Should You Buy a New-Build
Property in Kent?

In this two-minute read,
we explore the pitfalls of buying a new-build property.

So, you’re thinking about
buying a new-build. You’ve fallen in love with the area and the idea of a
brand-new home, but is it worth the money? Read on for some common disadvantages
of new-build properties.

1)
Premium price

When you buy new,
you’re paying for perfection. New homes are often more expensive than older
properties as developers factor in the cost of warranties, tech, and modern
living.

2)
Delays and disruption

Buying a new home
may mean buying a property that hasn’t been built yet. So, not only do you have
to use your imagination, but you also have to put your trust into the developer
to deliver what (and when) they say they will.

Also, if buying
in a new development, be prepared for ongoing work after you move in as it may
be a while before the rest of the site is completed.

3)
Size matters

New homes tend to
be smaller than older properties. Developers try to fit as many properties as
they can onto a site to maximise profit. They may also be legally obliged to
provide social housing on a site, so space is at a premium. This could mean
smaller rooms and less outside space.

4)
Mortgage problems

You
know what they say – when you buy a new car, as soon as your drive off the
forecourt, its value nose dives. Well, the same can apply to new-builds.
Lenders often require higher deposits for new-builds as they are concerned
about loss of value over time, and they also know you’re paying a premium in
the first place. You may also need to adhere to a strict exchange deadline set
by the developers which can be difficult for lenders to meet.

Additionally,
mortgage offers normally last for six months, so if a new-build is delayed you
may have to start the application process again.

5)
Problems after moving in

Once you move in,
you may come across poor quality building work or snagging issues that you
weren’t expecting. A good way to overcome this is to arrange a snagging survey.
While this increases your initial costs, it also means you can get things
sorted with the developer prior to moving in.

To discuss your new-build
needs, speak to us at CWB Property.