As a Conveyancing firm with experience in both existing houses and newbuilds, for us it doesn’t matter to Exclusive Legal which you choose, however there are certain things you should be aware of before you decide which type best suits your needs. Different buyers have different needs and it is possible that what suits you will not suit you friend or work colleagues.
Existing properties
There are plenty of existing homes in England and Wales, from terraced properties to large detached houses which can make beautiful homes.
Don’t forget to look at the potential to extend a home, therefore if you are looking for a three bedroomed property you may be able to settle for a two bedroomed property with larger space outside. If you need a dining room, or a space to work from home, look at places which may have a conservatory etc.
Older properties tend to provide more space and character. Some people like this idea and will keep the original features of a property. For others, it can be an opportunity to develop the space as you like it, and at times when you can afford to do so, knowing that the property is habitable, but perhaps not to your taste.
These types of properties are often in established communities with good links to public transport and road networks. They will also usually be connected to main services and you will be able to research practical issues like mobile phone reception and the ability to connect to an internet provider with a reputation for speed and quality etc.
With an existing property you can visit and get a feel for if it would fit with your personal circumstances and things like family needs. You can see which rooms you may like to change, and what particular spaces have been used for by the previous owner.
If you get a detailed survey from a reputable surveyor, you can proceed with the peace of mind that any potential issues have been investigated.
Older properties are not usually as efficient as a newbuild property, although there are schemes that the Government do help out with to assist improve your properties rating.
Renovation costs should be factored into your house purchasing budget; there is no doubt some things you will want to get on with straight away, and some which are vital to the purchase. You should also check whether planning permissions are required for your proposed works. There is likely to be an additional cost to this too.
New-build homes
Some people will not like to live in a property where there are ongoing works. If this is you then you may wish to consider a new-build property. The idea is that you should be able to move in and begin enjoying your home from the outset. It will have neutral colours, freshly painted and the main rooms such as the kitchen and bathroom will be fully equipped to your needs. Some developers will often throw in some extras, such are carpets, flooring, wardrobes or SDLT paid, in order to secure the sale.
If you buy an off-plan property, it may be possible for you to influence the design of a new home. Top-spec homes can benefit from the latest in technology with smart home options and open plan living.
Your new-build home will come with a 10-year warranty, often from NHBC (but there are others). Don’t be blinded by this issue though because the warranty does not cover all issues.
New properties need time to settle, with natural ground movement and therefore if you do wish to decorate to move away from the neutral colours it is recommended that you wait for between 9 months to a year, before doing so.
The way newbuild homes are designed will make them naturally more energy efficient. Data from Energy Performance Certificates shows over 80% of new homes have the highest A or B ratings. That compares to just 2.2% of existing properties.
The Government provides a couple of schemes specifically for new-build properties. These are often the only way for first time buyers can afford to purchase. Help-To-Buy is a type of 2nd mortgage / loan which means a buyer will need a smaller deposit. Shared Ownership can help a person buy a home which fully meets their needs, rather than buying something smaller, until they can afford a bigger one. The idea with shared ownership is that you find the house which fully meets your needs, and then decide what % of the property you can buy. Later in life or if your circumstances change, you can purchase further shares.
New-build homes are not as big in their room sizes, nor are the plots as big as older houses. If you like privacy, this may not be the type of house for you, unless you want to build particularly high fences.
It is possible that you could pay a premium because the house is on a new estate. This works similar to buying a brand-new car. The minute it has an owner, it will decrease in price. New-build properties should be considered a long-term investment.
New builds often get a bad press with stories of poor quality making the headlines. Even with the best new build home, you can still expect snags like doors getting stuck on new carpets or a loose tile. Whether it’s a significant structural issue or a series of small annoying snags, be prepared to have a snagging survey as soon as the developer will let you on site. And make your issues known immediately to the developer to give them the longest opportunity to fix them.
When purchasing a new-build property, you must be open to timings and delays. The developer will give you an idea of when the property might be built and they will do everything they can to meet this estimate, however there are often delays, due to weather, contractors, supply issues.
Once you have exchanged contracts (meaning you are committed to purchase the property) the developers will continue the build but will only give you around 10-14 days’ notice to complete the purchase once the property is signed off by building control and is substantially completed. An initial delay could just be an inconvenience, but if it goes on it can cause added stress and add to your costs.
Whether you buy an existing property, or choose to go for a newbuild, it is important to choose a Conveyancing Solicitor that can work with you. Here at Exclusive Law we have Solicitors who can help you with all types of residential property. Newbuild properties are a specialist area and you can be assured we will look after you and your interests.
If you would like a free consultation or to discuss how Exclusive Legal can assist you in your conveyancing needs, please contact us via the website or call us directly.
