If you’re looking to buy a home, it’s likely that you’ve considering going for a new build, especially when there are always countless schemes that go alongside the purchase of them.

To help you decide whether or not a new build home is for you, the team at www.onlinemortgageadvisor.co.uk has put together a list of pros and cons to help you make the decision.

Pros

1. No chain

This is easily one of the biggest advantages of buying a new build home. It means that as soon as your finances are in place, you can look to complete the purchase without any kind of hold up from someone moving out of the house you’re wanting to buy.

2. You can influence the final finish

If your new build is still being built and you’re buying off-plan, it’s often possible for you to be able to decide on the exact finish inside the property. You’ll be able to decide the type of flooring, kitchen and bathroom tile colours, and potentially even smaller layout aspects.

3. Government incentives

This all depends on eligibility, but when you’re buying a new build, it’s possible that you could benefit from government incentive schemes such as Help to Buy. If you speak to your developer or a mortgage broker, they will know exactly what schemes are available to you and can point you in the right direction.

4. Efficiency

New build properties are built to the latest regulations and specifications, meaning they’re often much more energy efficient than older properties. Seeing as the costs of energy in the UK are constantly being increased, this can allow you some major savings on your energy bills over the years.

Cons

1. It can be harder to get a mortgage

New builds are often sold at a higher, premium price, which mean lenders can often be stricter when it comes to the maximum loan value they will offer you for a new build home. This means you will potentially need a much larger deposit to be able to get the mortgage rate you want or need in comparison to if you were buying an older home of a similar value.

2. They aren’t always built when you buy them

This all depends on which stage of the building process the developers are at, but the house you buy may not actually be built. Not only does this mean you’ll be relying on show homes and your imagination, but you also run the risk of the property not being what you hoped it would be when it’s finally built, and the keys are in your hands.

3. You have the possibility of disruption

Even if your home has been completed, there are often many more homes on the development that the developers won’t have finished building, so you need to be prepared for a potentially long period of disruption after you move in. Before you confirm your purchase, it’s worth finding out from the developer the timescales they’re working to.

4. You might not be getting the most out of your money

When buying a new build, the main lump of what you’re paying is for the fact that you’re getting a house that someone has never lived in before. However, as developers want to fit as many properties in their development as possible, you often find that even if you’re buying a 4-bedroom detached home, it’s not much bigger than a 3-bedroom terrace due to them having smaller rooms and gardens, so the developer can maximise their profit.

5. Be aware of additional fees

Often, buyers of new builds aren’t aware of additional extras outside of buying the property itself. Some new-build housing developments, once finished, are handed over to private companies who maintain the public realm areas such as shared green spaces. This upkeep fee is split between residents, with each household paying a share of the annual projected spend which can be upwards of £100 a year. This is on top of council tax and any leasehold fees you may be eligible for. When you come to sell your house, you may also incur increased conveyancing fees to ensure the account is settled before the sale is completed.