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Should I Buy a New-Build Home?

There are advantages and disadvantages of buying a new-build home, here are a few:

Advantages

The property will come with a 10-year warranty and a protection scheme if registered with the National House-Building Council
Help to Buy equity loans are available if buying a new-build property, meaning you may only need a 5% deposit
Some developers have mortgage facilities for the entire development organised in advance
If the property is still in the completion process, you may be able to have some features changed to suit your requirements
Major repairs and redecoration will be unnecessary for the first few years

Disadvantages

Most mortgage lenders will not release the final loan until the completion of the build
You may be required to pay for the property in stages and possibly end up in a position of paying for two houses
If you buy prior to completion, you may have some time to wait before moving in
There may only be a site plan to show solicitors and mortgage lenders
With new builds there are often teething problems and generally the garden is not finished off
If you have to sell within a year, you may not make your money back