Things to think about before buying a house in a newly built neighbourhood

Buying a house is a large purchase that is bound to cost you quite a lot of money and time. An attractive option for many people when thinking of buying a new house is to get one in a new built neighbourhood. This ensures that you won't have to put money on repairs for many years to come and also gives you an opportunity to form your own surroundings without having to keep structures made by former owners in mind. However, if you're thinking of buying a house in a newly built neighbourhood, there are a few things you should think about.

Maximum value

The first thing you need to think about before buying a new built house is that you're buying it at its maximum value. It's unlikely that you'll sell your house for more money than you bought it for. Therefore, it's important that you evaluate beforehand how long you plan on living there. If it's a house you're fairly certain that you won't sell within a foreseeable future, or not at all, then the issue of value doesn't have to impact your purchase at all. However, if you think you'll move out of your new house within a few years' time, you'll need to prepare yourself on not getting all of your money back as you sell the house.

Urban planning

You should also take a look at the urban planning made for the neighbourhood you're interested in. This gives you a better overview of the conditions of the neighbourhood. A common thing for the planning made for a new neighbourhood is that urban planners commonly incorporate environmentally friendly energy sources along with standardised options for energy. This is a positive thing seeing that your energy bills might become lower, but could be a downside if you wish to stick with the same electricity company that you used to have in your old home. It might also be negative if the homeowners need to take responsibility for the energy themselves. You might, for example, need to maintain solar panels on your house yourself, which is time consuming. 

Completion date

Another thing you should think about is whether you are comfortable buying the house before its completion date or not. This is a common method for newly built neighbourhoods to ensure that no houses stand empty after they are done. It's positive as you then might be able to have a say in the final stages of the building process, meaning you can tailor your home to your needs. You could, for example, ask for a different colour or different appliances than what was originally planned for your house. You do, however, need to make arrangements to make sure your family have somewhere to stay in case the completion date were to be delayed and you've already sold your old house.