Trying to decide between an existing property and a new build home? If you are seeking the most cost-effective option, a new house is likely to be your best bet. Here is a guide to the key financial advantages of new build homes, from short-term savings to long-term benefits.
Better energy efficiency
Particularly given the global rise in gas prices over the last twelve months, better energy efficiency is the main financial advantage of new build homes.
New houses are constructed in-line with the latest government guidelines which are primarily focused on sustainability. Whereas existing properties can be poor at retaining heat, new build homes are well-insulated with updated heating systems which means that your gas goes further. Using less gas means significantly lower energy bills and a better property energy efficiency rating.
Not only does this save you money during your time in the property, but it will also make your home more appealing to buyers when you do decide to sell up and move on.
In addition to being more energy efficient than existing properties, new build homes come with all the latest modern conveniences.
This might include induction hobs rather than traditional gas models, smart meters to help you monitor your daily gas and electricity use, and a charger for electric vehicles. Buying a property that already includes all the latest technology means that you do not need to invest in updates for a long time after you’ve moved in.
Some new build properties come with the very latest green heating systems which will soon be replacing the traditional gas boiler. Being reliant or semi-reliant on renewable energy helps to further reduce your overall energy spend while also benefiting the environment.
Low maintenance costs
Another financial benefit of purchasing a new build home near you is that you will have low or even zero maintenance costs in the first few years of owning the property.
First and foremost, alongside your pristine unused appliances you have completely brand-new fittings and fixtures, some of which come with a safeguarding guarantee. In addition, most new houses come with a 10-year warranty that provides you with financial protection should you have to make any unexpected repairs to the structure of the property.
Possibility of incentives
When you buy an existing house, you can sometimes find yourself in a bidding war or having to pay over the odds to secure the property. In contrast, there are often financial incentives to buy new build homes.
New houses are often the focus of government schemes which aim to help first-time buyers get on the property ladder. In addition, companies selling new build homes often have their own incentives including a discounted sale price, free installation of certain features, and waived stamp duty fees.
These varied and often generous financial incentives help to make these properties much more affordable for those seeking a new home.