A lot of people out there will turn their noses up at new build homes. It’s easy to see why, of course - they lack the personality and uniqueness of old homes, which offer a sense of romance and history, too. However, if you are point blank refusing to look at the new build market, you might be making a big mistake. There are dozens of benefits that come with buying a new build, and if you are a first-time homebuyer, there are plenty of reasons why you should forgo the old rather than the new. Let’s take a look at some of the benefits of buying a new build property.
The ‘brand new’ experience
While older homes might have some character, they have also been lived in. That means decades - possibly centuries - of dirt, grime, wear, and tear. No old home will be absolutely perfect for your immediate needs, and one of the first things you will be thinking about is renovating, replacing and accommodating your style of living. With a new build, everything is fresh, brand new, and designed to modern standards. All you need to do is move in, and there is no work involved other than basic decoration. You might even be able to play a part in the design process if you offer your interest early enough.
If you express interest in a particular development at an early stage, you will find you get to pick and choose from the best of the properties. Whether it’s a nice garden or a top-floor penthouse with all the trimmings and fabulous views, if you get your name down quick, you can choose your perfect home. You might be offered a broad range of furnishings options, too. Many developers will be happy to kit out a kitchen with a specific oven, for example, if you express your desires.
There is something of a myth surrounding new build properties, in that people complain they are bland, dull and full of magnolia. This is true, of course, but the idea behind this type of basic decor is to give you a blank canvas to do what you want. It also means you can take your time with decoration - you will never see a new build on sale with crazy carpet patterns or wild wallpaper - and can work slowly, within your budget over some months.
One of the best reasons to buy a new build home is that you have protection. Maintenance and repair costs in older homes can be exceptionally expensive, but with new builds, you will often find you get things like structural warranties - possibly for as long as ten years. That means that any issues that arise will be the responsibility of the seller or the builder - not the buyer. As a first time homeowner, new builds might be an excellent way to start adapting to the higher costs of ownership for renting a property, where the landlord is responsible for the vast majority of maintenance issues.
So many home buyers are left disappointed when the property chain breaks down. Person A wants to buy a property from person B, who wants purchase a home from person C. The trouble is, person D can’t sell person C their home until person E buys their’s - and then person F decides to pull out altogether. These chains can be endless, and at every link, there could be a problem - 20 percent of property sales are canceled. With a new build, it’s smooth sailing. Get accepted, find your home loan, and the property is yours with no trouble from a chain.
Old homes were not designed to be energy efficient, and it can take a lot of work to get them up to modern standards. With new builds, however, everything is built with energy efficiency in mind, due to government regulations and current consumer demands. With a new build, you can guarantee that your home will be well insulated and have energy efficient central heating. The plumbing and electricity will also be piped and wired to modern standards. In short, with energy efficiency and durability in mind, new properties will end up saving you a significant amount of money over your duration in the home. They are built to last, too. When you decide to move on, all you will need to do is some basic decoration and refresh work, rather than large-scale repairs and building work.
Healthy and safe
Modern homes are also built with health and safety in mind. Because of their brand new air conditioning systems, for example, new build homes can benefit people with breathing conditions such as asthma - who may struggle when living in an older property. New builds will also come equipped with enhanced safety and security, with double or triple glazed secure windows, fire, and carbon monoxide alarms, and sturdy, robust locks. Modern new builds are designed with external safety in mind, too. Outdoor lighting, security gates, and underground garages can all reduce the amount of crime experienced in the area.
While there are no guarantees for a return on your investment, it’s fairly standard that new build properties will rise in price faster than older properties - especially if you are amongst the first wave of buyers. There’s a good reason for this. If you buy off the plan, you tend to get a cheaper deal and move in quicker, before all the building work has been completed. As more homes go up and more people move in the value of your property might well rise, too. In general terms, developers raise the prices of their homes as each one sells, and your property will be linked to value to the last home sold - not the first. In many cases, this will exceed standard house price inflation, meaning you could walk away from your new build with a healthy profit to use as a deposit on your next home.