Not only does a brand-new home offer you a blank canvas to which you can add your personal touch, they often have significantly greater energy efficiency and fewer maintenance requirements.
So, let’s have a look at some of the benefits of buying a new home.
Future-proofing your home
There are many ways that buying a new property can help with future proofing your home, for example, against more adverse weather conditions that could affect the UK in future. This could include having a good level of insulation, thanks to the most recent cooling technology, as well as green roofs and built-in air conditioning. For some new builds, future-proofing can also include electric car charging points, or smarter homes that offer their owners the option to control certain in-house devices via a mobile app, or adjusting their home’s heating and lighting while not in the property. Double-check these with the developer first to fully understand all the possibilities available.
Additionally, some developers offer buyers a 10-year warranty on certain aspects such as structural, design or workmanship defects. This offers thereby not only offers buyers an easy way to fix any unexpected issues, and also provides them with peace of mind.
In Scotland, a new regulation has been passed that all new builds should include a clean heating system, thereby effectively banning oil and gas heating systems.**
Energy saving perks
Energy efficiency is likely to be at the top of every buyer’s list, and it’s a great benefit that all newly built homes have to offer. With the latest insulation and heating systems, most new homeowners will have lower energy bills and, in some cases, these new homes might even surpass any potential Government minimum standards that could soon be introduced.
Little to no maintenance needed
Additionally, maintenance costs are typically lower when buying new, and you won’t have to worry about expensive upgrades of old kitchens or bathrooms. Not only does this avoid a lot of disruption, but also removes expensive planned and unplanned maintenance costs.
Move in straight away
When buying new, you don’t have to worry about annoying and often time absorbing sales “chains”. Once the new build is finished and all the paperwork is complete, all you need to do is move your things into your new home and enjoy the excitement of settling in. The housebuilder won’t hold things up by struggling to find their next home.
New home incentives
In addition to all the practical benefits, there are various incentives available that could be available to new home buyers, including the:
- Key workers scheme, available for some developments that help public sector employees onto the property ladder.
- Part Exchange, where you can use your current property as part-payment for the new property you want to buy (subject to status).
- Assisted Move scheme, where you’re assisted in selling your current property in order to buy a new build.
Many housebuilders will also offer bespoke schemes such as contributions to deposits, stamp duty and legal fees. Our team will be able to advise on where this is possible on a case by case basis.
Another major incentive to buying a new home is the Shared Ownership scheme*. With this Government backed scheme, you may have the chance to own a home that previously felt out of reach.
Shared Ownership is intended for eligible people who are looking to buy an affordable home to meet their housing needs. When buying through this Government backed scheme, you buy a percentage of a house or apartment and pay a discounted rent to a Registered Provider/Housing Association on the remaining share that you don’t own. In Scotland, the Shared Ownership scheme works slightly differently. Speak to one of our local colleagues to find out more.
This means a smaller deposit, and importantly, a smaller mortgage, which is a great way to help you get onto the property ladder.
As your circumstances change, you can buy more shares as and when it’s affordable, usually between 25%-75%, and eventually up to 100%. In most cases, you can own your home outright.
