Considering buying a new build? Whether you are a first-time buyer, property investor, or an expanding family, here are the things you should know about new build homes.
The number of homebuyers who are interested in purchasing new build homes is decreasing as they find these developments less unattractive and ‘characterless’, this according to a survey.
More than half of the homebuyers who participated in the survey believe that styles of new homes are lacking unique features as they look the same, unlike existing properties who have distinct character.
Disinclination of prospective homebuyers towards new builds continues to become evident as the research reveals that only 21% of buyers would purchase a new build whilst 47% are most likely to buy a property that is more than 10 years old.
New builds are criticised for being too small and poorly constructed. Several new owners of new build homes are reportedly experiencing defects on the properties including loose tiles, low-quality doors and woodworks. In addition, the research shows that homebuyers are not satisfied with new homes as they are less spacious than old properties, with lower ceilings and limited storage space. Private gardens are either small or unusual since developers are packing up the site to maximise use of space.
Despite negative feedbacks, the research has found that new builds still cost more than existing developments with average prices around £290,000. This equates to a 29% price difference from existing developments. The surge in the price of properties was brought by the UK housing shortage which is being resolved through a more relaxed planning laws and various schemes such as Help to Buy and Shared Ownership. Investors, after taking in what the research revealed, committed to capitalise in local infrastructure and to be wary of constructing low-quality properties in inconvenient locations.
Homeowners of new build properties claim, on the other hand, that their new homes are more energy efficient because of good insulation as well as boast lovely appearance because of modern fittings. New builds also provide the opportunity for prospective buyers to personalise and layout their homes through an off-plan purchase.
The country has a reputation of building the most beautiful properties in the history. From Victorian terraced houses to astonishing cottage houses, it is no wonder the market still craves for homes that have their individual character, huge appeal and exquisite craftmanship.
Written by Heidecel Serrano