As we say goodbye to 2016 and move into a 2017 many people take the opportunity a new year brings to make some changes. New Year’s resolutions are devised, and plans to make them happen sworn upon. Alongside getting a new job, finding a new hobby, starting a new diet and joining a gym, finding a new place to call home is high up on many people’s New Year “to do” list.
For those of you thinking of embracing change and moving to pastures new, why not challenge your perceptions and consider the new build home option? There are a whole host of reasons why you should buy new, from brand new fixtures and fittings to energy efficiency savings worth hundreds of pounds every year. Here we’ll try and run through just some of the reasons why this New Year, you should at least consider a new home.
1. Help to Buy
Put simply, the scheme allows you to buy a new build home with just a 5% deposit, which is then topped up by 20% in the form of an equity loan from the government, effectively giving you a 25% deposit. Not only does this make a new home affordable, it also gives more flexibility with mortgage options and could lead to getting better interest rates and thus lower monthly payments.
That’s why 100,284 purchasers, including over 80,000 first time buyers, have taken advantage of the offer and used the Help to Buy Equity Loan scheme to buy a brand new home.
There is also further help available to first time buyers through the government’s Help to Buy ISA scheme. The premise is simple: if you are a first time buyer and save up to £200 a month towards your first home using a Help to Buy ISA, the government will boost your savings by 25%. Ultimately, it means that if you save £12,000, with the government top up you’ll actually have £15,000 for a deposit!
2. The cost of upgrading an old home to new build specifications
When looking at second hand homes, it’s rare you’ll find somewhere that you could move into without even adding a lick of paint. In which case, how much would you be prepared to spend in order to put your own stamp on a house? £1,000? £5,000? Perhaps even £10,000?
Industry research has shown that the cost of upgrading an older home to same specifications as a new build property is nearly £45,000. Everything from new fixtures and fittings, a new boiler, new appliances and brand new double or triple glazing throughout.
A new build home also offers you a blank canvas and gives you the chance to work with the builder to help shape the house you’re moving into before you get there. And with the £45,000 you’ll save yourself, imagine what you could afford instead!
3. Energy efficient homes: greener and cheaper!
When you’re thinking about buying a new home, it’s never just the initial price of the property that you’ve got to take into consideration. Not forgetting removal costs, legal fees and stamp duty, you’ll also have to factor in running costs in the future.
New build homes are built to exceptionally high standards and use the latest, high quality materials available and take advantage of energy efficient boilers and heating systems, brand new double or triple glazing, and innovative water and drainage systems. This means a new build home will not only stand the test of time, but will actually end up saving you a lot of money every year.
All this combines so that on average, new homes built in England and Wales today are 65% more energy efficient than their Victorian equivalent, making them roughly 50% cheaper to run per year, adding up to annual savings of between £440 for a 1 bed ground floor flat, and £1,410 for a 4 bed detached house.
4. Peace of mind
Peace of mind is more than just knowing that you’re buying a quality new home and getting great value for money. It’s also about being confident in the house you’re buying and knowing that should anything happen, you’re protected. That’s where the Consumer Code for House Builders and the 10 Year Home Warranty schemes come in.
The Consumer Code for House Builders is an industry-led code of conduct for builders that was developed to make the home buying process fairer and more transparent for purchasers. It applies to all UK house builders registered with the main new home warranty providers, such as the NHBC and Premier.
The 10 Year Home Warranty schemes give you the peace of mind that should anything untoward happen to your new home, you won’t be left to pick up the bill for fixing it. The warranty covers you from before completion right through to 10 years after completion.
5. Ways to buy
Aside from the government’s Help to Buy schemes, many house builders also offer low interest shared equity schemes, which are a great way for first time buyers to get onto the property without having to put forward a big deposit.
If you’re already on the property ladder and looking to move up, a number of house builders also operate part exchange schemes, whereby they buy your existing home from you for the market value, or assist you with the sale of your property by paying for estate agency fees and helping with the marketing of your house.
Buying a new home gives you a number of options that can make the ultimate goal of home ownership more affordable and completely achievable.
6. The hidden benefits of house building
You’d be excused for thinking that when it comes to house building all that was provided was, well, new homes. But the creation of new homes also delivers significant social and economic benefits to communities.
There are many ways in which house building contributes to the wider economy. This ranges from such things as extra tax receipts to fund public services locally and nationally; the extra jobs created; the millions of pounds that go towards new schools and playgrounds; and the millions of trees and shrubs planted every year.
House building is about far more than just building homes.
So, now you know more about the many great reasons why you should consider buying a new build home, why not find out more about some of the great developments that are currently selling homes near you!
Just head to www.new-homes.co.uk to start your search today!