A Number of Benefits for Investing in a Newly Constructed Property
Feeling weary of investing in older homes or those needing substantial renovations? How about considering a brand-new property? Opting for a new property offers numerous distinct advantages, such as:
Selection Opportunities
If you express your interest early in a new housing project, the chances of finding the perfect home increase significantly. To secure that sun-kissed garden for memorable summer gatherings or that top-tier apartment boasting breathtaking views, act promptly to understand your available options. Modern properties are crafted keeping contemporary homebuyers’ preferences in mind, increasing the likelihood of meeting your specific requirements.
Decade-Long Guarantees
A standout benefit of a new property is the minimal necessity for repairs and maintenance. Furthermore, you receive the security of a 10-year warranty, often provided by bodies like the National House Building Council (NHBC) or equivalent. This warranty safeguards against potential structural issues.
If any issues surface, the construction company (during the initial two years) or the NHBC (for the succeeding eight years) bears the repair costs. Moreover, warranties often extend to household appliances like refrigerators or washing machines if they are included. After property handover, a comprehensive inspection, known as “Snagging” alongside the agent identifies minor issues, which the developer will commit to rectifying.
Absence Of Previous Ownership
With a new property purchase, you sidestep potential uncertainties stemming from the seller’s side of transactions. Not only does this ensure a smoother and speedy transaction for you, but it also makes your property enticing for potential buyers as there is no chain.
However, note that new property purchases follow a distinct timeline. Typically, you initiate with a reservation fee, followed by a 10% payment upon contract exchange after 28 days. The remaining amount is settled upon construction completion.
Greater Transaction Security
Purchasing a property is often fraught with anxieties, given that nearly 20% of transactions for older homes collapse. Numerous factors, ranging from unexpected survey findings to disrupted chains, can derail deals.
But, when you’re investing in a new property, such cancellation rates drastically plummet. Since it’s a commercial engagement for builders, there’s a diminished risk of them retracting mid-deal. A reservation fee ensures your chosen property is held exclusively for you, negating the chances of the developer accepting rival offers.
Moreover, there are no survey-related concerns to address.
Furthermore, builders are bound by the House Builders Code of Conduct, enforcing strict adherence to set standards – a provision not applicable to individual sellers.
Optimal Energy Usage
Today’s residences prioritize energy efficiency, integrating features like effective insulation and top-tier central heating systems. This means you spend less on energy bills while also minimizing your ecological footprint.
