Why buy a new build home?
Now is a great time to buy a new build home. A recent survey found that 90% (1) of new home buyers would buy a new build property again and over 83% were happy to recommend their housebuilder to a friend.
In recent years, housebuilders have been focusing their attention on making sure customers are happy.
Designed for modern living
New build properties are beautifully put together. They tend to feature open-plan and multi-functional rooms which maximise the space available and place the kitchen at the heart of a home. A new build will often be designed to cope with the gadgets that are now part of our everyday lives.
It may sound obvious but buying a new home means everything inside it is…. new! Many people love the fact they’re the first to live in a property. Pre-owned furniture, fixtures and appliances might have a limited life, so you’re more likely to buy new household items sooner.
Your new home will also be ready from day one with no need for any major work, although it’s quite normal to come across some minor jobs (otherwise known as a ‘snags’) after you move in. These will be fixed by your housebuilder straight away, which means you can spend less time doing DIY and more time enjoying your new home!
A blank canvas
If you’re buying off-plan, you can pick a plot and tailor your new home to your taste by selecting the fixtures and fittings. This usually includes work surfaces, carpets and bathroom/ kitchen suites. As you’d imagine, the higher the quality of a fixture or fitting, the more you’ll pay. Developers sometimes include some items within the house price or upgrade them for no extra cost.
If your new house is already up and ready, the internal decoration is likely to be slick and modern. This means you’ll still be able to put your own stamp on your dream home.
Location, location, location
If you’re buying a brand new house, you’ll also be part of a new community. Everyone will be in the same boat and keen to make new friends. If you’re part of a larger development, builders often need to put in new amenities such as playgrounds, shops, schools and even GP surgeries. You may find everything you need right on your doorstep.
Nowadays, new build developments are carefully designed before a spade even hits the ground. This means residents can usually expect plenty of open space to explore. If the site is still being built (these are known as ‘phases’) then ask your developer to show you the overall site plan so you can see what’s in store for the area.
No ongoing chain
Dealing with a long property chain can be a headache and add extra time. You’re reliant on multiple people moving along at the same time, which can sometimes lead to a longer wait. A new build home doesn’t have an ongoing chain, so if you’re a first-time buyer, you don’t need to worry about anyone else.
If you have a home to sell, some developers also offer a Part Exchange service to make moving even easier. Conveyancing is usually more straight forward as a housebuilder will be able to hand over all the necessary documentation to your lawyer.
Running a new property tends to be more cost-effective. It will be constructed using the most up-to-date building methods, such as modern double glazing and insulation. Research from the NHBC (2) found that families living in new build homes could save up to £1,400 a year on all their energy bills vs a typical four-bedroom Victorian property.
Before buying any property, it’s worth checking its Energy Performance Rating (EPC). This certificate rates a property’s energy efficiency from A-G and tells you more about its typical running costs. It also details the steps you can take to improve its efficiency. New build homes are usually highly rated and more cost-effective to run.
Peace of mind
New build homes will usually come with a ten year warranty and insurance cover, such as NHBC Buildmark. This will give you two years warranty from the builder and a further eight years insurance against structural damage to your home.
Newer properties will also have modern doors and windows, which means you’ll feel secure inside your new home. Every new build will also need to comply with up-to-date safety standards.
If you’re a first-time buyer or an existing home owner looking to move up the property ladder, check to see if you’re eligible for Help to Buy. With this scheme, the Government will lend you up to 20% of the cost of a new home (40% in London) which is interest free for five years. This means you’ll only need to raise a 5% cash deposit and find a mortgage for the rest.
If you’d like to hear more about Help to Buy, speak to our mortgage experts at dot financial services.
There are so many great reasons to buy a new build home, all you need to do is find one that suits you. If you’d like to know more about the up-and-coming new build developments in your area, contact us today.
1 – https://www.hbf.co.uk/policy/policy-and-wider-work-program/customer-satisfaction-survey-new/
2 – http://www.nhbcnewhomes.co.uk/new-homes/why-buy-a-new-build-home/