In today’s market the supply of new homes remains far behind current demand. Although there is evidence of housing stock that is in disrepair and in need of refurbishment, in large part the problem has been driven by an insufficient number of new homes built.
Older housing stock might have its benefits, but what about new homes?
Here are 5 benefits to buying a new home you should consider;
1: Modern Facilities – A new home means less maintenance! The roof and the wiring are perfect – and if they aren’t you should benefit from an NHBC warranty or similar (check with the housebuilder or his estate agent). You’ll also have a home built to the latest building regulations and with the most effective materials. Modern kitchens and bathrooms will be included in many cases. That walk-in wet room or breakfast bar might be a reality sooner than you think!
2: Less Deposit – New homes are, well, new. There will be no retentions for improvement works that might be a condition of your loan. Furthermore, new home buyers might well benefit from the government’s Help to Buy Scheme which is now only available when buying a new home.
3: Bespoke Design – This will vary from builder to builder and it will only be worth doing if the property has yet to be built, but most housebuilders will be open to certain changes to non-structural internal features. This might be changing door furniture or installing solar panels and rainwater harvesting. It’s worth checking, especially if you are looking to buy ‘off plan‘.
4: Smaller Gardens – To some of us this might seem like a disadvantage but in today’s busy world, especially when both partners are working full-time, a large garden can quickly become a burden. Most modern homes have smaller gardens and this, coupled with the fact that everything is new (and even warranted) makes for a low maintenance occupation.
5: Cheaper Energy Bills – New homes will benefit from improvements in technology and in building regulations. The energy needs of a new home are likely to be much less than for older, less well insulated homes with old boilers and non-LED lighting.
New homes might be few in supply right now, but we can certainly see why they are in demand.