A new build is a property that has just been built (or is about to be built). Such properties can have many advantages compared to existing properties with previous owners. Here are just five great reasons to consider buying a new build.
Buying a new build could be a better deal if you’re a first-time buyer. There are several government schemes available to first-time buyers such as help-to-buy and shared ownership schemes can allow you to buy a new build for less. Developers also commonly offer incentives such as paying stamp duty or paying for fixtures.
A greater level of customization is also guaranteed when you buy a new build. Off-plan properties can often be personalized. You may be able to choose between a variety of template homes – there may be display homes that you visit to get a feel for these homes. Alternatively, you could work with a private architect and contractors to build a fully-personalized self-build. Even if you choose a new build that has already been constructed, you’ll still have a blank canvas to work with in terms of decoration and fittings – this is unlikely to be the case when buying a property from a previous owner.
Low energy bills
Today’s newly built properties are all very energy-efficient. You won’t have to worry about poor insulation or old heating. Some new builds may even come with solar panels, resulting in little consumption of mains electricity. Consequently, your energy bills could be very low, saving you a lot of money in the long run.
Reduced maintenance costs
You could also save a lot of money on maintenance costs by opting for a new build. A property that has been lived in is more likely to suffer from wear and tear – which means you’ll have to make more frequent repairs. A new build may require very little maintenance at all. Any faults that do occur in the first few years are likely to be covered by a warranty, which leads to the next good reason to consider a new build…
New builds commonly come with a warranty to cover defects or ‘snags’. This means that if you do encounter any problems in the first few years, you may not have to pay to get them fixed. While most developers offer warranties, they are not always provided – it is something that you should always check before signing any documents.
Are there any downsides to choosing a new build?
A new build may not be for everyone. Existing homes often have a sense of ‘character’ that can only be achieved by having previous owners. New builds may also be located in less convenient locations and may be less spacious. On top of this, if you are buying a new build that is yet to be constructed, you will often have to wait for a few months (and in some cases a few years) before you can move in. This is all something to weigh up if you are opting for a new build.