From January to March this year 162,270 new houses were built by private developers, with plenty more on the way later this year.
There are several reasons to opt for a new-build house, especially if you’re a first-time buyer. Here are just a few of the best reasons to buy a new-build house…
A popular reason why people choose new-build houses is the low maintenance factor. New-build homes are exactly as described – newly built! So the fixtures, fittings and structural aspects haven’t been through general wear and tear yet.
Save money on energy bills
A new-build house is likely to be well-insulated and energy efficient. Some new houses may have all the mod cons such as efficient central heating, insulated floors, high quality roof insulation and double glazing. New homes produce 60% less carbon emissions than some older properties – so it could save you hundreds on gas and electricity.
Personalised to spec
For the most part, a new-build house is a blank canvas ready for you to make your own personal touches to it. Some property developers may even give you the opportunity to choose your carpets, finishes and even your kitchen. Walls are usually painted with a neutral colour so you can add your own brand of style to it – whether it’s funky wallpaper or art canvases.
If you’re a first-time buyer, one of the biggest advantages to buying a new-build home is the absence of a chain. You’ll be purchasing direct from the property developer and, seeing as you don’t have a property to sell, completion can be a lot quicker. That means you can move in earlier and start enjoying your new home.
Inclusive structural warranty
Many property developers include structural warranties, for example from the National House Building Council, with their properties for a set number of years – usually ten. It’s typically included within the price of the property – so it’s essentially a freebie. The structural warranty covers structural defects you may find in your home, and often also deposit protection, defects insurance, contaminated land, structural insurance and Building Control cover in some cases.
Accessible to first-time buyers
It’s common for property developers to offer homes available with Help to Buy and Shared Ownership schemes. This makes new-build houses a lot more affordable for first-time buyers…and existing homeowners. With the Help to Buy scheme, you can put down as little as 5% as a deposit, borrowing 20% from the government by means of an equity loan. This loan is interest-free for five years, giving you a head-start on repayments.
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