Our New Homes and Investments Director, Mark Goodeve-Docker, answers some of your most frequently asked questions about buying a new build home and .
What advantages do new homes offer a buyer compared to pre-owned homes?
Lifestyle benefits
"Avoiding being stuck in a chain reduces stress and uncertainity"
"There are a multitude of benefits that buying a new home can offer. With fitness suites, shopping amenities and communal spaces becoming common features of newly built properties, buying into such developments can be opting into a lifestyle rather than just purchasing a home.
It’s about making people’s lives that bit more time efficient and giving buyers an opportunity to enjoy a slightly easier life without having to travel distances to do so.
With some developments, buying off-plan also gives buyers the opportunity to choose finishes throughout the flat so that it is bespoke to them – from the flooring and tiles, to worktops and wardrobes.
Chain free
Avoiding being stuck in a chain is another benefit, reducing the stress and uncertainty that come with being reliant on other people’s deals coming through to complete your own purchase.
Few people in London have the luxury of time and to be able to complete quickly and without any interruptions eases the buying process significantly.
Energy efficient
New build properties are built to the highest specifications using high-quality, new materials, which generally means that they are more energy-efficient, cheaper to maintain and have the latest safety and security measures in place.
A 10-year National House Building Council Warranty comes with most new homes to cover major repair bills should any maintenance issues arise within the outlined time period.
There are also schemes and incentives offered by the Government, such as Help to Buy and London Help to Buy, all aimed at helping buyers with the cost of securing and maintaining a new build home."
What types of buyers might a new build property appeal to?
"Any type! Modern developers build to accommodate all types of buyers, whether it is an expanding family wanting extra space or a retired couple looking for comfortable and secure lateral living, close to local amenities.
First-time buyers
Naturally, new homes present an attractive option for first time buyers, due to both the Government incentive schemes available and the convenience of moving to a brand new property which requires no renovation.
Investors
Investors benefit not only from the option of buying a property off-plan, which allows them to focus on generating capital growth without concerning themselves with maintenance costs, but also increased interest from tenants who are looking for ease, convenience and the great location that new homes typically offer.
Second-time buyers
We also frequently get interest from second time buyers, who invested a considerable amount of time and effort renovating their first period home and are now looking for a property which is easier to maintain."
Things to consider when buying a new build home
Choose a trusted developer
"Making sure you trust the developer would be one piece of advice I would give to those considering buying a new build home.
A developer’s portfolio is akin to their CV – whether it is a well-known, household name or a private developer, it is essential that they have a proven track record and you can see if their work stands the test of time. Going through an estate agent usually means that they have done this research for you.
Future proof your investment
Future-proofing your investment is also important. In basic terms, communal facilities, parking, storage units and amenities within the development will ensure the interest of future buyers and add a premium to the property. The location of the property is also important, especially if the area is undergoing regeneration."
For further advice on the new homes market, or investing in a new build property, speak to one of our expert advisers in our new homes team, or browse our current selection of stunning new homes properties.
