Cripps Developments explains why buying a new build property is a good investment.
Buying a house is a big investment, therefore it's important to know exactly what you're getting for your money and whether it is right for you. Purchasing a new build property, and being its first owner, has many benefits and with the possibility of being able to buy the house exactly how you would like it with many appliances included, it is definitely an option to consider.
Claire Richards at Cripps Developments explains all you need to know about new build properties; from why you should choose one over an older home to what to expect during the buying process.
Why you should choose a new build over an older property
With a new house you can budget your expenditure from day one whereas with an older house, a bit like buying a second hand car, everything has a degree of wear and tear and could likely fail at some time.
'The beauty of a new build house over an older second-hand home is that you will be the first person to have lived in the property,' says Claire. 'Everything is new - and depending on the stage of construction, the purchaser can often select details such as the kitchen door fronts and wall tiles in all wet rooms, to tailor the property interior to their own taste – therefore nothing will wear out immediately. This means you should not face any unexpected or unplanned expenditure to replace anything that goes wrong, such as the boiler fails or a damp patch appears on the bedroom ceiling because of a slipped roof tile.
'New build homes are required to be built to much higher standards and must adhere to minimum standards of energy efficiency so, with ever increasing energy costs, a new home could help save money in the long term. Also, new builds are monitored and checked at various stages of the build process by independent professional bodies to ensure a quality build, the very latest designs incorporating safety and security.'
With a new build being in near-perfect condition, with no repairs likely for some time, it can be confidently said that a new build is a good investment. This is something Cripps Developments is confident about too, with Claire saying, 'past experience has shown that when buying a new home, resale values of most modern houses have stood the test of time because they are more energy efficient, cheaper to run than older houses.'
Other factors to consider when buying a new build property
Are new build house prices negotiable?
'Unlike older houses, the builder of a new home knows exactly how much it costs to build the house and therefore will price it accordingly,' adds Claire. 'Builders will have planned when they expect to sell each new house on a development so if they find that a plot has not been reserved by the time they reach a certain stage of construction, they might offer an incentive to secure a purchaser.'
Does a new build house need a survey?
While it is always down to a buyers as to whether they choose to have a survey completed or not, the fact that each new house comes with a 10 year structural warranty should give any buyer sufficient peace of mind. However Claire explains 'if the buyer requires a mortgage, their lender will require a valuation inspection to be undertaken to see that the property gives sufficient value to cover the amount of the loan requested.'
Buying a new build as a second property
The advantage of owning a second or holiday home is that homeowners then have the ability to generate a healthy second income, while having somewhere for themselves and their family to escape to throughout the year. Claire adds: 'Owning a second or holiday home is a long term tangible investment with many people opting to use rental income to supplement their pension in retirement. Buying a second home for personal use can be seen as a lifestyle change as you have your own personal getaway where it is possible to escape the stresses of life and work in a more pleasant location.'
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