Once upon a time, in a world before high interest rates and when Help to Buy still existed, we saw mostly first-time buyers buying new-build homes. Today’s property market is vastly different with first-time buyers finding it very difficult to buy, whether they choose a new or older property.
This new era is seeing a shift in who’s buying new build homes, with more ‘second steppers’ and downsizers showing an interest in new builds. We look more closely at why downsizers make the perfect new build home buyers, and the benefits they can capitalise on by buying new.
Probably the biggest pull towards buying a new-build home in the last year has been energy costs. People who own older properties are more likely to spend much more keeping their home warm. There may be draughts due to old windows or doors and the property may lack the level of insulation newer properties have. Older homes are often much larger in size too, and all these factors together make for expensive running costs when it comes to home heating. Granted older properties may have an open fire or fuel stove for warmth, but they don’t always keep the whole home warm.
By moving from a large older property to a smaller brand new one, buyers can feel the difference straight away (with the heating and the associated costs). New-build homes are far more energy efficient thanks to the modern building materials used, the new standards homebuilders must adhere to when it comes to insulation and in some cases, the green technology they have such as solar panels. And being smaller in size, it’s easier to keep a new build home warm throughout without the sky-high utility bills.
No more mending and fixing
The chances are if you own an older property, something will need fixing or mending, or maybe even renovating. Properties age over time and everything from roofs to windows, right down to boilers, carpets and bathroom suites need a refresh at some point. But any form of building or maintenance work is coming in at very expensive costs these days. The increased price of materials and a shortage of trade professionals has pushed up prices in the last couple of years.
Of course, when you buy a new-build home, you can rest assured that nothing will need mending, fixing or renovating for some time as it is all brand new, inside and out. You may have snags to deal with when you buy a new build, but as long as you communicate these to your housebuilder, they ought to be covered by your NHBC warranty.
Enjoy modern perks
Who wouldn’t want to step out of bed and step straight into your own private en-suite shower room? Or how about having space for all of your clothes, neatly hung and folded away in fitted wardrobes? And wouldn’t it be lovely to cook and dine in one open plan living space rather than walk between separate rooms as you would in an older property. The beauty of moving from an established property to a brand new one, is that all this can be a reality without the need for any extensive building works. New-build homes come with all the modern perks right down to taps, toilets and kitchens. With everything being modern and new, you can relax knowing everything will work and will last many years too.
Free up any equity
Depending on the size, location and value of your current home, you may well be able to release some equity in the property by buying a smaller, new-build one. And with interest rates still high alongside the general cost of living being expensive, it is a great time to be able to make living financially, easier.
Freeing up equity might be able to help you do the things you’ve always wanted such as taking a dream holiday or buying a new car. It can also help you to save for your retirement, or you might want to help your children financially with their own property ambitions.
And if you find the issue of selling your home before buying a new build too much of a hassle and stress, many housebuilders offer a part exchange service. It pays to look into what’s available and the new-build properties which are near you, to get started.
Live, laugh, love in a new build
Life really is for living. By freeing yourself from the stress and worry of an older property, you might find more opportunity to relax later on in life. Brand new homes can help you enjoy a different way of living, one that is easier, for starters. The smaller property size means less time spent maintaining a garden or cleaning, and more time for you and your family. Room sizes are still big enough to have family and friends visit, while open plan living spaces make it easier to entertain guests.
But most of all, you can live without the burden or worry of expensive utility bills and the need for any immediate repairs. With this in mind, downsizing to a new build really is a great idea.
Do you own your own home, which is an older property, and you feel keen to explore downsizing? Use our new-build home website search tool to find new homes in the area you hope to live. We list properties from a range of small to large housebuilders across the country. Start your search here.