The Pros And Cons Of Living In A New Build 3-Bed Flat
So…
You’re starting the search for your dream 3-bed flat and you think that you would prefer a new build to a period property…
What are some of the pros and cons of 3-bed new builds?
New builds typically come with a 10-year warranty to cover structural defects and a lot of home builders offer their own warranties on top of these…
They are low maintenance because of this and they are usually much more energy efficient when compared to period properties.
This could, of course, mean much lower energy bills if you buy the right kind of new build 3-bed flat.
If you buy your new build 3-bed flat off-plan or if is still in the earlier stages of being built, then you will be able to have an influence over fixtures and fittings.
With a new build flat, you won’t be in a dreaded ‘property chain’...
This will take a weight off your shoulders as it depend on you and solely on you to get your finances in place and put down a deposit. (Do bear in mind that developers usually set a deadline in which you need to change contracts and complete by).
The fact that everything in a new build is yours and literally brand new is often one of the main appeals!
Some of the rooms and in particular the bedrooms can be fairly small in new build flats. The same goes for any outside space in the form of a balcony or garden - in a new build flat, gardens are typically communal.
The property is likely to not have been built yet and you are therefore putting your trust in the developer to come up with the goods, as such!
It is a bit of a risk, however, a lot of people feel that this risk is worth it to get a brand new flat that is theirs.
“The fact that everything in a new build is yours and is literally brand new is often one of the main appeals.”
Mortgage lenders are usually a lot more strict in terms of the maximum loan to value that they are willing to lend for a new build, meaning that a buyer will need to have a larger deposit than normal.
The time for completion is usually only 28 days to complete (after you have paid your deposit).
This can of course cause a lot of stress!
Some developers can use cheaper materials and of course use high quality materials for the show properties, to entice potential buyers in…
Typically speaking, you get less for your money with a new build 3-bed property than you would do with a 3-bed period property…
This is because you are paying for the fact that it is a brand new property that no-one else has lived in…
Added on top of all of these thoughts, if you are buying a new build, your 3-bed flat could be in the first phase of development, meaning that there will be further developments going on for a long period of time around you…
This could cause a number of sleepless nights ahead!
Would the pros of buying a new build 3-bed flat outweighs the cons for you?