What Advantages Do New Build Properties Have?

With the current housing crisis continuing the Government has promised to build more new homes to improve the shortfall but these numbers still fall short of the demand. For many looking to purchase a new home, buying a new build or building your own home can be an option. We have compiled our top 5 reasons highlighting the benefits of purchasing a new build property.

1. Sustainability

All new homes must be built to reach certain standards and guidelines set by the Government to ensure they are energy efficient. New homes must have well insulated walls and floors, energy efficient heating, draught proofing, double glazing and energy efficient appliances and light bulbs. These guidelines are working towards creating a sustainable future for our homes and the building industry.

2. Lower bills

Following on from the Government’s sustainability guidelines, the impact on the homeowner should be in benefiting from lower energy bills. Energy conscious homes should use less power to run and therefore will be more eco-friendly. It has been estimated that new homes are up to six times more energy efficient than older homes which should save you a substantial amount of money on your yearly running costs.

3. Help to buy

The Government’s Help to Buy equity loan scheme is only available on new build properties, this is particularly aimed towards helping first time buyers get on the property ladder. The help to buy scheme requires just a 5% deposit with the Government providing a 20% equity loan, allowing you to get a 75% mortgage.

4. Shorter chains

New builds have much shorter chains making the process of buying and selling much quicker and less stressful. On average, there are 7 homes in a chain to buy and sell but this is greatly reduced on new builds. Some companies selling new builds will offer a part exchange scheme, where you buy the new build and the developer buys your property and then sells it on.

5. Lower maintenance

Purchasing a new build property means that everything is brand new and requires little or no maintenance for the first few years. Most new build homes will give you a 10-year warranty for building problems and a 2-year developers warranty for fixtures and fittings. This gives you a greater peace of mind than you would get buying an older property, which may have unforeseen problems.

Buying a new build property can be a daunting experience so it is best to get the help of a professional to guide you through the experience. Our team at PDR Property lawyers are here on hand to help, with a wealth of knowledge and experience, we can sort out all the paperwork for you creating a stress-free buying process.