The popularity of new build homes is ever-increasing, with these properties making up a sizeable portion of market value despite a tough year, which included increased costs and a shortage of labour and supplies. In 2022, more than £3 billion was spent on the new build property market, and this is expected to increase in 2023 thanks to a decrease in house prices.
There are numerous reasons that make a new build home a worthy investment, from a superior quality of living to lower running costs. In this article, we’ll discuss some of these factors and how they offer great long-term value.
Reduced home insurance
Were you aware that new builds tend to have lower insurance premiums than older properties? This is because they are typically built with state-of-the-art safety features, so there’s less chance of a break-in.
Additionally, brand-new plumbing systems, wiring, and roofing all reduce the chances of needing to make a claim due to a fault. Compare this with properties where these features are dated and there is a higher risk of expensive damage occurring.
Cheaper to run
New-build homes are designed with energy efficiency in mind, meaning they are great for the environment and your savings. For starters, they are often constructed using eco-friendly materials that feature a low-carbon footprint.
They are also usually fitted with the latest high-tech appliances, which are specially designed to be high in energy efficiency. You can feel at ease knowing you’re not wasting as much energy and spending less money to keep your home insulated and warm.
With a new-build home, you can expect to see substantial long-term savings on your energy bills, whilst doing your bit to reduce your carbon footprint.
Low maintenance
When you purchase a new build home, you are guaranteed a hassle-free living experience with minimal maintenance. Once inside, you should experience little to no problems as everything is brand-new and will have just been signed off. This is the opposite of older homes, which may require constant upkeep. You may also encounter costly problems you were originally unaware of.
It’s important to note that you will usually receive a 10-year warranty from the developer should any defects be found once you have moved in, which ensures you don’t foot the bill for any major issues.
Increased value over time
Since new build homes are often in high demand, this can lead to an increase in the value of the property over time. As the surrounding area develops, this will also increase the value of the property, meaning a new build can be a solid investment return in the long run.
There is the opportunity to rent the property out as well, which will provide you with some additional income and the chance to invest in more property.
