New build madness + 1 reason why NOT to buy new builds

The Property Nomads Podcast

Rob looks into the contentious topic of new build properties, sparked by a troubling article about a housing estate in Cambridge developed by Bellway. He discusses the various issues faced by homeowners, including significant construction flaws and poor customer service, which raise questions about the overall quality and value of new builds.

KEY TAKEAWAYS

• New build properties often come with significant issues, such as poor workmanship and unresolved snags, which can lead to a negative experience for homeowners and investors alike.
• For investors, new builds are generally not worth the investment unless purchased at a substantial discount below market value. The potential for profit diminishes when buying at standard prices.
• There is a growing concern that the quality of construction in new builds is declining, with reports of serious issues like leaking bathrooms, improperly installed fixtures, and unsafe structures.
• Many homeowners have reported difficulties in getting timely responses and resolutions from builders like Bellway, leading to frustration and a sense of neglect regarding their concerns.

BEST MOMENTS

"As an investor, buying new built, when it's built, unless it's ridiculously below market value, I would urge not to do it."

"You don't expect three major leaks in your bathroom, a downstairs radiator to be plumbed into the upstairs and vice versa."

"It seems that a lot of house builders... are taking less and less responsibility, and that's unacceptable."

"These levels of issues are becoming more prevalent. They are becoming almost like the norm, and that is unacceptable."

VALUABLE RESOURCES

https://www.bbc.co.uk/news/articles/c3ej5v1ney1o

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