There is no one-size-fits-all house, and it’s completely your decision whether you prefer to buy a new or old build. Each option will have pros and cons depending on the lifestyle you lead and what you’re looking for. However, for first-time buyers, there are several benefits you can receive by opting for new houses.
We summarise why new build’s might be the one for you.
New homes are often supported by the government’s ‘Help to Buy’ scheme, which can provide many people with equity loans of up to 40% of the property value. Depending on your location, you may be able to get an excellent deal on your first home.
So, if you’re particularly concerned about the financial aspect of buying your first home, this could be the incentive you need to opt for a new build.
Believe it or not, investing in a new build can actually offer up a very sustainable way of living. The materials and appliances installed are more likely to be energy-efficient due to compliance with modern building regulations.
As a result, bills are likely to cost less, and you might have to spend less on repairs and faults in comparison to an old build.
One of the most attractive parts of a new build is having brand new clean space to decorate your house however you like. You can work closely alongside the builders and designers to ensure you get the home you desire. For example, you can choose carpet over laminate flooring and decide exactly where you want your lighting fixtures.
An existing house doesn’t offer this luxury and you may find yourself forking out loads for renovation or becoming all confused with messy DIY projects.
The beauty of having a new build is that they will be in line with modern trends and designs. They will tend to reflect today’s living patterns and are likely to offer features such as smart appliances, electric vehicle charging and superfast broadband.
New builds are also more likely to have an open-plan layout, which is a very popular option today as it allows for increased social space within the home.
You may worry about the security which comes with a new build, however all new properties come with a warranty. This will protect your deposit in the case that the company you buy from potentially goes bust and your home fails to be completed.
The warranty then covers the defects insurance period for two years, followed by the structural insurance period for a remaining seven years. This means that in those first two years, the builder is responsible for any defects, but in the structural insurance period, only larger scale problems are covered.
Opting for a new build can be an excellent option for a first-time buyer, especially considering the financial incentives. However, it is a personal choice, and you shouldn’t rush into any decision without properly thinking it through. Good luck with your house search!