New build homes are an attractive proposition. They come with a range of advantages, not least that they comply with all the latest building regulations, so you’re far less likely to encounter any problems. Nonetheless, they can be more expensive and they depreciate fast. Unlike other homes, a new build writes off a large sum of its value after one year since it’s no longer new.
Still, new builds are a fantastic investment and one worth considering.
Cost of living is usually lower
After the initial outlay and subsequent drop in value, new build homes represent great value. Living costs tend to be far lower than with older properties. A large part of that is down to energy efficiency. New builds are simply more energy efficient. They’re constructed to more exacting standards, follow all the latest energy regulations and conform to the highest energy ratings. That inevitably equates to much lower bills.
New builds also meet all the latest building regulations and are generally built to a better standard than older homes. That means problems are less likely to develop, which means less spending on repairs. Newer wiring, components and parts all future proof the home to a degree. New builds are often fully kitted out, so they’re true turnkey properties. You won’t have to spend any additional money on renovations or worry about fixtures.
Incentives and warranties
It stands to reason that older homes don’t come with any form of warranty. New builds, on the other hand, are expected to last. The overwhelming majority come with some form of warranty against faults. That offers peace of mind but also more tangible benefits if something does go wrong. You simply won’t find this kind of coverage anywhere else. Although warranties can be tricky and don’t always cover everything, most homeowners would choose one if they could.
Along similar lines, you’ll often find that there are incentives for purchasing a new build property. Developers will bundle rewards with their homes. These range from quite significant (a developer will sometimes pay stamp duty on the buyer’s behalf) to smaller rewards like financing new carpets or cupboards. These incentives on their own aren’t enough to consider a new build, but they certainly sweeten the deal.
There’s no chain
One of the most stressful aspects of buying a home is being trapped in a chain. Waiting for offers to align before you can move is an agonizing process, worse still if the offer falls through because one side couldn’t keep up their end of the bargain. There’s no such chain associated with new builds, so once you make the decision, you’re virtually guaranteed the property. This takes a great deal of stress out of the usually fraught home buying experience.
Being the first person in a property has a range of other advantages too. New builds are a blank canvas. They don’t retain the personalities of their previous owners so they’re ready to take whatever form you wish. Nowadays, that blank canvas also involves a lot of smart technology, so you can enjoy the best of modern living in your new property.