It’s true that we all have our personal preferences in life, whether that’s the clothes we wear, the music we listen to, or the cars we choose to drive. Our homes are no different!
Some prefer the history that a period property offers and are not discouraged by potential maintenance or fixer-upper costs, whereas others prefer a new property they can move right into without any fuss of cleaning, redecorating or upkeep.
If you’re looking for a fuss-free purchase or perhaps you’re on the fence, still deciding whether new build is the right choice for you! We’ve outlined some of the benefits of purchasing a new build home:
Everything is brand new and built for today's living.
As well as being brand new, shiny, and clean, your home will be blank canvas awaiting your creative homely stamp.
New build homes also tend to be open planned, multi-functional and often future proofed with smart technology too, allowing for modern family needs.
New Build Warranty.
A New Build Warranty (usually 10 years) gives you peace of mind against any structural defects or faults when purchasing a new build property. Often a warranty in England becomes active upon Exchange of Contracts and can protect your deposit against developer insolvency risks, which means, your deposit would be returned to you should the developer / builder go out of business or is unable to deliver on your new home.
Incentives.
Often, you can negotiate incentives from the developer/builder to sweeten the deal.
No chain.
As the first owner of a new home, you won’t have a chain above your purchase, this can speed up completion on your purchase and keep stress levels lower.
Certainty of sale.
Similarly, to the above point, as the first owner of your new home, the developer / builder takes a reservation fee from you which holds the property for a period (this offers assurances that you have secured the sale), however you must comply and exchange within the parameters agreed (usually 28 days from reservation).
Energy efficiency.
New build homes tend to equal lower energy bills and this is mostly down to the conscious use of energy efficient building and construction methods – not to mention, newly built homes must comply with the latest building regulations. In turn, this means that currently over 80% of new build homes are given an A-B Energy Performance Certificate (EPC). In contrast, only 2.2% of older homes achieve a A-B rating meaning most are less energy efficient.
In addition, green mortgages (with lower interest rates) could be available for higher-end (A-B rated) EPC properties. A definite tick for the ‘pro’ list when deciding whether a new build home is right for you.
Choice.
Depending on whether you’re buying off plan or purchasing a home already under construction - some new build developers will allow you to customise fixtures and fittings, such as kitchens, bathroom tiles and carpets/flooring giving you better scope to make the space yours without compromise.
Whatever property is right for you, it’s worth taking the time to weigh up all of your options along with the benefits and disadvantages that come with that property type.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.