Why buy new?
Whether it’s you’re first home or you’re looking to upsize, downsize or even change location, one of the first considerations is whether to buy an older property or one that’s new.
The government’s pledge to build more new homes across the country has started to take effect with figures from the Department for Local Communities and Local Government reporting 43,170 new homes were started and 39,520 new homes were completed in the first three months of 2017. Both figures show a 21% increase on the year previously. With an increasing number of new-build properties available for buyers, we look at the benefits of buying a new build home.
Incentives and schemes
With every home purchase comes the daunting task of funding a deposit and associated legal costs as well as trying to secure an often ‘hefty’ mortgage. The government has introduced numerous incentives to help both first-time buyers and homeowners buy new-build properties.
From the Help to Buy: Equity Loan schemes, where a minimum 5% deposit is needed with the Government helping towards the purchase, reducing the mortgage required to 75%; to the new Help to Buy: ISA’s where the Government assists by boosting savings up to 25%.
There are rules to follow with these schemes and they differ by area (England, London, Scotland and Wales), but they offer great opportunities to buy quicker and get your dream home sooner.
Easier purchase
Being caught up in a property chain can be incredibly stressful, from missing the completion date of your purchase to having someone in the chain pull out entirely. By buying a new-build home, you avoid chains completely and therefore eliminate any uncertainty and stress around the property purchase. The only issue to watch out for are delays with the building work as they may affect your moving in date.
Extra protection
When you buy a brand new, high value product, a warranty is often provided and it’s the same when buying a new-build home. Most of the new-build property developers supply the NHBC 10-year Buildmark warranty, automatically insuring your new home against possible structural defects and any other problems associated with new builds. The NHBC is the standard-setting body and leading home construction warranty and insurance provider for new homes in the UK.
High specification
You’re buying brand new so one thing you can be sure of is a modern finish complete with high-specification materials and appliances. This helps with overall costs in several ways which is why new-build homes are often appealing to first-time buyers.
Energy efficiency
All new homes must comply with the latest building regulations, which include energy efficient heating systems and excellent insulation solutions, meaning much lower running costs compared to older, traditional properties.
Security tight
Advanced, up-to-date security features come as standard in most new-build properties, including fire and smoke alarms, helping to reassure you of reduced risk and things going wrong.
High-spec appliances
Some new-build properties are kitted out with the latest kitchen appliances, saving you the time and hassle of shopping for them and the extra cost of buying them, meaning you can move in comfortably from the very start.
It’s always worth checking with your home builder, what the specification is for your home and whether there are any planned changes before completion.
Yours to style
New-build homes can be easily finished to your taste without the worry of replacing dirty carpets, repainting walls or fixing expensive DIY mishaps. The property is yours to put your own style on, from the floors to the walls, the upstairs and down – a lick of paint and your own furnishings soon transform your home to everything you want it to be.
New community
Everyone that buys a new-build home on the same development is in the same situation as you, which can be more reassuring than moving into an already established street. There’s the opportunity to make new friends and build a whole new community and that’s important when you’re making one of life’s biggest investments.
Browse the new-build homes available in your area or read about the latest Government schemes to help you buy the new home you always wanted.
