Benefits of buying a new-build home

According to the Office for National Statistics, last year (ending March 2024), there were 153,800 new homes completed in the UK. To help the housing crisis, the UK government has pledged to build 1.5 million new homes in the next five years.

Here are some of the reasons why a new-build might be for you.

Energy efficiency

Finding an energy performance certificate for a property can give a good indication of how energy-efficient a home can be, ultimately meaning lower bills. New homes can be up to four times more energy-efficient than an older one. This is down to having the newest energy-saving building materials and smart technology.

Chains

Buying an older house can mean you will have to deal with owners and onward property chains that could make the buying process more stressful. With a new-build there are no chains as you are the only buyer. 

Buying schemes

Some new-build properties can be purchased through home-buying schemes.

These include:

•          Shared Ownership offered by some housing providers allowing you to buy a share of a property and pay rent on the rest.
•         Own New allows you to buy a new-build home with a mortgage and pay a lower mortgage rate. 
•         The First Homes Buyer Scheme is a government-backed scheme designed to help first time buyers onto the property ladder with a discount of at least 30% of the market value on selected new-build homes in England.

Design

When you buy a new build, you can often visit a show home to look at the interior design, and you may have the option to customise your design by choosing things such as flooring or work surfaces.

Renovations

You will unlikely be required to carry out any renovations so you will be able to move in knowing everything is brand new, and many of the fixtures and fittings will have a protection guarantee.

A word of warning

A new home often carries a premium, in the same way a new car does. As with a car the ongoing costs are likely to be lower as everything is new and will carry warranties. However, if you are thinking you may move in a few years a search on second-hand homes in the area will help to understand what that premium is and the price you may receive if you sell.

Contact the team at Mortgage Required if you would like to discuss any of the above schemes: 01628 507477.