Deciding to buy a new home is an exciting adventure, that often only happens a handful of times in a person’s life. You may be wondering if in 2023, a new-build home is better choice than investing in an older property, and what the benefits are?
With the cost-of-living crisis, the consideration of your new home’s expenses, mortgage rates, bills, and other outgoings are vital to factor in to your next biggest spend.
New-build homes could, in-fact, be the right move for people to be making – both financially, environmentally, and with a view to the future. With the Home Builders Federation (HBF) stating that energy efficient new-builds can save buyers £3,100 in energy costs, it is important to consider every option, including investing into a home that could save thousands on running costs, along with other bonuses, such as not being stuck in a property chain.
Managing Director Steve Midgley and Sales and Marketing Manager, Vanessa Gregory, at East Midlands-based, family-run home builder, Fairgrove, share a few of the benefits for those buying a brand-new home.
Vanessa explains why buying off-plan has its benefits
“One of the highlights of buying a new-build home is, predictably, that it is brand-new. A new home is a blank canvas, with fresh tiling, paintwork, kitchens and bathrooms, meaning there will be little need to spend time working on a new home.
“Fairgrove’s developments include The Brewery Yard and Nine Corners in Kimberley, Nottinghamshire as well as Swanwick Fields, near Alfreton in Derbyshire. Their new build homes offer the latest technology, with smart home features and open-plan layouts.
“Buying off plan often gives buyers the option of choosing their own fixtures, fittings and finishes, ensuring a home can fit the personal design tastes vision of the buyer.”
And Steve says new homes provide a boost to buying
“New homes are purchased under a warranty that covers the property for 10 years. Fairgrove offer schemes, such as Easy Move, free mortgage advice, and run mortgage contribution schemes and bonuses, which all contribute to the advantages of buying a new home.
“New policies such as a smaller deposit option and accessing cheaper mortgage rates, are just some useful benefits that are offered exclusively to new-build homes, that help them to stand-out from their older counterparts, and can significantly help people that are looking to take the leap to purchase.”
Your bills will most likely be significantly lower than older properties
New-build homes must comply with the latest building regulations, making them far more energy efficient than older properties.
According to the Home Builders Federation (HBF), 53% of buyers are now factoring in running costs when deciding what to buy. Lenders are also being encouraged to support buyers to make better environmental and economic choices.
Updated analysis of Government Energy Performance Certificate (EPC) data shows buyers of new build homes – flats and houses – could save an average of £3,117.85 when comparing brand new houses with older counterparts.
New-build homes have been a more energy efficient option over second hand homes due to the leaps and bounds in technology and materials over the last ten years, such as new appliances, better insulation, underfloor heating, and modern building materials. Sustainability standards are also becoming a bigger priority, due to an increase in standards and frameworks that homebuilders must abide by.
In the ongoing cost-of-living crisis that the country and world faces at present, this is an essential saving that occupants of new-build homes will be making, one that could open up crucial extra funds to cover other rapidly rising costs.
With affordable finance, lower maintenance bills, ease of purchase, buying schemes, new-build homes need to be seriously considered as not only a long-term investment, but a way in which to save money and enjoy a quality home in the present, too.
To learn more about the ongoing developments of Fairgrove, please visit: https://www.fairgrove.co.uk