The benefits of buying a new build property
Posted on 16th August 2022 at 11:38
When it comes to buying your first property or next property there are many pros and cons to buying an older property and a new build. In this blog were going to detail the benefits of buying a new build property.
Everything is brand new
As you would expect with a brand-new property, everything is brand new. From the structure, utilities, to appliances everything is brand new and in perfect condition. This helps to keep your maintenance costs low and gives you peace of mind that everything is going to work, and you don’t have to worry about repairing or replacing anything for many years. This is ideal for those who do not have much capital left over after buying the property or who do not enjoy DIY.
Built to your specification
If you are reserving a property before the building work has begun on your chosen plot you can choose the fixtures and fittings (within reason) on your chosen property. This allows you to customise your own property before you move in, saving you the effort when you move in.
10-year builder’s warranty
With all new build properties, the builder/developer must provide you with a warranty for the property. Most provide a warranty lasting 10 years covering the structure of the property. The first 2 years of the warranty covers all fixtures and fittings too, the full 10 years of the warranty cover the structure. For example, if you notice movement or cracks in the wall, the builder will rectify these issues for free under the warranty.
Government buying schemes
Most government buying schemes are aimed at new build developer such as Help to buy, shared ownership and share equity. These schemes help to make home ownership as easy as possible from helping with your deposit or reducing the initial cost of ownership. These schemes aren’t available on ‘preowned’ properties.
As you are buying a property isn't lived in and sold by a current owner, you are the end of the chain. You aren’t waiting for the current owner to find a new property or move out. You can move in as soon as the property build is complete. This can help speed up completion and allow you to move into your new home sooner than a conventional chain purchase.
Builders build homes to sell and have sales targets each year, and to ensure they hit those targets they have the power to provide many incentives to help boost and ease sales. By law home builders and developers can offer incentives up to 5% of the property value. These incentives can include things such as paying towards your deposit, covering your solicitor fees or stamp duty and offering free fixtures and fittings in the property you are buying e.g. carpets and kitchen.
All new builds are fitted with energy efficient boilers, modern insulation and LED bulbs making them very energy efficient. The benefit of this is that your household bills such as gas and electric, making home ownership much cheaper.
If you need help with buying a new build property or would like more information on new builds give us a call or email and wed be happy to help.
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