Should you buy an established home or invest in a new one? This is a question faced by all residential property buyers regardless of whether you are a first-home buyer, an upgrader, a downsizer or an investor. Whilst some buyers would prefer to renovate and add value to an existing property, a new home allows the purchasers to enjoy low-maintenance living from the start. There are more incentives for buyers of new homes – especially, but not only, for first-timers.
If you’re considering buying a new home, here’s 10 reasons why it could be the answer to your next move:
1. A blank canvas
Buying a new home effectively means moving into your own blank canvas, on which you can stamp your own style and personality from day one. Forget painting over that dodgy blue wall or having to overhaul the garden; with a large portion of new homes offered off-plan, you have the opportunity to select the carpets, paint colours, appliances, fixtures and finishings to suit your own taste and budget.
2. All new and under warranty – can you put a price on peace of mind?
Unlike established properties, if the hot plate cracks or the heating stops working, new build homes and their appliances typically come with a 10-year National Housing Building Council (NHBC) warranty. This gives property purchasers the assurance of quality and, at the very least, avoidance of potential additional costs, of the home and its contents.
3. No onward chain means less stress and hassle
Buying a property is stressful enough without the compounded risk and stress of potentially being gazumped, outbid or at risk of the property being withdrawn. At a contract level, new build properties will be purchased directly from the developer, so when the property is ready to move in you can proceed at a pace and with confidence.
4. Incentives to help you take your first step onto the property ladder
The government has made significant investment into increasing the number of new homes that are built in England, including affordable homes. For those who are wanting to get onto the property ladder for the first time, they can purchase one of these new builds for significantly less than market price. This is called the First Homes Scheme and, although you need a larger deposit for it, you can end up owning a property that was originally far outside of your budget.
5. Smart living
Integrated kitchen appliances were once considered a luxury. Now in the digital age, new build home buyers can often expect to experience fully integrated and connected smart homes filled with features to make the most of your time, money and space. From scheduling and automatic operation of heating, lighting, electrical and security systems (often controlled remotely), to clever, state-of-the-art storage solutions and USB points above plugs, developers are creating flexible living spaces that would cost thousands to create in an established home.
6. Eco-friendly and cheaper to run
New build developments are built using the latest technology and must meet current environmental standards. On average, a new home generates 60% less carbon dioxide emissions than older homes, meaning that not only are they energy efficient, but they are also much cheaper to run.
7. Safe and secure
Due to building regulations, new homes are generally safer and more secure than older properties. Fire safety, in particular, is helped by the standard installation of smoke alarms, fire doors, and fire retardant materials, and many builders will also include security locks, burglar alarms and security lighting as part of your standard specification.
8. More for your money
New build homes are built to a much higher specification than the majority of older homes, meaning you get more for your money! Most new developments are built with double or triple glazing, high-standard roofing, wall and floor insulation and central heating, as well as integrated appliances and high-quality bathrooms – all included in the sale price.
9. A wise investment
Buying off-plan typically means you invest a deposit of between 10% and 20% and then await completion, which can be anywhere between an imminent settlement and up to five years. For investors, potential exists to benefit from capital appreciation as house prices rise over time.
10. Access to inner city locations and regeneration hotspots
New build developments provide buyers with access to areas of London that may not have been affordable or otherwise considered. They are often located in prime inner city areas that have been selected for regeneration, which benefit from significant investment in infrastructure including new or upgraded transport links, schools and retail/commercial premises. These large-scale investments often breathe new life into an area which consequently increases property values.
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