The Government has recently announced ambitious new plans to encourage the building of new homes needed in the UK. In a press release dated the 1st of October 2018, it promised that:
- more new build homes will be made possible through planning reforms;
- a New Homes Ombudsman will be appointed to help ensure that homeowners are entirely happy with the new homes they buy;
- overall housing densities will be improved through the use of blocks of flats, and homes above shops and offices; and
- the completion of 300,000 new homes every year will serve as a suitable legacy for the Commonwealth Games in 2020.
So, why are new build homes so appealing to buyers?
Requiring little or no work from the buyer, the potential to customise and offering the peace of mind a warranty brings, it’s easy to see the appeal.
The home is truly your own, never been lived in by any other family, and offers a completely clean slate to make it everything you have ever dreamt of. It’s an attractive proposition and one that’s supported by a number of practical benefits.
Buying a new build home invariably comes with a 10-year warranty – more than long enough for defects to become apparent – and is effectively an insurance policy taken out by the builder or developer but there to protect the buyer’s interests. Essentially, it provides reassurance and peace of mind against any structural defects in the way it has been built.
There are a number of companies offering new build warranties and the leading ones are Premier Guarantee, the National House-Building Council (NHBC), the Local Authority Building Control Warranty (LABC) and Checkmate. They all operate under the auspices of a Consumer Code for Home Builders, developed by the home building industry.
Finish and maintenance
When buying a new build home, the buyer is usually given the chance to choose their own fixtures and fittings, floor coverings and colour schemes – so the home is already decorated to their tastes before moving in.
A new home is therefore immediately low-maintenance, saving the buyer time and money that is often one of the first additional expenses of moving into a pre-owned home.
Energy efficient and security
Modern building standards ensure that higher energy efficiency goes into the design of a new build home, making it cheaper to run and maintain, saving energy costs and reducing the carbon footprint that is left.
Similarly, the latest fire-resistant materials, the strictest safety standards and improved levels of security provide that extra peace of mind and reduce the cost of home insurance premiums. For example, the wiring may already be installed for a buyer’s chosen burglar alarm or one fitted as standard.
Deals and discounts
New build homes are often offered incentivised – a builder or developer may offer free white goods or carpets as part of the package or cover the legal fees.
There are also deals from the government like the publicly-funded Help to Buy scheme, which offers equity loans on new build homes, so that the buyer may need to find only 5% of the purchase prices by way of a deposit.
If you are looking for a new, safe and secure, high specification and energy efficient home, why not consider a new build? With a 10-year warranty guaranteeing you’ll have no major repairs to pay for (less any excess of course); you’ll walk straight into a bright, modern property the day you move in; with no chance of getting gazumped, what’s not to like?
Alternatively, if you’re a housebuilder or developer why not focus on new build developments which are currently very much in demand? Right now, first time buyers are the fastest growing sector and with their average age rising and almost a third (29%) already having children, they are looking for value new build family homes.
At Go Develop we provide 100% joint venture funding for multi-unit residential new builds and would happily evaluate any potential project you may have. We simply ask that full planning permission is in place, the project timeline is less than 24 months duration and there’s a GDV between £2million-15million. To find out more on our criteria click here.