Imagine your first home: everything is new, it’s fresh and un-lived by any previous owners. You get the first rights to design it as you wish and stamp it with your style. Now that’s the beauty of purchasing a new build; you can move immediately. But that not all, you also get to save on energy consumption, expensive renovations and DIY projects to personalise it. However, this homeownership fairytale can turn out differently. According to a 2019 customer satisfaction survey, there’s been a surge in satisfaction from homeowners who purchase new-build as compared to previous years, though the market is still growing.
Some of the steps builders have taken of notable change are:
- The quality assurance process is better, while more emphasis is on the customer’s journey;
- The designs of the new-build are for modern living with fittings of new technology and modern appliances;
- The design layout is more about the lifestyle and needs of the homeowners;
- New builds follow building regulations, therefore have a higher energy performance, unlike existing or older properties.
From this, homeowners are opting for a new-build as their first home.
- Buying off-plan in an area where property prices are rising will guarantee you equity growth before moving in;
- You have the opportunity to design your house or customise parts of your build as you wish.
- It’s possible to get a 10-year property warranty and protection scheme from the National House Building Council (NHBC) to cover against any unexpected issues.
But the reality of a new build can be unexpected.
However, you need to set expectations for the build from your investment onset. Leaving everything to the builders can result in unpleasant outcomes at the project’s completion. Factors like budget, indecision from a poor understanding of the process are frustrating. However, facing the project knowing the realities that not everything will be perfect is significant.
These are the factors you need to take to mind:
Space in the New Build Is Limited
You’re new build home probably won’t have as much space as anticipated. Property has been shrinking steadily over the years. Living room and bedroom sizes have been steadily regressing every decade. With houses built after 2010 onwards being over 4m2 smaller. Unfortunately, it’s a trend which doesn’t seem to be slowing down.
So, what about the new-build?
Structurally, it’s not possible to add space to your new build. There are building regulations that prevent you from extending your property as you wish. However, if space is what you need, there are alternative ways of getting more space in your property. If you have a loft, you can convert it to an extra room or use it for storage. A loft conversion is one way of extending your property while adding value to it.
Long Delays in the Project Completion Date
Expect short delays in any construction. But when the project goes way past the due date, then it becomes a problem. From having structural defects or omissions that need repairs, you need a plan.
Here are a few ways to prevent these long delays from setting you back financially:
- Overbudget to ensure you have some wiggle room should you need to rent temporary accommodation while you wait;
- Add a snagging provision to your contractual agreement that allows you to pass on the list of defects to the homebuilder to rectify;
- Inquire about the project’s progress often to have a better understanding of a realistic date of completion.
No project is perfect. Any property you decide to buy will have some unexpected challenges that you’ll need to manage. Don’t let them prevent you from becoming a homeowner.