Deciding If A New Build Home Is Right For You

Some key considerations...

One key consideration when looking to move home is whether or not to buy a new build property. And whilst buying new is indeed becoming a more and more popular option, there are still many buyers who don’t know the benefits that come with buying a new build. 

So to help you decide if new is right for you, here are some of the key considerations to think about!

The purchase of the property

When it comes to the buying process, one of the big advantages that comes with buying new is you don’t have to worry about being stuck in a chain. Having to negotiate on the price of an existing property is a lengthy and complicated process, and relying on the sale of other properties further down the chain can be frustrating and can lead to the sale falling through. 

Buying new removes these issues, which for many people is a good enough reason alone to opt for buying a new build. You are also eligible for schemes such as the government’s Help to Buy equity loan, which allows you to borrow up to 20% of the property value from the government, meaning you only need a 5% deposit to buy. The Help to Buy scheme is also only available on new build properties, which is another benefit of buying new.

The day to day running costs

Another consideration is the comparative running costs of a new property versus an existing property.

All new build homes are built to specific environmental standards, which according to the Home Builders Federation makes them approximately 65% more energy efficient than existing properties. Existing properties often don’t have good insulation, energy efficient appliances and quality windows that come as standard with a new build home.

Whether you buy new or old, you will receive an Energy Performance Certificate (EPC) for the property you are purchasing. This certificate is valid for 10 years and rates the energy efficiency of the overall property on a scale from A (best) to G (worst), based on a number of aspects. The EPC also shows the potential energy use of the property, with expected yearly running costs. This helps you to compare the properties you are considering purchasing, both new and old. 

Peace of mind

Property is the biggest purchase you will ever make and for that reason you want it to run as smoothly as possible, with no nasty surprises. With existing property, there is always the risk of unforeseen repairs that can be uncovered after you move in, which could end up costing a fortune to fix.

New build properties have the advantage of being covered by not one, but two warranties. The first warranty period is from the house builder and typically lasts for two years. In this period you will be covered for any snagging issues that may occur as you settle into your new home. After the two years is up, you will continue to receive a further eight years of cover under the National House Building Council’s (NHBC) Buildmark warranty scheme, which covers you for any structural issues that may occur with the build.

The NHBC Buildmark scheme covers around 80% of new homes built across the UK – that’s around 1.6 million homes. “Under NHBC’s 10-year Buildmark warranty, the builder is responsible for putting right any damage caused by their failure to build to NHBC Standards in the first two years,” says Geoff Egginton, NHBC Regional Director for the North East. “Years three to ten are covered by the NHBC should any issues arise, giving the homeowner protection during this period.” There are also other initiatives that help buyers to decide between different house builders.

The NHBC and HBF conduct annual customer satisfaction surveys, helping potential new build buyers to understand the quality of each builder’s homes. Strata for example received a 5-star status in the last survey – the highest possible accolade, with 95% of their customers saying they were happy with the quality of their new home and would recommend Strata to a friend.

The home’s history

Many buyers enjoy the quirks of an older property and relish the challenge of renovating an older home. While new build homes might not have the history of an Edwardian terrace or the quirks of a 1930’s semi, a new build has its perks. For some, having a new home that nobody has lived in or put their stamp on yet is more appealing. 

Furthermore, innovative new home designs are constantly being created and there are now so many exciting options to choose from when it comes to buying a new home, meaning you can still find a unique home with character and style.

This article was kindly provided by Strata. You can take a look at their developements listed on New Home Finder here, and visit their website here

Publish date: 03/05/2018

Publisher: New Home Finder