With a property purchase one of the largest financial commitments you’ll probably make in your life, ensuring that you choose wisely is key. New builds are a popular choice, not least because, in addition to having a brand-new property that no-one has ever lived in, there are plenty of styles of new builds to choose from around the country. From downsizers and first-time buyers to retirees, new builds offer plenty of choice for any stage of life. But is a new property a good investment to make?
Low energy properties will be in demand
Investing in a new build property is a good financial decision for a number of reasons. Firstly, new builds are incredibly energy efficient, which is an important factor when you’re weighing up the affordability of a property. They’re built with double glazed windows, contemporary boilers and high-quality insulation, which reduces the cost of heating your home and makes for an eco-friendlier property.
The low energy consumption of a brand new home not only reduces the carbon footprint of its inhabitants but going forward, given the critical nature of the climate crisis, having a low energy property will be a valuable asset when you come to sell. Since new homes tend to have higher EPC ratings than older properties, this is a positive factor for owners – particularly in a selling market.
Modern layouts for buyers
A modern layout, with an open-plan design that blends your kitchen, dining and living room areas, is popular with many buyers today. It suits modern family life, and the layout of a new build often surpasses the closed off rooms in older properties. Buyers today often look for minimalistic, simpler layouts in the homes they buy.
If you maintain this layout in your home before you come to sell, rather than make renovations or changes, and you design the interior in a neutral way, then your property is likely to have positive resale value and will appeal to future buyers. But it also makes it a more comfortable home to live in for you as the owner too.
New build properties are exclusively freehold
All new build properties are now sold as freehold properties, which means that you’re not having to worry about doubling ground rents or other leasehold charges. Up until June 2020, new builds were able to be sold as leasehold properties, which meant that owners had to pay ground rent and, in some cases, even had to pay the freeholder if they wanted to make changes to their mortgage. Those days are gone, and now you’ll be the sole owner of the property, which is a great incentive to purchase a brand new home and makes it easier to sell on too, if you decide to in the future.
Ideal for fast-growing areas
If you’re looking to buy in a fast-growing, up and coming area, a new build property can be a great way to take advantage of the positive trend. If you buy off-plan in a location where the property prices are rising, you could benefit from equity growth before you’ve set foot in the door.
Guarantees, warranties and incentives
A new build property is precisely that – brand new. So, you can be sure that all the fixtures and fittings are new and modern, without having been used or potentially damaged by a previous owner. Additionally, most properties also come with a guarantee from the builder which provides peace of mind.
If the home you buy is registered with the National House Building Council, it will come with a 10-year warranty and be part of the protection scheme which minimises maintenance costs and instils confidence that your purchase will be protected. There are plenty of financial incentives to take advantage of too, from home upgrades to stamp duty paid for.
In summary
The new build market is likely to remain strong throughout the coming months, as they’re typically considered to be a safe option. Reliable, low maintenance and cost-effective to run, new builds could be a beneficial investment to make for the future. What’s more, it provides buyers with a blank canvas to put their own stamp on. With modern fixtures and fittings and a contemporary look, they are a positive investment whether you’re taking your first steps on the property ladder or looking to move home.
For professional advice and expertise on new build homes, contact the team at Land & Brand New Homes today.