The Key Benefits of Buying a New Build Home
The choice of whether to purchase a resale or brand new property is not always as easy a decision as most would think. There are distinct differences in terms of the benefits of either option.
However, what many fail to realise is the potential additional costs that can be added to a resale property, in real terms. This gives new build homes a significant advantage in many ways, especially when taking into account additional factors such as new building regulations.
These regulations brought in over the last few years specifically relate to energy conservation and environmental issues, which is why more and more people are choosing to purchase a brand new home.
What are the key benefits of a new property purchase?
Energy Saving & Low Maintenance
In real terms, a new build property will often have a much better energy rating in terms of its energy consumption, than its resale counterpart. Stringent new building regulations mean that houses built today are far more energy efficient, environmentally friendly and require far less maintenance than older resale properties that were built more than 15-20 years ago.
This translates to lower energy and utility bills as well as overall maintenance costs. This is an important consideration in terms of ongoing monthly costs.
From the safety perspective, new build properties often utilise the latest technology to increase the level of safety within the home. This may well include elements such as circuit breakers, burglar alarms, carbon monoxide and fire detectors.
A distinct advantage of a new build property is the fact that the purchaser will receive an extensive warranty/guarantee, which is provided through the relevant scheme.
This warranty will encompass a wide range of elements within the property, which are covered during the warranty period. Apart from the obvious peace of mind facet of a warranty, it also offers significant financial savings, should any problems occur during the life of the warranty.
Community / Amenities
Most new build properties will often be built within a structured or established community. This offers a variety of benefits including local amenities, schools and play areas for the children, as well as communal gardens or recreational areas.
The Interior and exterior finish of the property
With a new build property, all of the interior and exterior finishing will be new and the inclusion of the aforementioned warranty also offers a level of protection.
Furthermore, dependent upon the timeframe, it is possible that the purchaser will be able to choose various elements within the new build. This can often include elements such as kitchen cabinets and appliances, as well as flooring.
Additional cost implications usually associated with resale property purchase
In reality, individuals who purchase a resale property will want to add their own style to the property. Often major items such as central heating systems as well as the internal electrics, dependent upon the age of the property, may need to be updated. This means additional cost implications, which should be factored in to any upfront costs when considering each option.
Typical items that may require replacement within a resale property include:
- Windows and doors
- Electrical wiring
- Central heating system including boiler
- Kitchen units and worktops
- Bathroom units
- Carpets and general floor coverings
- Interior decoration such as wallpaper/painting
- Exterior paintwork/brickwork/pointing
- Front gardens
- Rear garden elements
What is highlighted is the fact that many purchasers do not consider the comprehensive range of refurbishment work that is often entailed and required when purchasing a resale property.
Other considerations to factor in to the decision:
Financial aspects - It is not uncommon to find financial incentives associated with new build properties. The aim of which is to induce buyers to purchase. These can include deposit schemes, interest rate cut arrangements and other forms of inducements.
There is no doubt that these financial offers can provide significant savings which are important.
Apart from the points mentioned, for some people simply the fact that they will be the first ones to have owned the property and that no one else will have lived there before, is enough to opt for the new build option. There is no doubt that the ambiance of a new home is hard to beat.
For more information on the new homes developments that Ballantynes has to offer please contact our Edinburgh office on 0131 459 22 or our Perth office on 01738 441825
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