Many people when it comes to purchasing a property can undergo the usual dilemma, of “do I purchase a new build or existing resale property”? Of course this answer depends on the individual buyer’s circumstances, situation and requirements. But for the sake of this article we will focus on the benefits of new build and why this should be considered at all.
The standard of new homes is at their highest they’ve ever been, according to the NHBC. Furthermore, with recent survey results for the Home Building Federation stating that 91% of participants would purchase a new build property again, it’s no wonder we are all becoming more interested in the benefits. Especially since new builds are what the UK government are encouraging.
Therefore, based on recent findings and feedback from new build buyers, we’ve devised the top 7 reasons to purchase new build properties.
Guarantees - Most new build homes give people the comfort and security of a 10 year warranty covering structural defects (usually NHBC Buildmark). Most developers also provide their own warranties on top of this as well.
Latest specifications - Not only are you the first person ever to live in the property, but new builds are always at the forefront of changing and latest technology and standards. From window glazing, fire regulations and the latest fixtures and fittings. This reduces the need to alter a property once purchased, to keep up to date with new living standards and requirements.
Design involvement- New builds allow purchasers to be involved in the design and personalisation of their property without having to undo anyone else’s DIY work or “design taste”. Many developers allow you to pick elements for your kitchens and bathrooms as well as colour schemes throughout the property. Other fixtures and fittings can also be changed at times.
Government Incentives - The government Help to Buy scheme, which allows as little as a 5% deposit is only available on new build properties. The Help to Buy scheme is not just for first time buyers. For more details, please refer to our article on the Help to Buy scheme.
Straight forward purchase - There is no forward chains to contend with that can delay your purchase. So if you are a first time buyer or often a buy to let investor, you may have no chain at all. You can move in as soon as the property is completed.
Off plan reservations - Many developers allow off plan reservations months in advance. This allows purchasers potentially more time to save larger deposits and plan their purchase, knowing the property is reserved for them. This could also mean fixing the price early, in the event the market moves on by the date of purchase, effectively factoring in a discount.
Efficiency- New builds are extremely energy efficient and up to code, virtually making repairs minimal for the first few years and potentially lowering utility bill costs in some cases.