Whether it is buying your first home or making the decision to move, purchasing a property can be a stressful process. Buying a new build dwelling might just take some of the pressure away. To coincide with New Homes Week 2023 the below article summaries the advantage to purchase a new build.
Reducing the Property Chain
There is a lot to consider when purchasing a property from securing a mortgage to agreeing missives. Buying a new build can be one less thing to worry about as you do not need to rely on the seller's onward purchase, and sometimes the developer will assist you in marketing your current home or offer a part exchange for your new home. After reservation of your plot, the developer will offer support and guidance throughout the conveyancing process and will keep you updated on the progress of your new home.
Snagging and Warranties: They've Got You Covered
You have collected your keys and settled into your new home, but notice the kitchen tap is leaking and there is a small crack on a bathroom tile. With new builds, you will generally have a period in which to notify the developer of any snagging issues with your property and agree how these will be dealt with. At completion of your home the developer will provide you with new build insurance against major defects to the property. The developer will be responsible for rectifying any such defect intimated to them in the first 2 years and the insurer will cover major defects from years 2 to 10. This is the case even if you are not the first owner of the new build, so long as the house itself is not older than 10 years. When buying an older property the missives will usually provide that only very limited defects can be reported to your solicitor within 5 days and even then, there is no guarantee the repairing obligation will fall to the seller.
The New Homes Quality Code
In addition to warranties, if the developer has signed up to the New Homes Quality Code you may benefit from additional consumer protection. as discussed in our previous blog.
Living More Sustainably
Changes to building regulations have recently come into force to improve energy performance in new build homes. Savills have calculated that purchasers of new build properties can save an average of 27% on core energy costs per year. Not only is this a significant long term financial saving especially at a time of high energy costs, this has a significant environmental benefit. With the increasing pop up of low emission zones coupled with the ban on sale of new petrol and diesel cars from 2030, electric vehicles are on the rise. The Scottish Government has indicated it will introduce legislation in 2023 requiring housebuilders to install EV charging points for most new build homes meaning a dedicated charging point for your car may become standard. This may avoid convoluted negotiations with neighbours and obtaining permissions for installation at older properties, leaving you reassured you won't be faced with a flat battery before your morning commute.
If you are a first time buyer, or looking to make a move, considering purchasing a new build home can be an attractive option so you can start dreaming of your own happy ever after.