Tips on Buying a Brand New Home

tips buying a newly built or older home
Buying a newly built property could save you money.


When deciding whether to buy a newly built or older property, the cost is naturally one of the biggest factors to consider. Just as with any other item you might buy, a home usually costs a little more when it's brand new than when it’s had a previous owner. 

For many buyers, a new home is fresh, bright, and clean. It provides a blank canvas on which to stamp your own style and personality from day one. New properties are also more environmentally friendly and therefore cheaper to run. 

The difference between the running costs of an older property and a new home can be substantial. Here are just a few of the ways buying a newly built home could save you money in the long term.


BUYING INCENTIVES
Some developers offer discounts or additional items to encourage buyers to get or make an offer for one of their newly built properties. Your new home will often come with furnishings or household appliances included, so you don’t need to splash out on these immediately after buying the property. If you factor these savings into the asking price, it might not necessarily be cheaper to buy an older home. 


SAVINGS ON CONVEYANCING
Another incentive that developers will sometimes offer is to pay all or part of your conveyancing fees. If not, you might be able to save in other ways. The developer might offer a part-exchange scheme, where they make an offer on your existing home and then take on the responsibility of selling it. This can create less legal work than if you sell to a third party. At the very least, buying a new-build home is chain-free, which typically means a smoother and shorter transaction and less risk of the purchase falling through.





TEN-YEAR GUARANTEE
In the UK, The Consumer Code for Home Builders requires that developers register newly built properties with a housing warranty insurance provider. Most of these offer a ten-year guarantee on the home, which will cover the cost of repairing structural issues during that period. Newly built and older homes can both suffer from structural faults, but older homes don’t come with this guarantee.


LOWER MAINTENANCE COSTS
Even if they have no structural issues, older homes are far more likely to need maintenance in the first few years after you buy one, as the woodwork, tiling, fitted kitchen, etc. could already be years old. With a newly built property, everything is brand new and shouldn’t need maintenance for at least a few years.

tips buying a newly built or older home


APPLIANCE WARRANTIES
Your boiler and white goods will also be brand new with a newly built property, so you should be able to request warranties from your developer. That means you’ll have a few years without having to worry about replacing or repairing these expensive items.





CHEAPER BILLS
Because they have modern appliances as well as the latest energy-efficient features, like insulation or solar panels, newly built homes are not only greener but also cheaper to run.


FEWER COSMETIC CHANGES
If you buy a home during the building process, you can often customize some of the features to your taste. You may be able to choose fittings in the kitchen or bathroom or make changes to the planned layout. This is unlike buying an older property, which will be decorated to the current owner’s taste and might need cosmetic changes either immediately or in the future. 



Now that you’ve decided to buy your first (or second) home, the next thing you should assess is your financial position. Will you be able to commit to the mortgage?

A mortgage (just like marriage) is arguably the biggest financial commitment you’’ ever make, so understanding the options available to you is extremely important. Whether you decide to choose to get an ancestral house in the suburb or build a freshly new home in a regional area, the use of an online mortgage calculator is a wise idea to determine and give us guidance in evaluating the numbers. 


For more property guide tips, check our blogs here



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22 comments :

  1. The Ten Year thing wasn't something we even knew about until recently. The company we bought off made sure to hide that part of the clause. It was only discovered when various people with the same homes, same company etc started experiencing problems and we all connected. None of us can get through to the company as they're now liqudated, so we're currently in a court case to get multiple dangerous issues sorted within all 105 homes. Very annoying so make sure you know what you're getting into before buying people!

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    1. That is annoying and hope you and the rest of the homeowners will get the justice.
      How horrible that this company will take advance people who simply dream to own something.

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  2. Great tips for any potential housebuyers. Buying an old house is very alluring but there are definitely additional costs you don’t always consider, like heating etc.

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    1. That is true. Although it depends on the situation and location the buyer could be a winner.

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  3. This is a great post and I didn't know about the 10 year guarantee in the UK! Useful to know.

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  4. We just purchased a new home a few months ago. I wish I had these tips back then.

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  5. These are amazing tips! I don't know much about houses so this is really helpful to me!

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  6. Great tips! I have been trying to buy a house for the last few months and the housing market is so brutal right now.

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    1. I understand your point. Unless we found a promising location that suits your budget.

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  7. There is quite a bit to be aware of when purchasing a home. I've never bought a new build so this was interesting. We normally buy, gut the house and do it to our own specs.

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    1. Buying a new house is usually preferred by many new homeowners.

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  8. Oh, I agree with you and definitely prefer buying a new home instead of an old one. Newly built, modern, environmentally friendly, and saving you some money from maintenance... sound like good reasons to look for a brand new home. Thank you for sharing!

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    1. Buying an old home is good if you make it as your passion project and wants to restore a very significant landmark.

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  9. That's awesome it has less bills cost and it looks good from the inside if that's a picture the house.

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  10. these are all great tips for people who want to buy a new home. We can save a lot of money on bills.

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  11. Great tips here. I wish I have known these earlier especially the 10 year warranty

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  12. Hhhhmmmm....buying a home that comes with lower maintenance costs makes good sense to me. You don't need to be spending so much more on your home than on yourself in your home. Does that make sense?

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  13. Great tips! I can really use these tips in my future home purchase! So cool.

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  14. Great tips! Make sure that you stay within the budget that you can afford.

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