Tired of moving into fixer-uppers?

When it comes to purchasing a property, buying something brand new usually comes with a premium price tag. However, in the long run, investing in a new build can actually save you money compared to buying an older property.

Not only can it lower your monthly bills, but you’ll also have the peace of mind knowing that you’re covered by a housing warranty.

FLEXIBILITY AND CHOICE

Many people are aware of the energy savings that come with living in a new home, but they may not realise the flexibility and choice that buying a new build can offer. Contrary to popular belief, buying a new home doesn’t mean sacrificing personalisation.

In fact, if you purchase off plan, there are plenty of opportunities to make your home unique to your style and preferences, from choosing fixtures and fitting to deciding on the layout.

ECO-FRIENDLY AND AFFORDABLE HOMES

It’s a well-known fact that new build homes are more cost-effective to run due to their superior energy efficiency. However, the extent of these savings might surprise you. New build properties are required to meet stringent legislation around high energy efficiency standards, resulting in eco-friendly and affordable homes.

NEW BUILD HOMEOWNERS

Over 80% of new builds in England and Wales have an Energy Performance Certificate (EPC) rating of A or B, compared to just 3% of older homes[1]. These modern houses often feature condensing boilers, double or triple glazing, insulation, solar panels and the latest energy-efficient appliances and heating systems.

Additionally, a recent study by the Home Builders Federation in 2022, found that new build homeowners save an average of £2,600 per year on energy bills, a significant reduction in both costs and carbon footprint.

IMPROVING NEW BUILDS’ QUALITY

Buying a new build property can also provide peace of mind knowing that most come with warranties, so there’s no need to worry about major structural repairs or unpleasant surprises when moving in.

Many major house builders have agreed to adhere to the New Homes Quality Board (NHQB) guidelines for improving new builds’ quality and aftercare processes for consumers dealing with snags.

GET ANY WARRANTY DOCUMENTS

The Consumer Code for Home Builders (CCHB) also protects and grants rights to anyone purchasing a new build home. It ensure fair treatment and full disclosure about the property before and after signing the contract.

Another benefit is that all white goods are brand new, less, likely to break down and more efficient to run. They also come under warranty, including fridges, freezers, cookers, hobs, dishwashers and washing machines. So it’s essential to get any warranty documents from the builder when moving in.

CHECK WITH YOUR DEVELOPER

You can also choose your own bathroom and kitchen fixtures, as well as their configuration. By specifying what you want from the outset, you can avoid spending too much money (or time) on decorating or renovating later on. It’s worth noting that this customisation may come at an extra cost, so be sure to check with your developer.

When purchasing a resale property, it’s common to get a survey report into its condition, which depending on how in-depth you decide to go, can cost between £400 and £950 on average. However, with a brand new house, many people opt for a ‘snagging survey’ that costs around £300.

USING A SNAGGING SURVEY

This survey can be used to spot any minor defects before the sale goes through, such as chipped worktops, poor joins in the woodwork and doors that don’t shut properly. It can also alert you to bigger issues such as dangerous electrics and faulty plumbing.

If you don’t use a snagging survey, it’s recommended that you compile your own snagging list for the developer before moving in.

DEALS TO HELP SELL HOMES

Developers often offer deals to help sell their homes, such as including fixtures and fittings or upgraded white goods. Some house builders may offer even bigger incentives, especially during quieter periods, to help sell homes within their developments.

PAYING OUR STAMP DUTY

These could include paying your stamp duty, paying your deposit, free fixtures and fittings, interior design advice or landscaping, cashback or part-exchange deals.

Of these incentives, the offer to pay your stamp duty is likely to provide the biggest saving but remember that first-time buyers are exempt from stamp duty up to £425,000 on properties costing up to £625,000; for everyone else, it commences at £250,000.

ASK FOR ADDITIONAL INCENTIVES

Remember that if you don’t ask for additional incentives, you won’t get them. So be sure to discuss what additional incentives you may be able to secure when putting an offer in.

Although Help to Buy has ended, there are still several initiatives available to help first-time buyers get onto the property ladder. Deposit Unlock is the newest schemed by the house building industry.

PARTICIPATING HOUSE BUILDERS

This initiative enables first-time buyers and second-steppers to purchase a new build home with just a 5% deposit. The scheme is being offered by 39 participating house builders, and it’s available for any house or two-bedroom + apartment.

Alternatively, Shared Ownership is a government-backed programme that allows you to purchase a share of a property, you can buy it with a smaller deposit and mortgage. However, it’s important to remember that you’ll still need to pay rent and some fees on the sections of the property that you don’t own.

FREEDOM AND FLEXIBILITY

As a first-time buyer or someone not selling a property, you have the advantage of not being part of an onward chain. This means that you can purchase a new home at your own pace and move in as soon a s the home is ready or set a move-in date that works for you.

You won’t have to wait on other buyers in an upward chain or worry about the possibility of the chain collapsing. Enjoy the freedom and flexibility of buying chain free!

Don’t forget, our professional friendly advisers are on hand to support you and can help you explore all of your options.

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