It is a common misconception that buying an older property will save you money. In the long run they can end up costing you a lot more. Here we examine the ways that buying a new build will help you to save money and love your home even more!
New build homes are designed to maximise energy efficiency with homeowners saving an average of £600 a year on energy bills! This is primarily because they feature high quality insulation in both the roof and walls to prevent heat loss. Also new homes benefit from decent double-glazing which is less common in older homes.
An obvious saving of buying a new build is that they will not require renovation. If you’re buying an older property, you can expect to pay from £10,000 to £30,000 in renovation costs alone. This might be replacing the kitchen or bathroom, redoing the electrics or central heating or plastering!
When buying a new build you can expect your property to be decorated and even carpeted if you’re buying with Meadowview Homes!
Whilst not all new builds will require a renovation, they will almost certainly need regular maintenance to keep them going. Imagine buying a house and realising that the boiler needs replacing within the first month of living there?! When you buy new, you’ll have piece of mind that everything will be in full working order. If it’s not, you’ll be within a warranty scheme where you can get any repairs done free of charge.
Finally, a new home will benefit from government loans such as Help to Buy Equity Loans. These loans are available to first time buyers as well as homeowners looking to move. On this scheme, the Government lends you up to 20% of the cost of your new build home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. Better still, you won’t be charged loan fees on the 20% loan for the first five years of owning your home.
To find the new build home of your dreams, check out our current developments.
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With the Government backed Help to Buy scheme you can move in to a new home with as little as a 5% deposit.
The 'Help to Buy Equity Loan' is available to first time buyers as well as existing homeowners.