New Property

While obviously clean and built to the latest standards, you will either want a new home as first choice or will be totally uninterested in the suggestion. To some they lack character and are usually situated on a new development and not an established residential location.

On the other hand, new homes are now better built than they have ever been before – no question. What is in question is whether you should buy a new home or look for an existing property which may have other features going for it – be nearer services, shops, schools and other social facilities.

The older property may be bigger, and you will certainly have a greater range of choice. New property tends to be relatively expensive and rarely comes with gardens laid out and fully landscaped. Some work will be necessary which will either be the appeal or a major drawback – only you can decide which.

Around 200,000 new properties are built for sale each year – the number varies with the strength of the economy generally and of the housing market in particular. A much smaller number of very old houses are demolished for urban re-development. While a few new houses may be large and luxurious, many will be family homes while the majority tend to be purpose designed and built to attract first-time buyers.

Large developers usually sell their new homes direct from site with their own sales staff. Some of them will buy in a purchaser’s existing property in a form of part exchange – some will have publicised schemes for this; others will consider the suggestion on its merits.

First-time buyers must be particularly wary of special new property offers or seemingly unbeatable deals! Think carefully – a small flatlet or new ‘cottage’ may seem so attractive – cheap to buy, to heat and to maintain, but for how long? You will soon acquire extra possessions, is there sufficient space? Is there a room for relatives to visit or for a baby’s nursery? Could you then afford it on one income alone?

What may be the most critical question is whether you be able to sell it again? If so, who to? Won’t all your neighbours end up trying to sell for much the same reason at the same point in time? If the new property comes complete with carpets and other extras do remember that these will have little value once they are secondhand. We cannot over emphasise the importance of taking sound independent advice.  Talk to us about other homes that we have for sale at a similar price.  These might be older, some will need doing up but you will certainly get more space, probably more fun doing the modernisation work and are much more likely to sell it profitably when it suits you to move on.

If you do decide to buy a new home, please select an independent solicitor to represent you and not the one the builder may recommend – you must be certain he is working for you; not for the builder.