Why buy new
The pros & cons of new homes
by Sharon Davies For most of us, buying a house is perhaps one of the biggest financial commitments we will ever make, so it's important to make the right choice, particularly when it comes to buying a newly-built home. With the increasing demand for housing, builders and property developers are building new homes as fast as they can throughout the country. Whether it's loft-style apartments or modern family houses, new homes are being snapped up even before they're built. So what are the advantages and disadvantages of buying a new home?Low maintenance
New homes don't have the additional maintenance and refurbishment costs often associated with modernising an older property. There should be no need for expenses such as rewiring, new windows or even a new roof. Often buyers have a choice of colour schemes and selected fixtures and fittings, when purchasing a new property - ideal for those of who can't be bothered with redecorating or fitting a new kitchen or bathroom. However it's important to establish whether these little luxuries come in the price or are additional. New homes tend to include all the latest energy saving devices, allowing buyers to enjoy reduced fuel bills, as well as being kind to the environment. Most new homes have a Buildmark warranty. Buyers of new homes should check whether their builder is registered with the National House-Building Council (NHBC), and that their house has a Buildmark warranty. This provides buyers with the following protection:- Should the builder become insolvent before the property is completed, NHBC should refund any deposit. It also protects buyers against financial loss - the maximum amount normally specified in the policy caused by incomplete or faulty construction.
- The first two years after completion, new properties are covered by an initial period guarantee. This means that the builder is responsible for rectifying any physical defects to the property in accordance with the Buildmark warranty.
- For the next seven years, the NHBC will pay to put right any major defects in accordance with the Buildmark warranty. Contact Buildmark for a free brochure on Tel: 0800 688 788.
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