Buying a Newly Home in London, UK Property Investment Tips, Residential Sector
Benefits of Buying a House in a New Building in London
31 Aug 2020
The population in London is growing. Accordingly, an increasing number of new buyers, homeowners, and investors are choosing to purchase real estate in a new building. By the end of 2020, the government plans to build a million new homes, and this goal seems quite achievable. Moreover, these programs are prolonged.
Buying a home is one of the most significant purchases in a lifetime. It is crucial to have adequate data to be sure you make the right decisions. You can find great homes here. For those who have not yet decided, here is a list of the main advantages of buying a new home in new buildings in London.
Guarantees
First of all, newly-built homes come with a ten-year National House Building Council warranty. It covers all possible structural defects in the premises. In most cases, developers additionally provide a two-year warranty.
Structure related problems can still occur after you begin living in a new home. However, it is less possible to happen in a new-build home, when compared to an older property. Remember that costs will be covered, at least during the 10-year warranty period.
Reduced Maintenance and Repair
When buying a new home, there is no significant investment in renovation or cleaning. However, you will need to personalize your living space a little.
Most new homes are already equipped with home appliances to make the move-in experience more enjoyable and cheaper. New homes are built according to the latest specifications, so significant repairs will not be necessary for at least the next few years.
High Energy Efficiency
According to statistics from the Home Builders Federation (HBF), living in a new building will save you about £600 a year. Modern construction technologies optimize energy efficiency. In older homes, for example, poor insulation requires significant financial investment and structural changes.
The vast majority of new homes have the highest energy efficiency rating A or B. Recently, there has been a stipulation that leased property investors cannot rent out their property if its energy efficiency certificate contains low F or G ratings. Therefore, they choose new buildings not only in terms of durability but also in terms of energy efficiency. For new buyers, lower home maintenance costs are certainly an attractive proposition.
Easier Process
According to the last surveys, people do not like to wait for the previous owners to sell a property before moving in. That is why buying a house in a new building in London has become a preferable option.
The future owner receives new premises without any conditions from the previous owners. Additionally, you can be sure that your future home is not involved in any questionable financial schemes.
Buying a newly built home in London – Choosing Your Parameters
When searching for properties, the future owner should take into consideration lots of different criteria. For example:
- Amount of living space in total. Some people like small cozy apartments. Others prefer to have a library, gym, and additional space for spending time with family. It simply depends on the lifestyle.
- The number of bedrooms. Do you need only one for just yourself, or are you planning to have children in the near future? Or maybe you have a lot of friends, and many rooms are essential to host them.
- You can choose the area in London where you want to live. Do you prefer a window view on noisy streets or calm, almost abandoned locations? Different people have different levels of sensitivity.
- Transport availability. You should check whether it is comfortable to reach your work or school from the new destination. The availability of public transport is sometimes very desirable.
- Internet speed. Freelancers and remote workers need the fastest one available. It is crucial to have an adequate Internet connection nowadays.
- Car parking. On the street or in a parking lot?
All of these criteria are easier to find in new buildings in London. Anyone can choose a variant that meets all the needs. Your new property may often include the possibility of adding extra features that make it more appealing. However, you should be aware that the most comfortable house is faster to find when buying earlier. If you decide to buy a home later, the choice might be limited.
Buying a newly built home in London – Saving Money
As it was mentioned above, the premises in new buildings, in most cases, are more expensive than the old ones. However, you can save some money if you buy it as early as possible. It is likely that by the time the home is habitable, the cost will be much higher.
As you can see, buying a new build property has different nuances when compared with buying an old home. It has a lot of benefits and gives more freedom of choice to the potential owner.
Comments on the Benefits of Buying a House in a New Building in London article are welcome
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