If you’re looking to purchase a new-build home, there is a lot to get excited about…
Thinking of buying a new property? Good choice. At the most basic level, a new-build property is one that's been newly built. A brand new property often means lower spending on bills and less time spent on maintenance. Plus, with Government incentives and savings on moving costs such as surveys, the overall cost of buying and running a new-build home is significantly lower than a period property.
‘A period or resale property may have character and appear to have stood the test of time but there are often issues lurking that you may not have anticipated. Poor insulation resulting in hefty fuel bills, unforeseen problems due to the poor condition of the plumbing, wiring, roof and brickwork are common, not to mention tired kitchens and bathrooms that are crying out for a facelift. A new-build home is often very practical and appealing, including well-designed kitchens, bathrooms and living space which is cost-effective and eco-friendly - with no nasty surprises’ says Owen McLaughlin, New Homes Managing Director at Countrywide with 35 years experience in property sales.
Still not convinced? This article explains exactly what makes a new-build home such a great purchase.
All newly built houses are required to meet the latest energy standards. This means they are much more efficient than properties built in past eras when it was less of a consideration. The Ministry of Housing, Communities & Local Government (MHCLG) published a recent report in which they said that 83% of new-builds had an Energy Performance Certificate rating of ‘A’ or ‘B’. This is a remarkable statistic when compared with the rest of the UK’s existing homes where only 3% of properties have been awarded such a high rating.
Spend less on household bills
When buying a new-build home you can reap the benefits of modern technology; condensing boilers, double/triple glazing, increased insulation and solar panels are just some of the features that will inevitably save you money in the long term. They are also commonly fitted with the latest energy-efficient appliances and heating, reducing the daily cost of running your home. In fact, according to Which research, owners of a new-build home could benefit from a whopping £455 reduction on heating costs in one year alone. Now, who doesn’t want that?
If you are buying directly from a developer, you won't risk getting stuck in a long and sometimes costly property chain. It also lowers the chances of getting gazumped! And if you are a first-time buyer, you will have nothing to sell either so it’s a fairly simple process.
There are lots of great incentives
It has become increasingly common for developers to offer buyer incentives to sell their homes faster. Free white goods, furnishings and car parking are just a few of the benefits currently available around the marketplace. Schemes like Shared Ownership and Help to Buy are also available. Help to Buy enables purchasers to buy a new-build home with the help of an equity loan, also known as shared equity. The Government provides a loan of up to 20% of the home (or 40% in Greater London), so the purchaser only needs to raise a 5% deposit, with a 75% mortgage (or 55% in Greater London) making up the rest. On some plots, buyers can even avoid legal fees.
Free warranties help to resolve issues quickly
The Consumer Code for Home Builders indicates that all developers are required to register with a housing warranty insurance provider. This is just one of many assurances that make buying a new-build a wise investment, long term. Guarantees offered by Premier Guarantee, LABC Warranty and Checkmate all ensure that the first few years of your residency go as smoothly as possible not just in terms of making the finances manageable but in terms of convenience, also. This means that any major structural issues to your home during the warranty period can be resolved quickly and at a lower cost.
Expect low levels of repair
Usually, if purchasing an older property, the upkeep can be quite demanding. Old windows, worn carpets and a leaky roof are just a few of the issues you may encounter and need to remedy within the first few years of buying. A new-build home is built to the latest specifications which instantly frees you from hours of maintenance and DIY. This saves you time and money. It’s win-win.
Save on surveying
During the later stages of buying a house, you’ll be obliged to undertake a survey. With a new-build, the requirements for a survey are much less demanding and having a ‘snagging survey’ will cost less - around £200. This will help you to discover any aesthetical defects; marked worktops, poor woodwork etc. It can also highlight potential faults such as poor wiring and bad plumbing.
Fewer security issues and cheaper insurance
Modern doors and windows, burglar alarms and intercom systems are often fitted as standard in new-build homes. This means that not only are you and your family safer but the cost of contents insurance is reduced significantly.
These are just some of the reasons that buying a new-build is a smart choice.
How to find your new home
Worked out that a new-build home is right for you? Great. We have a huge selection of new-build properties just waiting for you...