Top 3 Reasons For Choosing New Builds

These are the top three features that motivate buyers to choose a new build over a secondary home.

Buying something new and pretty typically comes with a price premium. Interestingly, buying a brand-new home most likely saves you money in the long run despite slightly higher purchase prices against existing homes.

From buying incentives to lower bills, here are some of the most critical features that motivate buyers to opt for new build homes.

New Builds Are Energy Efficient

New homes must follow the latest EPC standards, so that is why they are energy efficient and offer lower utility bills. This factor is arguably the most wanted feature new homes offer, especially given the challenging market settings and rising living costs.

For instance, more than 80% of new build homes meet the «‎A» or «‎B» EPC standard, sharply contrasting with just 3% for older homes. Condensing boilers, double glazing, solar panels, and proper insulation are driving the energy efficiency of new builds to top-tier levels.

Buying Incentives

Most government-backed schemes like Mortgage Guarantee help first-timers to get on the property ladder. Moreover, such initiatives often apply to new builds exclusively, meaning that FTBs buying new homes can take the most out of the currently available buying incentives on the market.

First Homes, Mortgage Guarantee, and Shared Ownership are some of the most popular and demanded buying schemes FTBs rely on when making their first home purchases.

Moreover, many developers offer their own buying schemes, like the Save to Buy recently launched by Fairview. Several housebuilders also offer to pay legal fees and stamp duty to motivate and support buyers.

Warranties And Low Maintenance Costs

Buying a new build often means no renovation or repair costs in the first several years of living in the new space, thanks to the warranties that come with most new build deals. Buyers can also customize new homes from the very start and select personal fixtures, fittings, and layouts. In addition, a property survey is often irrelevant when buying a new build, which means extra savings on a home deal.

New homes boast new fridges, freezers, cookers, and other white goods. It means that overall maintenance costs of new build apartments and houses are minimal, especially compared to existing homes.

In short, most advantages of buying new builds relate to savings, be it utility bills or maintenance costs. This trend reflects challenging market settings as so many people choose new builds now, including London, where house prices are the highest.

However, many buyers opt for new homes because of the added flexibility this type of housing can offer, so savings and warranties are not the only advantages for choosing new builds over secondary housing.