What are the benefits of buying a new build property?

When you are considering buying a home, the decision comes down to what you’re looking for in a house. Both older properties and new build houses have their pros and cons, but new build properties do have a number of benefits that may make them a more attractive investment for many.

1. No Chain: One of the advantages that come with buying a new build house is that as the first owner, you won’t have a chain of buyers to consider. This takes away one of the main stresses in the home-buying process.

2. Part Exchange: Many new build properties can be bought via part exchange, although each building developer has its own specifications. This means you could use some or all the equity in your home to buy a new build house from the property developer. The developer will purchase your property in exchange for using the proceeds on a house in their development.

3. Lower Energy Costs: New build properties are built with energy efficiency in mind as they have to meet more modern building regulations. In the current economic climate, this can be of great benefit and help to lower your heating and electric bills.

4. Warranties: All new build properties come with a 10-year warranty provided by the National House Building Council (NHBC). If any issues arise, the developer is responsible for covering the cost for the first 2 years. For the remaining 8 years, repair costs will be covered by the NHBC.

5. Home Buying Incentives: New-build properties often come with incentives offered by developers such as deposit unlock schemes, deposit top-up schemes, and contributions towards your mortgage whereby the developer will give you money towards your deposit or monthly mortgage payments. You could also have your stamp duty paid for you or benefit from many other incentives developers throw in such as free carpets for example.

6. Added Protection: All property developers have to be registered and answerable to an industry code of conduct.  The New Homes Quality Board is a new body that introduced a new framework in 2022 that governs the services provided by building developers. There is also a newly formed New Homes Ombudsman service that is developing an industry-wide quality code. All this gives buyers more protection and compensation options if they aren’t happy with the building quality or the way the property was sold.

Both new builds and old homes have their pros and cons. Old homes usually have character and years of history behind them whereas new builds offer a ready-made home that you can move into straight away. 

Ultimately, whether a new build property is better than an older home will depend on a number of factors such as your budget, what you’re looking for in a home, and what assurances you would like when you’re buying a property.

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