While some people love a home with history, others are drawn to the many perks of a newly built home. Depending on the route you choose, moving into such a property could be an opportunity to save money as a first time buyer or alternatively an opportunity to fully customize your home from the ground up.
Of course, there are downsides to a freshly constructed property, which also depend on the method you choose. In this guide, we’ll compare the three main types of new property and the pros and cons of each.
New builds
New builds are homes constructed by developers in planned communities that are often part of larger subdivisions. They tend to be modern in design, energy-efficient, and protected by a warranty that covers any repairs needed in the first few years. First time buyers may be eligible for discounts on such properties or special mortgages.
Customization is usually limited on such homes - some developers may allow the option to choose finishes or floor plans, but the core structure is set. You’ll likely be moving into a neighbourhood full of similar-styled new homes and some may still be in construction resulting in some initial noise. This is something to consider before you apply for such a home.
Custom homes
Custom builds are properties that you get to fully customize with the help of a specialist custom build developer. You get to choose from a select range of plots in different locations that the developer owns. You can then work with the developer’s network of architects and contractors to bring your vision to life, choosing everything from the amount of rooms to the materials.
The downside of custom homes is that they can be pricier to build and you need to be prepared to be heavily involved in the design process. The construction process could take longer than a regular new build too. On top of this, some of the first time buyer incentives that apply to regular new builds may not apply to custom homes, which is something to be wary of.
Self builds
With a self-build, you take on the role of project manager. This gives you full control over how you handle the design and construction, plus you can use any available plot of land to build upon. You may even be able to save money by carrying out some of the construction yourself and by negotiating with suppliers.
You can still use architects to design the building, but you’ll need to source them yourself. Similarly, you’re responsible for sourcing contractors, materials and financing (self-build mortgages are available, but can require very high deposits). The process can be more mentally and physically demanding - if you have no experience in construction or project management, it can be a steep learning curve, so bear this in mind.
Which type of new property is right for you?
The best choice of new property is likely to be dependent on your priorities. If you’re looking for something affordable and aren’t concerned about customization, consider a new build. If you want something more bespoke but don’t want the responsibility of being project manager, opt for a custom build. Want complete freedom to manage design and construction? Choose a self-build.
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