Finding the perfect property can feel like finding a needle in a haystack — especially as a first-time buyer. You’ve likely heard that new build homes make for the best investments. But you’re smart for seeking solid evidence before taking any final leaps of faith.
The truth is that new builds have lots of advantages, especially for those seeking long-term investments. These are the primary benefits that first-time buyers should weigh up.
Low maintenance and modern features
Everybody loves low-maintenance properties. As a first-time buyer, picking a newly built property reduces the likelihood of immediate repairs and renovations. With recent constructions, there’s simply less wear and tear, resulting in an easier purchase and move-in process.
Modern features are part of the new build approach, too. Developers typically sell these brand-new homes pre-fitted with modern appliances and smart features, like security systems and remote-controlled thermostats.
Energy efficiency and cost savings
After squirrelling away hard-earned cash for deposits and conveyancing fees, an energy-efficient property is music to a first-time buyer’s ears. New houses cost an average of £800 in utilities per year. That’s a sharp contrast to older properties, which cost more than double at approximately £1,800.
The results are down to a perfect combination of high-performance insulation, energy-saving technology, and modern construction methods. Who wouldn’t want to cut costs?
Government schemes and financial incentives
The number of first-buyers is steadily increasing — and the influx of government schemes and financial initiatives has definitely helped. Here’s the thing, though: many of these schemes are more commonly allocated to new build properties.
For instance, it’s easiest to access new builds through the First Homes scheme. The rule of this initiative is that properties are only eligible when previously bought through the scheme or built by a developer. As it only launched in 2021, it’s easier to find new builds than resales.
There are other initiatives for first-time buyers to consider, though. Research Shared Ownership, Own New Rate Reducer, and Help To Build.
Warranty and builder support
Respectable developers tend to provide a 10-year warranty for good-quality new builds. A big benefit of this is that first-time buyers are covered by insurance for any structural or construction-related issues. That peace of mind goes a long way.
Strictly speaking, conveyancers should notify buyers of potential issues when purchasing older properties. But ultimately, new builds provide better protection from unexpected costs.
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