Compare new build house insurance

The government passed the Building Safety Act 2022 on 29 April and a raft of new measures, including a New Homes Ombudsman, will be introduced, adding further protection for buyers of new build homes.

There are lots of advantages to buying a new-build house or flat rather than one that has been pre-owned. Although buying a brand-new property can be slightly more expensive than purchasing a home built several years ago, your longer term costs may be lower.

All the appliances in your new-build home will be new, you will not need to update plumbing or electricity, and the property will have been built to modern, eco-friendly criteria, meaning that your heating bills are likely to be lower than with an older property.

Nor will you need to spend time and money fitting a new kitchen or bathroom or updating tired old fixtures and fittings. Many people find the perks and convenience of a new build property worth the extra money.

Generally, new build properties come with solidly fitted windows, no marks on the walls, a new boiler that doesn't need replacing, clean floors and carpet, and a newly fitted kitchen and modern bathroom.

How long does it take to complete the purchase of a new build property?

In terms of the home buying process, new build homes can be simpler to buy. It can be easier to complete a purchase on a new build house or flat because usually you're not buying from an individual seller still living in the property, so there should be a chain-free transaction.

Sometimes multiple buyers and sellers within a chain can cause long delays and chains can collapse if someone in the middle pulls out.

Buying new build means you can complete the sale quicker and move in within around a month. Buying a new build suits people who want to buy quickly, or who do not want to spend a lot of time improving a dated house.

Do I need to bother with new build home insurance?

New build properties may come with warranties against problems such as plumbing leaks and malfunctions but you still need to insure against potential damage not covered by the warranty. 

The weather, flooding, fire, ground movement and accidents are all examples where your home could be damaged and you would need insurance.

When you come to arrange new build home insurance there are a number of different options, and you can shop around to find the best new home insurance for your needs.

What are the advantages of old versus new build properties?

There are quite a few differences to look out for when deciding whether to buy an old property or a new build home, especially when it comes to maintaining your home and taking out insurance.

The older the property the more likely it's been lived in by more than one group of occupants. This means that when you buy the property it's likely that it will be in a well-worn condition. The previous owners may have invested in improvements, but many of the older properties you look at will often have at least one quirk you will want to repair or upgrade.

It might be repainting the walls and filling in cracks in the ceiling or replacing the boiler or carpet. You may find a place that is perfect in every way, but the bathroom looks completely outdated. There are also things you can’t see that might need updating, such as the electrics, or the central heating.

On top of that, you're more likely to be buying from someone who is also looking for a new place to move into, which would result in a 'chain'. This is where each person’s move date is delayed until the last person in the chain has their mortgage approved, their survey and conveyancing complete and their removal firm booked.

A chain can make the home buying process much longer than if you are buying a new build home, which often has no occupant currently living in it.

Are there any drawbacks to buying a new build home?

New build homes can suffer from having a modern feel, and they can be built with smaller rooms than older properties. Many of the new build properties are built by the same developers to similar specifications using similar materials, so your new home might not feel as unique or have the charms of an older property.

Older properties might be more likely to come with more issues, but they can also come with more character. New build homes are also usually more expensive than their older equivalents, as a result of having newer features and modern fittings.

Additionally, and quite surprisingly, new build homes are not always free from having problems. That contemporary bathroom using slick materials might look fantastically shiny and new, but you might find a cracked tile or two. Sometimes there are serious issues with the kitchen fittings or water pressure, or even the building work itself.

It's not uncommon for new build homes to come with their own quality issues. This is often because builders might not have finished the work properly due to working towards tight deadlines, and on multiple building developments at the same time. New build homes are often worked on by the same companies looking to get them ready as quickly as possible to make a sale.

While the quality of a new build home is generally good and you probably won't face as many problems as you might with an old property, you should still look out for signs of poor workmanship and assess your home insurance options. Luckily most new build properties come with a type of construction warranty insurance.