Getting on the property ladder is a huge achievement in life, marking the start of a new chapter with a brand-new home to call your own. For many people in the UK, opting for a new build property is the most sensible approach. Whether you’re looking for a property that doesn’t have any inherited problems or a home with the latest modern conveniences, a new build is often the perfect choice. So, to help you find a new home that ticks all of the boxes, this article will offer you some top tips for buying a new build property.
What is a New Build?
A new build property is a brand-new home that has just been constructed and never lived in before.. These properties are typically sold direct by developers (like our team at Sanctuary) and come with modern amenities and designs that meet the latest building regulations and energy efficiency standards. This essentially future-proofs the property, which means you won’t have to worry about major renovations.
One of the main attractions of new builds is the minimal repair and renovation work required. Everything from interior elements to roofing is brand new, which can significantly reduce maintenance costs for many years. Additionally, new builds usually come with a 10-year warranty from the National House Building Council (NHBC) or similar guarantee schemes, providing a safety net for structural or building issues.
Shared Ownership
Shared ownership is a popular scheme in the UK, particularly useful for first-time buyers or those with limited deposits. If eligible - this scheme allows you to buy a share of a new build property - typically between 25% and 75% - and pay rent on the remaining share. Over time, you can increase your ownership in a process known as "staircasing."
This method can significantly lower the barrier to entry for owning a home, as the deposit required is only on the share purchased, not the total property value. It also provides flexibility, allowing buyers to balance their investment according to their financial capacity. However, it’s important to understand the specifics of the lease agreement, which can vary by development, and any additional charges that might apply, such as service charges. Get in touch with Sanctuary today to find out more!
Choosing the Right Location
The adage "location, location, location" continues to hold true when buying any property, especially a new build. When considering a location, think about factors such as:
• Connectivity and Transport: Proximity to good transport links can increase the property’s value and appeal.
• Local Amenities: Schools, parks, shops, and healthcare facilities can all impact your living experience and the property’s desirability.
• Future Development: Areas with planned infrastructure or commercial developments can be promising in terms of future property values.
It can be helpful to look at the potential growth in neighbourhoods to help choose where to buy a new build. This might look past future development and more towards cultural shifts or gentrification. Some areas might offer more potential for growth, which can be advantageous if you’re viewing the property as a long-term investment.
Use These Tips to Find the Perfect New Build Home
Buying a new build property in the UK can offer numerous benefits, from customisability to reduced maintenance costs. It requires careful consideration of factors such as how much you can save by using schemes like shared ownership and the strategic choice of location. By researching and considering these aspects, you can make a well-informed decision that aligns with both your financial goals and lifestyle needs.
If you’re on the hunt for a fantastic new build property, let our team at Sanctuary help. Take a look at our developments or get in touch if you have any questions