In a previous article, we explored “New Homes And What First-Time Buyers Should Know.” Now, let’s examine why purchasing a new-build property can lead to significant savings. Buying a new-build home offers several benefits that can support your finances and provide long-term advantages. From cost-efficient features to potential incentives, here is why selecting a new-build could be a smart financial choice.
Financial Incentives and Upfront Savings
Buying a brand-new home may appear expensive initially, but the long-term benefits can make it a money-saving option. Investing in a new-build property provides advantages that promote a healthier bank balance and lower energy consumption.
Firstly, new-build homes often include attractive deals and incentives from developers, making them more affordable upfront. These incentives may cover discounts, waived stamp duty fees, or contributions towards legal costs, helping to ease the financial strain of buying a property.
Energy Efficiency and Lower Utility Bills
Additionally, new builds are designed with energy efficiency in mind. They use modern technology and high-quality materials to improve energy performance, reducing daily running costs. Energy-saving features, such as double-glazed windows, advanced insulation, and modern heating systems, lower energy consumption. This reduces utility bills and supports a sustainable, eco-friendly lifestyle.
Customisation and Long-Term Savings
New builds also come with warranties and guarantees, offering peace of mind and financial protection against unexpected repairs. These warranties typically cover structural defects for several years, saving homeowners from expensive maintenance costs often associated with older properties.
Another financial benefit of new builds is the potential for customisation. Some developers allow buyers to personalise features, such as finishes, fixtures, and layouts. This eliminates the need for costly renovations later, as the property is designed to suit your preferences from the outset.
Furthermore, new-build developments often include modern amenities and recreational facilities. These features reduce the need for additional spending on memberships or travel to access similar facilities elsewhere.
Although the initial cost of a new-build property may seem higher, the long-term savings and benefits make it a sensible investment. From reduced energy bills to financial incentives and peace of mind, choosing a new-build can create a cost-effective and comfortable living experience. When making your decision, carefully assess the features and benefits of new builds. Consult a professional estate agent or mortgage advisor to ensure your chosen home meets your financial needs.
New-builds come with cheaper bills
Newly constructed homes offer the advantage of lower bills due to their high energy efficiency standards. They are both environmentally friendly and cost-effective to heat and maintain.
Over 80% of new-build properties boast an impressive energy efficiency rating of A or B on their Energy Performance Certificate (EPC). In contrast, only 4% of older homes achieve such high ratings on their EPCs.
Modern Features for Sustainability
The energy-conscious design of new builds includes features such as condensing boilers, double or triple glazing, high-quality insulation, and solar panels. These homes also come with the latest energy-efficient appliances and heating systems, further enhancing their eco-friendly qualities.
A study conducted by the Home Builders Federation found that new-build homeowners save an average of £2,600 per year in energy bills. These significant savings make choosing a new build an appealing option.
Beyond lower energy bills, new-build homes also offer reduced overall running costs. With modern technology and eco-friendly features, homeowners can save substantially while lowering their carbon footprint. Opting for a new build improves financial stability and supports a greener, more sustainable future.
Save money on repairs with new-build warranties
New-build warranties provide essential protection and potential cost savings for homeowners.
The Consumer Code for Home Builders (CCHB) ensures buyers are treated fairly and given clear details about the property before and after signing the contract.
Homes built under the CCHB usually come with a 10-year housing warranty. Although following the CCHB is not mandatory for builders, many comply since lenders often require this warranty to approve mortgages on such properties.
Key Features of New-Build Warranties
The housing warranty protects against major structural defects. If significant repairs are needed, the insurance covers the costs. This spares homeowners from unexpected expenses, offering peace of mind and financial security throughout the warranty period.
Several trusted providers in the UK offer new home warranties. These include NHBC, Premier Guarantee, LABC Warranty, and Checkmate.
Choosing a new-build property means homeowners benefit from a strong warranty. This protection helps guard against construction defects, ensuring financial security and peace of mind. Buyers can enjoy their new homes without worrying about costly repairs, creating a safer and more comfortable living environment.
Enjoying the peace of mind with minimal repair costs in the first few years
When you move into a new-build home, one of the main advantages is the reduced need for repairs, especially in the first few years of ownership. New-build properties are constructed to meet the latest specifications and high-quality building standards. They are designed to last and need minimal maintenance.
Older properties may require immediate attention to address wear and tear. In contrast, new-build homes include modern fixtures and fittings that are less likely to deteriorate. Everything is built to be durable and reliable from contemporary plumbing systems to advanced electrical installations.
New-build properties often have extensive warranties covering structural issues and major defects. These warranties can last several years, giving homeowners added protection and financial security. This reassurance means you can enjoy peace of mind and focus on settling into your new home.
As a new-build homeowner, you benefit from a property designed for longevity, reducing unexpected repair costs in the early years. This lower maintenance requirement saves money and creates a comfortable living environment without worrying about large expenses. Enjoy the practicality and cost-effectiveness of a new-build home and experience the ease of hassle-free living.
Explore buying schemes for new-build homes
For aspiring homeowners looking to purchase a new-build property, several advantageous buying schemes are available to make the process more affordable and accessible. These schemes cater to various financial circumstances, making homeownership dreams a reality. Let’s delve into the details of these beneficial programs:
Deposit Unlock:
It’s an excellent option for first-time buyers and second-steppers seeking to acquire a new-build home with just a 5% deposit. 17 reputable house builders support this scheme, including industry leaders like Barratt and Vistry. Whether you’re interested in a house or a two-bedroom+ apartment, Deposit Unlock can offer valuable assistance in securing your dream property.
Shared Ownership:
This government-backed initiative allows individuals to buy a share of a property from a housing association, a non-profit body dedicated to providing homes. This scheme allows buyers to own a portion of the property, resulting in a smaller required deposit and mortgage. Shared Ownership homes can encompass new builds, existing properties, houses, or flats, ensuring that a wide range of properties is accessible to potential buyers.
Lifetime ISA:
The Lifetime ISA is a government-backed savings and investment account available to individuals in the United Kingdom. It was introduced in 2017 to encourage long-term savings for two primary purposes: purchasing a first home or saving for retirement. The Lifetime ISA offers unique benefits and incentives, making it an attractive option for individuals looking to build wealth and achieve specific financial goals.
These buying schemes open up exciting opportunities for homebuyers, making new-build properties more attainable and financially feasible. By exploring these options, aspiring homeowners can embark on their journey towards acquiring a new-build home with confidence and ease. Take advantage of these schemes to secure your dream property and enjoy the many benefits of owning a brand-new home.
Thank you for reading our “Why Purchasing a New Build Could Save You Money?” publication. Stay “Connect“-ed for more updates soon!
