As the saying goes “you get what you pay for”. That’s why so many people choose to buy new homes because they offer so much more and cost so much less to run. What’s not to like?
The appeal of a turnkey home, with fresh décor, shiny new fixtures and fittings ensure new build properties are always in huge demand. It offers you an untouched blank canvas to create your perfect home. Minimal maintenance requirements and energy efficiency are also big plusses for those who choose buy new. With our skyrocketing bills set to go even higher next year, there are more reasons than ever to prioritise a well-insulated property, kitted out with all the latest energy saving technology.
New homes are built using the latest technology and comply with the highest build standards. Unlike older properties it’s unusual for new homes to have problems with subsidence, electrics or plumbing. However, if there are problems then you can rest assured that they will be fixed quickly at no cost to you. That’s because every new home comes with a ten-year warranty from an organisation such as the National House Building Council (NHBC).
By definition a second hand property has been lived in before and it will contain pre-owned and possibly dated flooring, kitchens or bathrooms which may need replacing. This work doesn’t come cheap. The typical cost of a new bathroom can be as much as £10,000, with kitchens starting around the £20,000 mark. Even with the most careful of budgeting, the costs of doing up a property often exceed the original expectation.
With a new build property everything is brand new and so you have none of these costs and assuming you reserve early enough, you may even be able to choose your kitchen, flooring and carpets. Your brand new home will be bespoke to you and won’t reflect the tastes of the previous occupant.
A done deal
One of the joys of buying a new build is knowing that there is no one in the purchase chain above you. In uncertain times, it can be reassuring to know that little can get in the way of you moving into the home you have set your heart on.
To make things even more painless, many developers will even buy your existing home in part exchange if you reserve one of their properties. The gives you a guaranteed buyer and ensures everything is really simple and stress free.
With a second-hand home, gazumping and fall throughs unfortunately do happen on occasion. With a new home, this doesn’t happen as you pay a reservation fee that holds the property for you. There are no fees to pay for a building survey or nail biting waits for the results as everything is new and supported by warrantees.
Save money and the planet
Many old houses are inefficient and expensive to run. Often room sizes and shapes no longer work for a modern lifestyle, windows and doors are drafty, and walls and roofs poorly insulated. New homes are the complete opposite.
Modern properties must comply with stringent regulations that require highly efficient central heating systems, top-quality insulation and LED lighting to be fitted. As a bonus, many new houses will also feature integrated solar panels that will generate some most welcome free electricity during the day – even when the sun isn’t shining.
Data from Energy Performance Certificates shows that over 80% of new homes have the highest A or B rating which compares to just 2.2% of existing properties. The average rating is a D for a second-hand house or C for a pre-owned flat.
Recent research has shown that a new build’s energy bill can be as much as 55% less thanks to the careful energy efficient design and in today’s climate, this can equate to saving thousands of pounds each year. Far more of us are now discounting a property with a poor EPC rating, as it is simply not affordable or sustainable to heat them.
With any style of new build home, you can expect to pay far less for your heating bills – as well as reduce your carbon emissions.
Green mortgages for new build homes
A growing number of mainstream lenders are starting to offer green mortgages which reward you for saving energy in your property. A mortgage provider will give you a lower interest rate or cashback and a larger loan if your home meets a minimum energy-efficiency level.
Each lender will have its own terms and conditions for its green mortgages, but they are generally available for homes with an EPC rating of A or B, typical of new builds.
Going for green could be a savvy way to help combat rising energy bills and bag yourself a better interest rate to boot.
Whether you’re mulling over your first purchase or moving up the ladder, choosing new could be the most hassle-free, eco-friendly and cost-effective option available.
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For any additional questions, please do not hesitate to contact Haslams directly.