If you plan to move home this year or buy your first home, we look at the benefits of buying a brand new property.
Drive through any reasonable-sized town in our region and chances are you’ll pass at least one new housing development under construction. This is because the UK government has a target of building 300,000 new homes every year for private ownership and renting by 2025.
Help from the Government
For many people a new home is the only way they can get on the property ladder. Schemes such as Help-to-Buy and Shared Ownership are only available for new builds. Plus new properties usually come with guarantees such as the NHBC 10-year warranty.
As seasoned home buyers will tell you, one of the most stressful things about any house purchase is being part of a chain. This is where there are several properties changing hands in one transaction, and it only takes one link in the chain to break for the whole process to be delayed. With a new build there won’t be a chain of buyers above you which removes a major source of anxiety.
It’s a Blank Canvas
Many buyers like the fact that they will be the first to live in a property because everything is brand new: tiles, paintwork, flooring, bathrooms, kitchens etc. This not only means you’re not forced to live with other people’s dodgy DIY or décor. There will be very little – if anything – you’ll need to do to make it liveable – you can just unpack and go! If you buy “off plan” (i.e. you purchase your home before the developer has finished building it) you may get a say in the design and finish. Plus some high end new builds have all the latest technology and often “smart home” features such as automatic systems that will monitor and/or control lighting, heating, entertainment systems, and appliances. They may also have home security such as access control and alarm systems.
It Will be Energy Efficient
New build homes have to comply with the latest building and energy efficiency regulations which means they’ll be cheaper to run than older properties and need less maintenance. Data from Energy Performance Certificates shows over 80% of new homes have the highest A or B ratings. That compares to just 2.2% of older properties. Energy-efficient features such as double or even triple-glazed windows, insulated walls, roofs, and doors, and energy-efficient heating are all common in new-build properties.
Incentives to Buy
Many developers are keen to sell new homes “off-plan” so they may be willing to throw in a few incentives to secure the sale. You often see developments that offer to pay Stamp Duty or legal fees for certain buyers. Or they may be able to include white goods in the price such as a washing machine or fridge freezer. Plus developers may be more flexible when it comes to moving dates.
Article written by freelance writer Helen Say