There's no doubt that making the decision to buy a home is difficult. Not only do you have to contend with your current letting situation, mountains of paperwork and lengthy legal processes, but there is also the dreaded monetary issue. Most would agree that adopting a savvy lifestyle is essential when saving for your deposit, and discovering new ways to cut back on your overall spending will go a long way towards this.
While you may want to consider selling everything from old technology to unwanted clothing, however, this is just one of several factors that will require your undivided attention. In addition, you will also have to consider the option of whether to purchase an existing house or a brand new property. The latter may be more beneficial than you think and we have put together a few reasons why before you make your final decision:
Buying off plan
Buying a brand new property off plan is a great way to get the home you want. Not only will you be able to choose the design you like best, but you’ll often get a chance to personalise it to some extent, without forking out for expensive building work or renovations. You’ll also avoid some of the common problems experienced when buying an older property, such as damp, the need for roofing repairs and structural work, or simply having to change the dÃ©cor to suit your personal tastes. Whilst sometimes a new property can appear to be a more expensive option, it can often prove to be more cost effective in the long run, particularly when you factor in the expense of bringing an older property up to scratch.
One major advantage of buying a new build property is that the chain stops there. If you’re a first-time buyer it’s just a simple process of choosing the house you want and waiting for it to be finished. We’ve all heard the horror stories of property chains collapsing at the last moment. This can be avoided by buying a new build home.
Cheap to run and maintain
Older properties can have a charm of their own, especially if they’re filled with the period features that give them so much character. However, they can also prove to be a major drain on finances, particularly when it comes to maintenance and utility bills. It’s true to say that the older the house, the more maintenance it will require.
In contrast, modern homes are designed and constructed in line with current building regulations to ensure there are minimal problems at the date of handover. They can be a wise investment if you are looking to reduce your running cost each month. Not only are new houses more energy efficient than older homes (meaning lower overall energy bills!) but they come with a 10-year National House Building Council’s Buildmark warranty. This certificate means that any defects that arise within a ten-year period after your house is built, will be corrected free of charge.
Home builders are also becoming more aware of the â€˜no DIY culture' that exists in the UK, arguably most prevalent amongst the younger home buying generations. A number of developers are now spending more time at the design stage incorporating a number of customisable concepts that the customer can choose from. Not only does this give flexibility around the preferred interior design and set-up, but also helps save money over the long term as less maintenance is required.
You’ll also be less likely to suffer problems in a new house, simply because everything is new. If constructed properly, everything should work perfectly, and everything from your kitchen to your bathroom will be built to the latest specifications. If you buy your house off-plan, it’s likely that you’ll be given the opportunity to choose many of the fixtures, fittings and colour schemes, meaning that there’ll be no need to change kitchens and bathrooms as soon as you move in. The property will also be fitted with a range of safety features, including secure locks, alongside burglar and smoke alarms.
Therefore, if you want to avoid having to rectify some of the building and maintenance problems associated with buying an older property, buying a new build home is a wise move which could potentially save you a great deal of money.