75% of people say they would buy a new-build property. Here are 5 reasons that buying a brand-new home can benefit you.
If you’re considering buying a new-build home, you’re not alone. New research by the Home Builders Federation has found that three quarters of home buyers would consider buying a new property, even though new-build homes often come at a premium price.
We’ve previously looked at why you might pay extra for a new-build property. But what are the main reasons that you might choose to buy a new rather than a second-hand home? We look at the latest survey and why you might want to consider a new property.
New homes are energy efficient
New research from the Home Builders Federation has found that Brits still have an overwhelming desire to own their own home.
Two in three non-homeowners admitted they’d love to get onto the property ladder, with this figure rising to 78% amongst 18- to 24-year-olds and 83% amongst 25- to 34-year-olds.
Three quarters of survey respondents said that they would consider buying a new-build home, and the number one reason was that new-build properties are more energy efficient. 38% of people said that energy efficiency was a key reason to choose a new build.
2017 data from the Home Builders Federation found that, according to Energy Performance Certificate data, more than 8 out of 10 new builds have the top A or B rating for energy efficiency. This is compared to just 2.2% of existing properties.
Features such as improved insulation and double-glazing can all contribute to the improved energy efficiency of a new home.
As a result, new homes use, on average, 103kWh/m² worth of energy compared to an average of 294kWh/M² for existing homes.
This means that if you buy a new-build property, you will spend an average £443.30 a year (£276 heating / £108 hot water / £60 lighting), well under half of the £1,072 the owner of an older home can expect to spend. You’ll save, on average, £52 a month or £629 a year.
Of course, as well as cost savings there are also environmental benefits to using less energy.
You don’t have to do any DIY
The second most popular reason that potential homebuyers cited as a reason to consider a new-build home was that there would be little or no DIY to undertake. 35% of respondents said this would be a key reason to avoid a second-hand property.
Considering that the average spend on home improvements is £13,472, it’s perhaps no wonder that buyers would rather choose a property where all the work is done!
When you buy a new-build home you will typically receive a guarantee, such as:
- National House Building Council (NHBC)
- Local Authority Building Control (LABC)
- Premier Guarantee
- Building LifePlans Ltd (BLP)
If you have a guarantee and an issue arises, you can contact the developer during the period of the guarantee and ask them to take care of it. You benefit from the peace of mind that you typically won’t have to fix the problem yourself.
You’ll also benefit from the financial savings that you’ll make knowing you probably won’t have to pay for any repairs out of your own pocket.
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You have a blank canvas for your own decoration
Just over a third of those surveyed (34%) said that a key reason to buy a new home was because you get a completely blank canvas. You don’t inherit ugly wallpaper, a dated bathroom or a bad paint job that you have to deal with yourself.
If you’re buying a new build then you may even be able to choose wall coverings, carpets, and your bathroom and kitchen. If not, a new property will typically be painted in a neutral colour. This means you have a completely blank canvas to show off your style and interior decorating skills.
The move is less stressful
When you decide to buy a new-build property, it means that you don’t have a chain. You don’t need to wait for another property to sell in order to buy your home, and this can make the buying process much less stressful.
You can move in as soon as your home is completed, meaning you’re not waiting for the previous owners to find a new property to move in to.
Buying a new-build home also gives you access to a range of government-backed schemes. Initiatives such as Help to Buy are designed to help buyers to afford a new property, and some of the schemes are only available if you’re buying brand-new. This can make the mortgage more affordable and help facilitate a smooth buying process.
Read: How to get a new-build mortgage
A new home is built for modern living
Many older properties have character, but they can be unsuitable for modern living. Many have small rooms, a tiny garden or an unusual layout.
New-build properties are built with modern lifestyles in mind. For example, most buyers now prefer homes with open-plan and multi-functional spaces, particularly if they have a family.
And, technological advances mean that we’re now using loads more electrical gadgets than we ever have before. New homes need to cope with all these appliances being plugged in, meaning they are equipped to deal with modern lives.
New-build properties are also designed to modern safety standards. They will be built using the latest fire-resistant materials and include features such as smoke alarms and, sometimes, fire doors.
Regulations also require some properties to have windows that open wide enough so you can escape in the event of a fire. You won’t always find these features on older homes.