It’s no secret that homes are expensive – and in today’s climate, it’s more important than ever to be savvy with your hard-earned cash.
Whether you’re a first-time buyer ready to get on the property ladder, or a homeowner keen to move, it may be worth considering purchasing a new build home. They have the potential to save you cash, both during the moving process and in the future with your ongoing expenses.
Here, we look at how a new build home could save you money.
Most new-build homes are built with energy efficiency in mind, with features such as quality insulation, double glazing, and energy-efficient appliances.
This can have a huge impact on the amount of energy you use throughout the year – and the less energy you use, the lower your bills will be.
After “analysing data for new and older properties”, The ‘Watt a Save’ report from July 2023 has found that “energy bills for new homes are on average 55% cheaper, saving households £135 on monthly running costs”.
Many housing developers have great financial incentives for buyers that can help them save during the moving process. For instance, if you are already a homeowner, you may be able to take advantage of a part exchange scheme. This typically involves the housebuilder buying your home and selling it for you – saving you from forking out on expensive fees.
If you don’t qualify for part exchange, you may be able to use other schemes to save some cash. Some housebuilders can instruct an estate agent on your behalf and pay your estate agent fees – potentially saving you thousands!
Or, you may be able to buy through a shared ownership scheme, which involves you buying a share of the house in line with your budget and paying rent on the remaining balance.
New home warranties
Another way that buying a new home could save you money is through the warranty. New build houses come with a ten-year warranty that includes cover for defects and structural issues. For example, structural insurance will cover any major problems that arise with the roof, chimney, ceilings, foundations, and so on.
This means that if anything serious goes wrong with the house in the first ten years, you’ll have insurance in place to cover the costs. This is a huge advantage compared to buying older homes, which may require maintenance or costly repairs after you buy.
Thanks to their energy efficiency, financial incentives, and warranties, new build houses have the potential to save you cash during and after your move. Will you choose a new build for your next home?