The last few years have been challenging for keen house hunters, particularly amid soaring inflation and high interest rates. This has led to many questioning whether it’s the right time to get on the property ladder. With house prices starting to fall and numerous incentives offered to those interested in new housing developments, it’s no surprise that more individuals are starting to look toward the new build property market.
Here, we discuss why a new-build property is a great option for first-time buyers and what benefits owning one of these properties entails.
Improved building regulations
All newly built homes must adhere to a strict list of building regulations, ensuring the property is safe for habitation. They even come with ‘snagging clauses’, which essentially mean that issues that arise from the quality of the building work need to be fixed by the contractor.
When compared with older properties, you’ll be required to sort these issues yourself, including things like damp-proofing and maintaining the exterior of the home. This can rack up costs fairly quickly, depending on the state of the property.
First-Time Buyer Scheme
The First Homes scheme was set up by the government to help first-time buyers purchase a home. The scheme favours new builds, offering a discount of at least 30% compared with market prices. Other criteria must be met also, such as a minimum deposit of 5% of the discounted purchase price, which depends on both the mortgage eligibility and the property.
Long-term cost efficiency
New-build properties are typically six times more energy efficient than existing ones, which will save you a large sum of money each year on energy bills. This is particularly beneficial given energy prices are expected to remain above the Energy Price Guarantee (EPG) going into 2023.
A new-build home will also likely include brand-new appliances, which will usually be more energy-efficient compared with those installed in an existing building. Additionally, they tend to last longer, meaning you needn’t worry about expensive maintenance repairs, such as fitting a new boiler.
Customised to suit your style
Sometimes, you may purchase a new-build property that has not yet been finished or you can choose a home off-plan. This allows you to decide what fixtures and fittings you want the home to have, including everything from the flooring to the lights and the outdoor space.
Unlike older homes, you don’t have to put up with or alter the design choices of the original owner, which can be time-consuming and costly. For first-time buyers, it is ideal to enjoy your home and make small decorative choices where you see fit.