Whether you’re buying a new property as a home or an investment opportunity, there are lot of choices and decisions involved, including what age of property you’d like to buy. There are a huge range of benefits to be gained from choosing a new build property over an older home, including some you might not have considered. Here are 10 top benefits of investing in a new build property.
1. No property chain
A big aspect that can make a significant difference when purchasing a new build apartment is that you won’t get stuck in a dreaded property chain. Property chains can be the bane of buyers and sellers lives, and are responsible for derailing even the most well planned property moves. Thankfully, when you opt to buy a new build property, they’ll be no chain on the sellers side, which can instantly remove a lot of stress.
Depending on the stage of the build process, you may be able to have input into the choice of fixtures and fittings, enabling you to personalise the design and finish of rooms. For example, you may have the opportunity to choose which wall tiles or floor tiles are used in a kitchen or bathroom, or which style of handles are used on kitchen cupboards. This saves the time and hassle of making changes when you move in. It’s worth bearing in mind that securing your property early could provide more benefits for personalisation, so don’t hang around if you’ve seen a property in London that you’re interested in.
3. Blank canvas
New build apartments are just that – brand new – so provide you with a blank, neutrally decorated canvas to make your own. There are no dodgy decorating jobs from previous owners to rectify, no old window frames to replace and no bumps, peeling paint or damaged flooring to sort out. Instead, you have a fresh, clean and welcoming space to move into and make your home, or for your tenants to move into if you’re buying for investment purposes.
4. Energy efficient and environmentally friendly
New build properties have to be built to meet strict energy efficiency ratings, are much more environmentally friendly than older homes and have a lower carbon footprint. As well as helping the environment, you gain the benefit of a more energy efficient property that can cost less to heat than an older, draught-prone home, saving you, or your tenants, money on energy costs.
5. Ten-year warranty
When you buy a new build house or flat, you get the peace of mind that they’re covered by an NHBC (National Home Building Company) warranty. It’s normally for a period of 10 years and provides protection against issues with the property in the future, such as structural defects. The warranty also covers you for if the builder goes out of business and fails to complete the property, providing extra reassurance during the buying process if you sign to buy a property early on. Plus, individual developers often provide their own additional two-year warranty too.
6. Better safety and security standards
If you’re purchasing a new build apartment, you’re more likely to have better safety and security standards than older properties. For example, video entry devices, secure door locks, fire regulation doors, burglar alarms, fire alarms, better use of fire-resistant materials and CCTV may all be included, helping make the property safer and more secure.
7. Lower insurance rates
Did you know that you could benefit from lower insurance rates by purchasing a new build property? Thanks to new homes tending to be built with better security in mind, this can help lower the cost of your contents and buildings insurance.
If the property is already built and ready to move into, it can be a quick and convenient option, especially if you need to move quickly due to work, family or relocation commitments or want to progress with letting the property.
9. Good use of technology
New build properties often incorporate smart home and AI technology, which you wouldn’t necessarily find as a matter of course in older properties, unless the current owners have added it. For example, rooms may have built-in underfloor heating, or the lighting and heating may be controllable via a smart device.
10. Negotiation and incentives
Some buyers assume there’s no room for negotiation when buying a new build property, but that’s not necessarily the case. Depending on the stage of the build and how many properties have sold, there’s still often the chance to negotiate or gain extra incentives. For example, kitchen appliances or flooring could be included in a deal, you may be able to get a discount on the overall price or even get your stamp duty paid.
If these benefits appeal to you, why not buy a new build property in London? Benham & Reeves have 20 offices across London and have access to the best residential developments in the city, so are ideally placed to help you find the right property. Contact us today to discuss your property needs and requirements and let us help you find your perfect new build property.