By Buying a new build home can be extremely attractive to house hunters, not least because they are exactly that – brand new, shiny and completely untouched by previous owners.
As well as demand increasing, the supply of new build properties has quickly bounced back after a delay to construction during Covid, with the number of both completed homes and projects underway at a 15-year high.
In Chichester alone, the District Council targeted more than 400 new homes a year in its local plan back in 2015, and its 2020-2025 Housing Strategy outlined plans to deliver a further 1,000 affordable homes.
There is now a huge variety of choice for all types of buyers no matter their budget, location or taste. As well as being the first person to use the appliances and that unmistakable smell of newness, there are other perks to buying a new build home, as we explain:-
- Help to Buy schemes & incentives
A huge benefit of buying new is the financial support available to first-time buyers. The First Homes scheme means those getting on the property ladder for the first time can get at least a 30% discount in their local area.
The revised Help to Buy Scheme also allows first-time buyers to purchase a property with just a 5% deposit, with the support of a Government equity loan of up to 20% of the property’s value. This loan is interest free for the first 5 years and a record number of people have already taken advantage of the initiative.
Whilst the equity loan scheme is no longer available to existing homeowners, there are still plenty of other schemes to look at, like shared ownership, part exchange and mortgage guarantee programmes, which also gives those looking to upsize an option to extend their budget.
With all schemes, there is certain criteria and White & Brooks is happy to help establish what you may be eligible for.
- Take your pick
With new build developments, properties are often marketed well in advance of construction, giving potential buyers the opportunity to buy off-plan or before they are finished.
Buying off-plan often means you can purchase while prices are at their keenest and in a good market, you may even see an increase in value before your property is finished. The downside is that you will have to wait a little longer before being able to move in.
Even if the construction is near completion, you may be able to ask the developer to tailor some of the finishes to your personal taste. When negotiating, you could even ask them to throw in some extras.
Finally, you’ll have a blank canvas from which to add your own personal touch without having to fund an expensive bathroom or kitchen refit - one of the top reasons people choose to buy a new build home, according to research from Barratt and David Wilson Homes.
- Longer term security and savings
As well as potentially making savings at the purchase stage (some developers even offer incentives like paying your stamp duty and covering your legal fees), you could also make savings longer term with a new build property.
As everything will be brand new, there will be little or no maintenance and certainly no major redecoration or refurbishment required. If anything goes structurally wrong, then you’ll have the developer’s warranty to fall back on, which will usually cover the first 10 years.
A new home will also be built to meet the latest sustainable living regulations and with the most energy efficient materials, making your home eco-friendly and low-cost in terms of energy bills. You’ll also have the added security of being the top of the chain when you buy brand new, knowing that your purchase won’t be one of the 32% that fall through every year, as house builders are highly unlikely to pull out of a sale.
Ready to buy your new build home?
Get in touch with our dedicated New Homes division today. We work closely with multiple national, regional and independent house builders, so always know what’s being built in Bognor Regis and Chichester. Itching to buy brand new? We always list our new homes for sale online – so start browsing today
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