in contrast to buying a cheaper older home and ‘flipping’ it so that the sale value shoots up, thereby increasing profitability.
Cons of new build homes
Despite all the appealing benefits of buying a new-build home, this decision may not be for all. The primary disadvantages of building a home are often its greater price and lengthier construction period, both of which might rise over time. It is very easy to go over budget while buying a new-build home because of the tons of hidden costs that come with it, not originally mentioned in the purchase price. With house prices increasing in the UK, so are the prices of materials, hiring builders and square footage. This not only limits your negotiating power but almost extinguishes it because the developer is not likely to go below the list pricing as they want to remain profitable. Another factor to take into consideration is the uncertainty beforehand as to how much you’ll have to pay in property taxes. All these unforeseen costs make a new-build home the more expensive option.
On the flip side of getting to customise your own space is the disadvantage of choice fatigue that comes with it. For starters, customising on a budget can narrow your options down, but even then, with the recent expansion in the interior-design industry, the number of choices available can certainly overwhelm a person. For example, which shade of white would you like your ceilings to be painted – eggshell or ivory? Moreover, while we often imagine new houses to smell like freshly baked cookies, in reality, new building materials contain chemicals, known as volatile organic compounds which are found in paint, flooring, shelving etc. These can lead to health issues since they are harmful emissions.
All these factors must be taken into consideration before making the big decision of whether to buy a new build home. The pros and cons are far-reaching in each direction, and individual preferences and necessities would ultimately decide which side the scale is tipped towards.