Why buy a new build home?

March 2016



Recent statistics show that 73,813 new build homes were sold to people using the Help to Buy scheme.

Whilst older homes have character, that often comes with huge repair and renovation costs which many people don’t have access to in this day and age.

Let us tell you the many reasons as to why buying a new home is considered a better investment than buying an older home.

#1 Fresh Start

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 2-year 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.

#2 Personalisation

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. You can choose from bathroom suites, kitchen cupboards and right through to flooring or white goods. 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 spending extra money on trying to paint over colours that you don’t want on the walls. 

#3 Repairs

All new build homes are built to the latest specification. Even though people say ‘they don’t build homes like they used to’, don’t listen to that! 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 even if they do, your developer warranty and your 10 year NHBC warranty will cover you for most problems you may encounter.

#4 Energy Efficient

Buying a new property gives you the edge when trying to save money on the utility bills. Being energy efficient is becoming more and more important, so that makes buying a new home a sensible investment. Most new homes 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 in your home could make your new home up to 55% more energy efficient than an upgraded Victorian home. 

New homes built in 2016 could save even more money and be 79% cheaper to run.

It has been reported that living in today’s new homes could create savings up to £1,300 depending on the size of your home (based on today’s market, according to the NHBC Foundation).

#5 Finance Options

There are schemes available from the government, which makes it easier for you to be able to afford to buy your home. With schemes like Help to Buy and Shared Ownership, you’ve got a great chance of buying your own home.

Help to Buy allows you to buy your home with just a 5% deposit, 20% equity loan from the government which means you’d only have to get a mortgage for 75% of the property price. The equity loan is interest free for the first 5 years, getting you on the property ladder when you thought it wasn’t an option.

Shared Ownership is a scheme that allows you to part buy and part rent your home. A share of between 25-75% will be available to buy which means you only have to put a percentage of the share price down and this will be what you take out a mortgage on. You will pay a discounted rent to the housing association that is selling the property and you have the chance of buying more shares as and when you can afford it before you own 100% of your home.

So with all of these reasons, we really think you could benefit from purchasing a new build home.

If you would like more information regarding Help to Buy or Shared Ownership, click here.