The housing market has become more stable after the extraordinary highs and more recent lows of the past few years. During the pandemic, we saw house prices shoot up as the desire to move house outstripped supply, borrowing costs stayed at record lows, and stamp duty was suspended. In the autumn of 2022, the infamous mini budget made borrowing costs rocket, slammed the brakes onto the housing market and appeared to herald the end of the cheap money era. Now, the market is stabilising, and interest rates although higher, are way off the peaks we saw only a short while ago.
Whilst the impact of the energy crisis still hurts, we can see fuel prices are easing and inflation beginning to slow. With that rollercoaster background in mind, and with people feeling increasingly confident about making their next house move, we caught up with our New Homes Agency Assistant, Samantha Vickery to find out some of the reasons why many buyers are choosing a new property over a second-hand one.
1. Choice
The earlier you register your interest in a new residential development, the more likely you are to find exactly the right home. The key to getting that south-facing or top-floor apartment with fabulous views is to get in quickly and find out what your options are. New build homes are designed with the wants and needs of modern house-buyers in mind, so there's every chance you'll find your wishes fulfilled.
2. It’s brand new
New-build homes come with a significant financial benefit: low maintenance costs. With modern plumbing, appliances, heating, and air, a new construction home can leave you worry-free for several years.
They are built by the latest building codes and safety regulations, so new-construction homes are engineered to require less care and maintenance.
3. Low maintenance
Homes can be the biggest time and money-consuming projects, and while we all enjoy updating our homes, we are not all great at DIY, so the pressure is off with the newer house. With less to worry about and fewer unexpected out-of-pocket expenses after move-in, you can spend time enjoying your new home rather than making repairs and updates to an existing home.
4. Developers want to sell new homes
It makes sense that developers want to sell new homes and in a competitive market they price their homes accordingly. They and the government are keen to help you move with offers and incentives, which save you money, time and inconvenience.
5. The Convenience of Move-In Ready
You’re buying from the builder so there should be no hold-ups with a problem further along the chain. Whether you’re on a strict schedule or on a tight budget, new construction homes are a great option for home buyers who want to move in worry-free. There is no need to wait for someone to move out, you can move in as soon as your new home is complete with no upward property chain, less stress and uncertainty.
6. High-Rated Energy Efficiency
With modern construction and the integration of advanced technologies, New-build homes are 65% more energy efficient than equivalent older properties. New construction homes are built with the latest advances in construction materials and building practices, which can give new homeowners the benefit of reduced monthly utility bills. They have the very latest in insulation and heating so this helps you to reduce your home’s carbon footprint and your bills.
Many new construction homes are certified by an independent, third-party home energy rater, which requires the home to meet certain energy standards and requirements. This means the home will include insulated walls and ceilings, helping to reduce heat loss during winter and keeping your home cool during summer. Many new homes also include high-efficiency central air conditioning, further reducing utility usage.
7. The Protection of a New Home Warranty
Just like when you purchase a new car, a new construction home – and everything in it – often comes with a warranty. This means you can buy with confidence knowing the builder will cover the cost of any issues during the warranty period, such as a leaky roof or broken water heater. This is unlike a used home where you may not know about hidden defects or problems until after you’ve purchased the home – and you’re left with the bill.
8. Modern Floor Plans and Designs for How You Live
A new home is thoughtfully designed for the way people need and want to live. An open eat-in kitchen with an oversized island creates the optimal place to gather with friends and family, and bedrooms and bathrooms are strategically placed to keep every family member or guest happy.
New homes are designed for modern living so have more than one bathroom, and often a downstairs cloakroom, plus open plan layouts which are better suited to families, There are no outdated carpets or wallcoverings, or pastel-coloured bathrooms you’ll have to change as soon as you move in.
9. A New Community with new amenities
When you purchase a new construction home, you get more than just a house. You also gain a brand new community with amenities and features you can’t always get in a pre-owned home.
Some communities also offer amenities, such as walking trails, tennis courts as well as new doctors’ surgeries and schools for the local area.
10. An investment in your future
Although you shouldn’t over-stretch your finances or speculate on short-term house price movements, owning your new home is one of the best investments you can make providing peace of mind and a valuable, long-term nest egg.
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