New build homes are not only a great way to get on the property ladder, but can also provide further investment for existing homeowners. As the amount of new build developments soar around Bristol, Naomi O’Brien, new build solicitor at Barcan+Kirby, discusses the pros and cons of buying a new build property.
Pro: Everything is new When you move into a new build home, everything is built to 21st century specifications, so not only will you have no major repairs for the first few years, everything will be more energy efficient than if you were to buy an older house.
Con: Buying off plan If you buy your home off plan, meaning you agree to purchase before it’s been built, you’ll only be able to see your home through plans and brochures, which may end up being different to what you imagined. The show home may have peaked your interest, but be aware that it’s only there to entice you, so only use it as a guide.
Pro: No ongoing chain As you’re moving into a new property, the sale chain will be much shorter as you won’t have to wait for the previous owners to move out. Bearing that in mind, the exchange of contracts will be around 28 days or less, so you may be able to move in less than a month after your mortgage has been approved.
Cons: The snagging list Before you complete, you’ll have to complete a snagging list. This means you’ll have to highlight any problems or defects you find, so the developer can rectify them before you move in. If they are small problems, such as scratches in the wood or some painting needs to be redone, these can be fixed relatively quickly.
For further information, speak to Naomi. Call 0117 325 29 29 or visit barcankirby.co.uk