Are new build properties really overpriced?
In order to help you find an answer to that question, we've taken a look at some of reasons why you may find new houses to be excellent value.
Energy efficiency of new build properties
New houses are built to the latest energy efficiency standards. Double glazing, cavity wall and loft insulation, an efficient boiler, these are some of the things that help keep energy bills down and mean money can be saved over time. Older properties can be made more energy efficient but it can be difficult as well as expensive to do so.
Another significant advantage new houses have over traditional properties is they require less maintenance. By moving into a property where everything is new, you're far less likely to deal with things like the boiler breaking down. You won't have chipped walls, skirting boards or tiling that has to be replaced. Less maintenance means less outlay in the future.
Better sound proofing
Having peace and quiet can be high up the list of priorities for any home buyer. With a new build home, you'll usually have superior soundproofing as a result of quality sound insulation being installed.
The building guarantee
The vast majority of new build homes come with a 10 year guarantee such as that given by the National House Building Council. This is insurance you have against any bad building work being carried out. So If you need something fixed within that 10 year period, you don't pay for it, the builder does.
A new house means you're moving into an immaculately clean home. It also gives an immediate advantage in terms of cleaning since, because of their modern design, new build homes can be easier to maintain.
Potential return of investment
Buying a new build property is often seen as a wise move because of the potential return on investment it brings. Renting out a buy-to-let property, for example, usually means a higher rent can be charged for it.
New builds means you qualify for Help to Buy schemes
Buying a new build home means, subject to meeting other criteria, you can access some government initiatives such as the Help to Buy Equity Loan. This allows you to receive a government loan of up to 20% of a property's value after putting down an initial 5%. New house builders themselves often offer extras with new houses that buyers of older properties don't receive.
Buying a home of any type is always a big decision and everything should be taken into consideration. For many though, buying a new house will always give excellent value and why new houses remain such a popular choice on the property market.
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