Data from the National House Building Council showed that new home registrations in 2022 were at their highest level since 2007 (191,801 in 2022 vs. 198,467 in 2007).
New build homes are a great way to get onto the property ladder and are always popular because they are at the beginning or end of a housing chain.
Moreover, you can have confidence that you will be purchasing a new, high-spec property, so there comes a little extra peace of mind.
Here are some things to look for when buying a new build development home.
Why buy a new build home?
When you are searching for a property, new homes for sale in development areas provide a great opportunity for you to get on the ladder.
But what exactly are the benefits of a new build homes? Well they are plentiful.
First and foremost you can have them purchased, or at least have a deposit down, before they areeven built. You do not have the frustration of waiting for sellers to stall as they ponder whether to accept a bid.
And a real benefit is not having to wait for people to move out. Often what delays you moving into a home is waiting for the sellers to either find their own new house to move into or waiting for a date when everyone in a chain can move.
First-time buyers are particularly well liked by new build developers as they are not having to sell first, so it offers a great opportunity to get on the property ladder.
A new build home also allows you to add your own personal touches and preferences before you even move in, so long term it would save you a lot of money on redeveloping your house.
Finding the plot
Just because there are benefits to buying a new build does not mean you should rush into purchasing one or throw more money at them to get a new property.
Basically, make sure you do your research. Find the right location for you, is the surrounding area for the development to your liking? Does it have the right transport links and schools in the vicinity? You might find some reasons to live in Delaware or in another location that you research, that you hadn’t previously thought of.
Moreover, what of the price? New build properties can depreciate in value pretty quickly if you need to sell within a year or two of moving in, so check the price of the home against older properties in the area before deciding whether to put in a bid.
Looking for benefits
Often you will find with new build purchases that there are plenty of incentives offered by the builders/developers, as doing so can help them hit sales targets.
The type of incentive offered can vary so keep an eye out for deals.
But typically things like paying your stamp duty or paying your deposit may be offered. Potentially they may offer a part-exchange deal where they buy your current home and sell it on for you or an assisted sale where they help you sell.
It could be that they offer free fixtures and fittings, white goods, interior design advice or landscaping.
Essentially, you could end up getting some pretty sweet deals with a new build purchase.
Floorplan and space
One potential pitfall of a new build home is not quite knowing how much space you will have.
But there are ways to combat this. For instance, move developments with have a virtual tour so make sure you have a look at that before putting in an offer.
Most will also have a showroom and if they do then make sure you take a look around this, or have a ponder at already built homes to get a better idea of space and size.
And have an idea of how much space you will need. If you have family does it have enough bedrooms for example?
Crucially, when a property is finished it is vital to do some safety checks.
Most new builds are under warranty and developers often have a timeframe to do repairs for free.
Make sure you check over the fittings, carpentry, brickwork and weep vents.