When you’re looking for a new house, you might be drawn toward a new build. A lot of people are because an older house often has a lot of problems. It makes sense that an older house will be far more likely to need repairs and renovation before it’s liveable so even though you’ll be able to buy it for less, you could easily end up spending more money in the future. However, that’s not the whole story. People think that a new build is so much better because it’s in perfect condition and you can just move in right away, but that’s not always the case. Before you dive into anything, you should be aware of the serious problem with new build homes.
When you move into a new build you expect it to be in tip-top condition, but the reality is, they often aren’t. A recent survey found that over half of new build houses have major faults. The report found poor standards across the industry as pressure to build more new houses means that companies are prioritizing speed over quality. There’s also a big problem with the building regulation bodies because they are often turning a blind eye to problems in order to get houses signed off and put on the market. When there is a huge lack of homes, the sellers know that they won’t have trouble finding a buyer and so they aren’t as bothered about making sure the houses are in good condition. This has left a lot of people in a bad situation. They’re moving into new places, finding that they have serious issues, and struggling to get any kind of compensation or even get the problems fixed. Once they’ve put all of their money into that house, they have no option but to stay there, regardless of how bad the damage is. A lot of these people have tried to sell the place on and move somewhere else but they’re finding it difficult to shift because of the damage. A new build also loses a lot of value as soon as you move in so even if they can sell it, they’re doing so at a big loss.
That doesn’t mean you should never buy a new build home but you’ve got to be careful when you do. One of the biggest problems people are having is that the contract they signed gives them no power to demand money back or get the house fixed. Before you sign anything, get a conveyancing solicitor to look over the contracts and make sure that you have adequate protection if there are serious problems with the house. When you’re looking around the house, don’t take it at face value that the house will be in good condition. You need to get your own surveyor in to go over the whole house with a fine tooth comb and identify any potential problems. In most cases, if you notice damage after signing the paperwork, it’s too late and you’ve got no way out.
When you’re looking at homes, be aware of this systemic problem with new build houses and make sure you know exactly what you’re buying.
