Why buy a new build home?
There’s never been a better time to buy a new build home. A recent survey of 93,000 new home buyers found that 90% (1) would buy a new build property again and over 83% would recommend their housebuilder to a friend.
In recent years, housebuilders have focused their attention on achieving high levels of customer service and satisfaction. So, what have they been doing right and why are people so happy to be living in a new build house?
Designed for modern living
New build properties are beautifully designed. They often feature open-plan and multi-functional rooms which maximise the space available and place the kitchen at the centre of a home. A more modern house will also be designed to cope with all the appliances and gadgets that are now a staple part of our lives.
It may sound obvious but buying a new home means everything inside it is…. new! Many home owners appreciate the fact they’re the first people to live in a property. Pre-owned furniture, fixtures and appliances may have a limited life, so you’re more likely to fork out for new household items.
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 DIY 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 renovating and more time enjoying your new home!
A blank canvas
If you’re buying off-plan, you can choose 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 expect, the higher the quality of a fixture or fitting, the more you’ll pay, but developers sometimes include certain items within the house price or upgrade them for no extra cost.
If your new build house has already been built, the internal decoration is likely to be modern and neutral, which means you’ll still be able to put your own stamp on your dream home.
Location, location, location
If you’re buying a new house, you’ll be part of a brand new community. Everyone will be in the same boat and keen to establish new connections. If you’re part of a larger development, builders are often required to provide new amenities such as playgrounds, shops, schools and even GP surgeries, so you may find everything you need right on your doorstep.
Nowadays, new build developments are carefully designed before a spade even hits the ground, which means home owners 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.
No ongoing chain
Dealing with a long property chain can add extra time and complexity. You’re reliant on multiple parties moving along at the same time, which can lead to a longer process. 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’s movements.
If you have a property to sell, some developers also offer a Part Exchange service to make moving even easier. Conveyancing is usually a simpler process as a housebuilder will be able to provide all the necessary documentation.
Running a new property tends to be more cost-effective as 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 as much as £1,400 a year on their combined 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 energy efficiency. New build homes tend to be highly rated and therefore more cost-effective to run.
Peace of mind
New build homes will typically 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 caused by the failure of the original builder to comply with NHBC Technical Requirements (or similar).
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 safety standards.
If you’re a first-time buyer or an existing home owner looking to move up the property ladder, you might be 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 remaining amount.
If you’d like to hear more about how Help to Buy could enable you to buy a new house, speak to our mortgage experts at dot financial services to see if you’re eligible.There are so many advantages to buying a new build home, all you need to do is find one that’s perfect for your circumstances. If you’d like to know more, 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/