Newly developed condominiums and townhouses are being built and put on the market all the time. You can always find a new home development project on real estate websites like DD Property. Home seekers can be lured into a false sense of all new properties being one equal ground and can become careless in purchasing a property before considering all of its positives and negatives or comparing it to other homes. Many of the rules of buying and choosing a new property are the same as considering existing properties, but there are some variations to think about:

1. Furnishing Expenses

One major benefit of buying a new build is that you won’t have to pay for extensive repair work straight after moving in, and likely won’t need to start paying these maintenance costs for at least a few years. This, and the decreased energy bills, means that the additional cost of a new home almost pays for itself and you can move straight into the home without waiting.

Keep in mind however that you will still have to pay to furnish and decorate the property, which in itself can cost a lot and sometimes take a lot of time. This is all before the cost of moving your existing furniture into the building.

2. Hidden Expenses

New builds can come with many unexpected costs that can quickly eat up your savings. You may have to pay to have the electricity, gas, and internet connection installed, for instance. While new builds are generally free from major problems, there are horror stories of owners moving in to find that lazy or incompetent builders have left something in need of repair. The Daily Mail reported a family moving into their expensive, newly built dream home only to find 140 problems which didn’t comply with UK building regulations. Stories such as these are incredibly rare occurrences, but they do provide a warning to take caution even with a seemingly perfect new home. Insurance can usually cover these problems, but it does also mean waiting longer before you can move in or start decorating. The best way to avoid this situation is to find out who the contractors are for the building and looking up their reputation online. Even if there isn’t anything outwardly wrong with your property, it is still worth paying for a survey just in case.

3. The Neighbourhood

It seems obvious that location is a key part of choosing a home, but there are many considerations to make when choosing the location of your new home. A new build in an old neighbourhood may have problems with crime or lack of useful services nearby. If you are considering a peaceful house in the suburbs with a commute into work, the additional expense may not be worth the long commute with no services nearby. If you are moving into a new development, investigate future plans for the area. If there are more similar new builds going up in the neighbourhood, you could be living next to a building site for potentially years at a time. The noise from construction and dust and debris in the air can turn an expensive dream home into a nightmare. Plus, your perfect view could be obstructed by new high rises in the near future.

4. Long Term Plans

You may not be thinking just yet about what you will be doing ten, twenty, or even fifty years down the road, but considering what a large expense a newly built home is, it is worth thinking about what you want from the property in the long term. Of course, you won’t be able to predict everything that happens in the future or what your new neighbourhood will turn out to be even in just a few years time, but at least thinking about it will prevent a lot of problems for yourself. If you are buying to invest or rent out, look into real estate trends in the area and how high demand is from tenants or buyers. If you intend to settle permanently or retire, could you see yourself staying in the property for life? Is there room for an expanding family if you plan to have one? Or if you are likely to move in the future, what is the likelihood of successfully selling the property for a fair price?

5. Previous Phases

The Huffington Post suggests that if the property you are considering is in a later ‘phase’ of a new development, is worth looking around the previous phases to see how they have turned out. If they are already several years old, do they still look as good as the show model of the new phase? If you can, talk to some of the residents of the previous phases and ask them how happy they are with their homes. They may be able to share some insights and tips you can use to choose your new property. Alternatively, considering a home that is only a few years old in one of these previous phases may be cheaper and have almost the same layout and features of the brand new phase, plus you will be away from the construction of the newer builds.

6. Upgrades

Almost all sellers of new builds will try to up-sell you additional amenities such as hardwood floors or granite worktops. A smart buyer will recognise these and be able to avoid them. If you do want these additions and have the budget for them then by all means go for them and have your dream home come equipped for you before you even move in. However, don’t feel pressured into accepting these upgrades if you genuinely don’t want them or can’t afford them. It is your home to do what you want with, after all. They may seem nice at first but may not seem worth it with the increased mortgage, so only consider upgrades if you know you can pay for them. If you plan to sell or rent the property, consider if these upgrades will help to sell the home or if future buyers or tenants will want to pay extra for them. Do a little shopping around and see if you can have the same upgrades installed for less from a different supplier.

7. Sale Model

It is unavoidable that you will likely have to look around a show home rather than your finished home, but don’t be lured in by the displayed perfection. Ask how the home you are considering differs from the show model and what exactly will be included. For instance, the show model may include white goods that may not necessarily be included with your home.

New homes have many benefits and make for a good investment, but buyers shouldn’t jump in to something they are not ready for without considering all the potential pitfalls beforehand. Keeping these things in mind and being cautious when looking at homes can help you find your dream home rather than a home from hell.