New build homes are an increasingly popular option for first time buyers and families, with 7% more new homes being registered in the last year according to the National House Building Council
There’s much to consider when purchasing a new build home, so here’s our guide to what you need to look at when making the decision to buy new.
The builder’s reputation
A new home is likely to be one of the largest purchases you will ever make. The builder you choose for your home will impact your buying journey and even your time spent in the home. The House Builders Federation
conduct a survey annually of all new-build purchasers to monitor the quality of build and service that builders are providing across the industry.
Every new-build home owner is surveyed and the builder is awarded a star rating between 1 and 5 depending on what percentage of their customers would recommend them to a friend. To achieve 5 stars, at least 90% of the builder’s customers must be willing to recommend them to a friend.
The purchase schemes available
There are many schemes available that make purchasing a new build property a more beneficial option for both first time buyers and current home owners.
Help to Buy
is a government-backed scheme that enables buyers to access a 20% equity loan when purchasing a new-build property. This enables you to put down as little as 5% deposit and borrow just 75% as a mortgage.
Many builders also offer part-exchange (PX) to those with current homes to sell. The company will purchase the home from the buyer, freeing up the equity to put towards a new home purchased from the company. This takes the stress out of the buying process and makes moving more flexible, as there is no longer any chain for either side.
For those who don’t want to opt for part-exchange, some home developers also offer an Assisted Selling Plan. This means they will help you to sell your home faster, enabling you to move on your new home
purchase without delay.
The warranty period
New-build homes are built to a high-quality standard, which is approved by The National House Building Council (NHBC). The NHBC Buildmark scheme is a 10-year warranty and insurance cover designed to give new build homeowners peace of mind.
“Under NHBC’s 10-year Buildmark warranty, the builder is responsible for putting right any damage caused by their failure to build to NHBC Standards in the first two years,” says Geoff Egginton, NHBC Regional Director for the North East. “Years three to ten are covered by the NHBC should any issues arise, giving the homeowner protection during this period.”
The customisation options
One of the many benefits of buying a new home is that it’s a blank canvas. Depending on the builder you choose, there will be a varying amount of standard options and extras that you can choose to customise and add to your new home.
Kitchens, bathrooms, carpets, lighting, TV points and sockets can all be chosen when purchasing a new-build property. In addition, buyers can sometimes choose to add to their property; built-in sound system, integrated appliances, fitted wardrobes and more.