New Year, new home?
Friday, January 12, 2018
With a renewed commitment from the government to new homes provision in November’s Budget and a reduction on stamp duty for first time buyers, it could well be that a new home is once again top of the property wish list in 2018. £15.3bn new financial support was pledged for house building over the next five years including £1.2bn for the government to buy land to build more homes, and £2.7bn for infrastructure to support housing. Changes to the planning system should also encourage better use of urban land so that more homes can be built without encroaching on the green belt.
As 2018 begins and we make our New Year resolutions, there’s the prospect of a new start and perhaps a new home to move into by spring. Whilst older properties boast character, additional space and an opportunity to develop and renovate, new homes or conversions provide a brand new blank canvas requiring little maintenance and are ready to move in to.
Over 80% of house hunters are just not prepared to buy a property that needs lots of work doing to it and at least 30% of buyers will only look at new builds, according to research by Gocompare.com. Even those who actually prefer the character and space of older properties feel they just do not have the time or the money to tackle a significant “project”.
New home developments are especially appealing to investors and it is clear to see why; they offer the latest designs, building materials, style, home comforts and come chain-free. Whether buying a new home to live in or to rent out, there are many additional benefits.
New homes are often designed with contemporary living in mind from kitchens with brand new appliances and open plan space to luxuriously fitted bathrooms and ensuites. They make efficient use of space while indulging lifestyle trends like media/cinema rooms. By reserving a new home in the early stages of a development you may be able to select your own fixtures, appliances, flooring and paint. In some cases you can even adjust the layout to suit specific requirements such as a walk-in wardrobe or study area.
Step into a world of ideas and inspiration from the experts at The Ideal Home show at Olympia from 17 March - 2 April 2018. Whether you’re planning to build your own house, extend or remodel your own home, exhibitors will be showcasing all the latest hi tech products and gadgets for new homes.
New Homes often incorporate the very latest designs, contemporary building materials, modern technology and state of the art building components from high-tech security systems to under floor heating and smoke alarms. A new home also provides additional reassurance for buyers in the shape of long-term guarantees, such as the 10 year Buildmark warranty that is provided by the National House Building Council. This requires the property to meet current building regulation codes at the time of purchase.
Using the latest technology new homes can be far more energy efficient than homes built just a few years ago. Some use renewable energy sources while others incorporate energy efficient materials such as triple-pane windows, skylights to improve natural lighting and modern insulation that saves on heating. An energy efficient new home can reduce your carbon footprint as well as your utility costs.
With state-of-the-art circuit breakers, fire resistant materials, smoke alarms, high-tech security systems and electric entrance gates, New Homes are often much safer than older properties from the risk of both fire and theft giving not only greater peace of mind, but also a reduction in insurance premiums.
In short, new homes are a good option as a medium to long-term investment. Property prices can fluctuate but buying a new property will help keep ongoing costs to a minimum. For this reason investing in a new home could be a wise move. Also, in the current marketplace, demand for newly built homes may ensure a smooth resale making them an attractive proposition.
The Frost Partnership is a leading New Homes estate agent network offering high quality new homes and restored period properties from reputable local and national developers across Buckinghamshire, Middlesex and Berkshire. For more information on New Homes click here to see a selection of the latest new properties we are currently marketing across our network.