The Pros and Cons of Buying a New House

There are a number of advantages and disadvantages in buying a brand new home; we've put together a list of the most significant ones below:

Pros

• Central heating, double glazing and good insulation usually as standard
• Modern bathrooms and kitchen
• No renovation or modernisation needed
• Low maintenance
• No decorating needed
• Lower running costs than old homes
• Often easier to obtain a mortgage
• Comes with a builder's warranty against defects
• Can usually be let immediately
• Good resale potential
• You cannot be gazumped

Cons

• Little individuality or exclusivity (all homes in a development may be exactly the same or very similar)
• Slower capital growth than an old property (they lack 'rarity' value)
• May have many teething problems
• Lacks the history, charm and character of an older building
• Often smaller than older properties and have lower ceilings, smaller rooms and less sense of space
• They rarely have a large garden or plot of land
• Gardens lack mature plants and trees
• May have restrictive covenants
• May be in an unfinished development without local shops and services
• Buying off plan may mean you run the risk of the developer going bust or the property being worth less than you've paid when you take possession