You can’t help but notice that brand new apartment blocks and housing developments have been popping up all over the UK in recent years. This is largely down to the government’s pledge to build one million new properties in the next five years in a bid to help tackle the nation’s housing shortage.
Aside from providing a shiny new place to live, what are the benefits of buying a new-build?
They come with a guarantee
A survey reduces the risk of being hit with unexpected surprises when you buy a home but unfortunately, things can still go wrong. One of the biggest benefits of buying a new-build is that they come with a 10-year NHBC warranty (http://www.nhbc.co.uk/Homeowners/WhatdoesBuildmarkcover/ which covers structural defects to many parts of the home including the roof, chimney, walls, stairs, ceilings, glazing, doors and the foundations of the property. Most developers also provide their own two-year warranty.
Easy to maintain
Naturally, a new-build is going to be easier to maintain compared to an older property. Because they’re built to all the latest specifications, major repairs shouldn’t be necessary for the first few years which means that you don’t have to worry about incurring further financial costs.
What’s more, with demand for energy-efficient properties on the rise, new-builds tend to be exactly this which means that not only are you doing your bit for the environment, your utility bills will be lower too.
You can personalise to suit your taste
New-builds are a blank canvas which means you can do whatever you want to make it yours. From the colour of the walls and carpets, to the plants in the garden, everything is done to your taste. If you buy off-plan you can even go as far to choose your own fixtures and finishes.
In order to encourage people to buy new-build properties, the government is running a number of incentives. The Help to Buy equity loan scheme makes it easier for those with a small deposit to buy their first property and even for existing homeowners to move up the property ladder. You can find out more details by following this link: https://www.which.co.uk/money/mortgages-and-property/first-time-buyers/help-to-buy/help-to-buy-equity-loans-apy312b7k0tu
The government will lend you up to 20% (40% in London) of the property’s value providing you can put down a deposit of at least 5% and get a mortgage to cover at least 75% of the property’s value.
The Starter Homes Initiative also helps first-time buyers aged between 23 and 40 get onto the property ladder by selling homes which have been built on brownfield land at a 20% discount compared to the market price in the area. This means that in effect, you will only need to raise a mortgage of 80% on the true sales value of the home (minus whatever deposit is required by your lender).
Ease of purchase
If you’ve ever bought a property before, you will be aware of how stressful the process can be. One of the many factors which lures people to new-builds however, is because they are so much easier to buy. With no chain to contend with, you don’t have to worry about people pulling out or getting gazumped. Furthermore, you can move in straight away without having to worry about the time of financial pressures of having to do any renovations.
If you are planning on buying a new-build, your local estate agency like Prospect Estate Agents will have a team dedicated to new builds and will be able to register your details so they can keep you informed of new properties that come to market, and any new deals announced.