Buying new buildings can yield unique benefits. For example, off-plan purchases can grow in value by the time construction has finished, and some home builders allow purchases to customise the house.
Of course, you’ll also benefit from a new, high-spec house with excellent energy efficiency, a new heating system, and appliances protected under warranty. In addition, while buying new builds went through a rocky patch with the ‘leasehold scandal’, all new builds must now be freehold – which is great news for buyers.
So, what do you need to consider when purchasing a new build property?
Off-plan purchases
If you’re interested in a customised property with a high-spec, off-plan purchasing could be ideal.
This involves buying a property before it’s constructed. Since you negotiate the deal before construction, you could benefit from an uplift in the property’s value before moving in.
Builders will often offer customisable options, particularly fixtures and fittings, so you can customise the property before moving in. This can save both time and money versus moving into an older home and renovating or modifying it.
Warranties
New builds registered with the National Home Building Council will come with 10-year warranties for the home’s load-bearing elements, such as walls and ceilings.
Then, there’ll be a two-year snagging period covering the heating, fittings, fixtures, white goods, etc. Always check and confirm the warranty periods and coverage.
Pricing and negotiation
When developers plan a project, they’ll advertise asking prices for new builds.
These prices are negotiable, however, and you’ll likely be able to get a better deal if you argue your case with data about average house costs in the area, etc.
Sometimes, instead of a discount, you’ll be able to negotiate upgrades for no extra cost, or the developer will discount Stamp Duty or other moving costs.
The benefits of buying a new build
Guarantees: New-build homes generally come with a 10-year NHBC warranty for the load-bearing elements of the house and a second two-year warranty for its appliances and contents.
High-spec: New builds are often energy efficient, with high-spec insulation, modern windows, doors, etc. They may also come with high-spec heating with a modern boiler or even underfloor heating and other additions which aren’t typical of older properties.
Customisation: If you buy off-plan, many developers will allow you to customise fixtures and fittings.
No upward chain: When you buy a new build, the seller isn’t relying on the money to buy their property, which makes the entire process more swift and efficient.
First Homes scheme: The government’s First Homes scheme can provide a 30% discount for first-time buyers and is exclusive to new builds. You can check with the developer to see if they’re offering it.
New builds offer many advantages for home buyers, both practically and financially. If you’re looking for more help and advice about properties in Salisbury and the surrounding area, then speak to the Carter & May team today!