What do buyers like about buying a brand new home?
Many property buyers find the idea of buying a New build home, very appealing and there are a number of reasons for this:
Many people like the fact that they will be the first to live in the property. It’s a bit like buying a brand spanking new car straight from the factory. It has that lovely fresh brand-new feel and smell about it and you take great satisfaction from the fact that you are the first to use it!
Repairs and redecoration costs should be minimal for the first few years. Unlike buying an older home, you don’t need to worry about any unexpected and costly repairs like a new roof or failing heating system. So, you don’t need to set money aside for the unexpected and worrying things that might appear.
Buyers can often select fixtures and fittings to tailor the property interior to their taste
New properties come with guarantees. The NHBC 10-year warranty is one of the most widely known although there are others such as BLP’s housing warranty insurance and LABC Warranty.
If the property is built to the correct standard, homeowners can enjoy lower running costs and energy bills. Due to the modern insulation and double glazing used during the building process, energy bills tend to be lower than an older house of the same size.
A new build home is a blank canvas, with many development companies giving buyers the option to choose from a range of fixtures, finishes and flooring. Having this freedom to choose the specifications of the house to suit your own taste and style can be appealing, and takes away the hassle associated with redecorating an older property when you move in.
There won’t be a lengthy upward chain as the builder will be a the ‘top of the chain and in the case of first-time buyers there won’t be any chain at all.
Anyone buying a new build property can also use the Help to Buy Equity Loan Scheme meaning they can buy a new home with as little as a 5% deposit. Some Companies also provide a New Starter Homes Initiative to make owning your own home easier.
Some Builders will also provide incentives such as Stamp Duty paid by the Builder or contribution to legal costs. Buyers can also negotiate incentives such as the inclusion of additional items at no extra cost such as flooring, appliances etc.
At Walker Foster, we have a dedicated legal team who act for buyers of brand new property. This is a specialist area of conveyancing as buyers of new properties need a very specific legal service.
If you would like to talk to someone in our New Build team, please get in touch with Jess at [email protected] or you can call Jess or one of the New Build team at 01535 656000