Seven benefits to living in a new build home
- Credit: Archant
While the aspirational purchase for most home buyers in north London may still be the classic Georgian or Victorian townhouse, there are benefits to living in a new build.
And although much new development in Camden, Westminster and, to a lesser extent, Haringey, is for high value, luxury homes, the number of new homes registered in London between September and November 2014 increased by nearly 8 pc on the same period in 2013.
Here’s why a new build could be a more appealing option than you think:
A blank canvas
A new home comes free of decorating or DIY disasters from previous owners. In most cases, buyers can personalise their new home with a choice of kitchen units, floor coverings and tiling, and start from scratch in the garden too, designing and planting to suit their own tastes. A new home is also maintenance-free, meaning less time spent on jobs around the house at weekends.
Lower utility bills
New homes are built to high levels of energy efficiency, which reduces the amount of gas or electricity needed to keep the house warm. Research from the NHBC Foundation and Zero Carbon Hub revealed that new build homes built to 2013 standards could save more than £1,400 a year on their energy bills when compared to their neighbours in older homes.
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Being part of a long property chain can be extremely stressful and often cause unforeseen delays. With a new home, there is greater peace of mind as no upward chain means a smoother and faster move.
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Ten-year Buildmark warranty
80 per cent of new homes come with an NHBC Buildmark ten-year warranty, which currently protect 1.6million homes across the UK. Buildmark protects homeowners by providing:
o Pre-completion insolvency cover – protection if a builder becomes insolvent after an exchange of contract.
o Builder cover for the first two years after completion – the builder is responsible for putting right certain damage and defects.
o NHBC cover for years three to ten
o Insurance to cover the cost of putting right damage caused by defects in specified areas, such as damage to floors, staircases, roofs, drains, windows and doors.
New homes come with security features as standard, including smoke detectors and robust locks on front and back doors. And to meet the demands of modern lifestyles, electrical circuits in new homes are designed for even the most gadget-intensive families.
The Government-backed Help to Buy scheme, along with some house builders operating their own buyer incentives, can make the purchase of a new home significantly more attractive in some areas.
However, as recent figures have shown, no homes in Camden or Westminster have been sold using the Equity Loan, where the government provides a loan of up to 20 pc on the price of new-builds costing up to £600,000, because new property in these areas is at such a premium.
High levels of satisfaction
Results from the 2014 industry survey on customer satisfaction with new homes, facilitated by NHBC, found that 94 pc of people surveyed said that they would buy a new build home again, with a similar proportion indicating they would recommend their builder to a friend.
NHBC is the UK’s leading warranty provider and standard setting body for new build homes.