Purchasing a new build home is becoming increasingly popular among buyers who want a combination of luxury, location and convenience.
Whilst some older homes have character, this often comes with huge repair and renovation costs, which many people do not have access to in this day and age.
As such, new build is increasingly becoming the way to go, with government statistics showing that 73,813 new build homes were sold using the Help to Buy scheme alone by the end of 2015.
There are plenty of good reasons why so many people consider a new home a better investment than buying an older house, and we have outlined these below.
A blank canvas
Buying a brand new home allows you to have something other properties can’t; the opportunity to put your stamp and style on it. You’ll be the first person to ever live there, allowing you to make your home what you want it to be and build new memories.
As you’ll be moving on to a brand new development, you’ll also be meeting new neighbours who are in the same situation as yourself. You will all be able to make a community together.
You won’t have the risk you would have with an older home, either. With all new builds, you have a 10-year NHBC warranty that covers structural defects and most developers will also provide their own warranty.
It’s also a lot easier to buy a new build home, as there is no upward chain to contend with when you buy.
If you buy off plan, many developers will give you the opportunity to put your stamp on it before you even walk through the door, if you commit early enough in the building process. You can choose from bathroom suites and kitchen cupboards, right through to flooring or finishing. It truly is a blank canvas at a smaller cost than it would be if you were to renovate an older home yourself.
New build homes come with blank walls, ready for you to put your own personal touch on each room without having to steam off any wallpaper or spend extra money trying to paint over colours that you don’t want on the walls.
No repair costs
All new build homes are built to the latest specification. It is a fact that building regulations have been strengthened over the years and that means new build homes are less likely to suffer problems, and in the unlikely event that they do, your warranties will cover you for most problems you may encounter.
Increased energy efficiency
Buying a new property gives you the edge when trying to save money on utility bills. Being energy efficient is becoming more and more important, so that makes buying a new home a sensible investment. Most new properties are insulated with innovative materials deliberately aimed at making your home cheaper to run whilst helping the environment.
Research has shown that developers using smart techniques such as airtight doors, insulated roofs and special double glazing to make sure there are no draughts could make your new home up to 55 per cent more energy efficient than an upgraded Victorian home.
According to the NHBC Foundation, living in today’s new homes could create savings of up to £1,300 a year, depending on the size of your home.
Multiple finance options
There are schemes available from the government, which make it easier for you to be able to afford to buy your home. With schemes like Help to Buy, you have a great chance of buying your own home.
Help to Buy allows you to buy your home with just a five per cent deposit and 20 per cent equity loan from the government, which means you only have to get a mortgage for 75 per cent of the property price. The equity loan is interest free for the first five years, getting you on the property ladder when you thought it wasn’t an option.
With all of these reasons and more, we really think you could benefit from purchasing a new build home.