If you’re buying through Shared Ownership, you’ll have the opportunity to choose between a new build or existing property.
They both offer their own advantages and drawbacks but ultimately, it depends on what you’re looking for, your budget and other factors around your individual circumstances.
Below we explore the advantages of a new build property and why you might buy a new build house.
1. You’re generally buying ‘chain-free’
When you buy direct from a house builder, particularly with a scheme such as shared ownership, you’re generally buying outside of any existing property chain.
This makes the purchase much easier for everyone involved, speeding up the process and vastly reducing the amount of stress on you as a buyer.
It also means you’re not relying on anyone but the developer. This means you have a single point of contact and less opportunities to lose out on your dream home.
2. New build homes are typically more sustainable
Sustainability is a key part of any property development and the majority of new-build homes are now designed to maximise energy efficiency. This doesn’t just mean cheaper bills, it means it’ll be much easier - and faster - to heat your entire home.
The majority of new-build homes utilise top-of-the-range insulation, efficient heating systems and A+ rated white goods - all of which reduce energy consumption. Likewise, more housebuilders are introducing efficient fittings such as low energy lighting, dual flushes, solar PV panels, air source heat pumps and EV charging points.
For larger developments we’re even seeing features such as bike storage, tree planting, green landscaping and bee or bird-friendly spaces to meet Zero Carbon Ready guidelines.
3. New build homes offer security
Aside from meeting energy guidelines, building standards mean that new-build homes now also have to meet safety and security guidelines including fire safety, door and window locks, proper lighting and security alarms.
As you’d imagine, having a range of security measures in place often means that buildings and contents insurance is much cheaper.
4. New build properties are usually under warranty
The majority of new-build houses are covered by a 10-year warranty under the National House Building Council (NHBC).
Aside from peace of mind, this warranty means you could potentially save money on repairs down the line whilst also allowing you to secure mortgages more easily.
5. New build homes are typically in family friendly locations
If you’re starting a family or looking for your dream home as a larger family, a new build may be perfect. This is particularly true in larger new-build schemes we’re seeing across the country, such as the upcoming Malabar Farm and Top Farm.
The reason for this? New-build houses are often on the edge of popular towns, close to great schools and offer great commuter routes for workers.
Some of these developments even build these amenities on-site, funding new schools and expanding green spaces, creating a brand new community for the area.
6. You’re typically able to get financial support
In an effort to support new homebuyers, there’s a number of different financial schemes that help people get on the property ladder including First Homes, Deposit Unlock and Shared Ownership.
If you’re looking at buying a new-build home, you’ll typically find these financial schemes available to you. This is particularly useful if you’re struggling to raise a deposit, especially with schemes such as Shared Ownership which drastically reduce the amount you might need to pay upfront.
Likewise, many house builders offer various incentives for homebuyers including:
• Help with paying your stamp duty
• Free fixtures or appliances such as white goods
• Part-exchange deals or assisted sale of your existing property
As you can see, buying a new-build house offers a variety of benefits, especially if you’re a first-time buyer or looking to purchase through a scheme such as shared ownership.
If you’re looking to buy through an affordable scheme, we have a range of shared ownership properties ready for you to buy, all located in desirable areas around the country.
You can learn more about our shared ownership properties - and the scheme itself - by visiting our dedicated shared ownership hub. If you want to know more about how the scheme operates, you can see how to buy through shared ownership here.
