When it comes to buying a home, many house hunters focus on location, size and style, but the financial benefits are equally as important.
While older homes offer history, new homes are designed to be more efficient and cost-effective, which may significantly reduce your expenses. Here’s a closer look at six key financial advantages of purchasing a new build property:
- Energy efficiency
Energy efficiency is a major cost-saving benefit of buying a new home. New build homes are designed to meet, and often exceed, the latest energy efficiency standards. Features like high-quality insulation, double-glazed windows, and energy-efficient appliances ensure that your home remains comfortable while keeping your energy consumption to a minimum.
In fact, the average new build house uses 57% less energy per m² than an older house*, meaning you’ll notice significant savings in your heating and electricity bills. This level of energy efficiency also contributes to a more sustainable future, helping to reduce your overall carbon footprint.
- Reduced maintenance and repair costs
Older homes often come with a long list of repair and maintenance expenses. From fixing plumbing systems to replacing outdated appliances, the costs of upkeep can quickly add up. In contrast, new homes are built with modern, high-quality materials and advanced building techniques, meaning they require less upkeep and fewer repairs compared to older homes.
Additionally, new build homes often come with 10-year warranties that cover major structural issues and defects, which further reduces potential out-of-pocket expenses for repairs and maintenance in the initial years of homeownership.
- Modern home features
New homes typically come with modern, energy-efficient appliances that not only look great, but run much more efficiently. From water efficient dishwashers to energy-efficient heating systems and LED lighting, these energy-saving appliances are designed to minimise energy usage, which help to keep your bills lower than in older homes.
Having brand-new appliances in your home also means you’re less likely to face costly repairs or replacements in the near future, which can be another hidden cost of buying an older property.
- Improved insulation
One of the main reasons older homes can be more expensive to run is because of poor insulation, which leads to high heating bills in the winter. High-quality insulation materials and techniques ensure that your home stays warm in the winter and cool in the summer, reducing the need for excessive heating or cooling.
Improved insulation not only contributes to a more comfortable living environment but also results in substantial savings on energy bills over time.
- Financial incentives and savings
Our new build homes are available with home buying incentives that can help reduce your upfront costs when buying a new home. These financial incentives, such as Deposit Boost, Own New and Home Reach, can help with deposits and reductions to your mortgage repayments.
By taking advantage of these offers, you can reduce the upfront costs of buying a new home and invest in features that improve your quality of life.
- Lower home insurance costs
New homes often benefit from lower insurance costs compared to older properties. This is because insurance companies generally view new homes as less risky due to their modern safety features, updated wiring, and compliance with building codes.
This can translate into lower monthly or annual insurance costs, adding to the overall cost savings of buying a new home.
Explore new homes with Crest Nicholson
If you’re considering the financial benefits of buying a new home, Crest Nicholson has a wide range of new homes for sale to choose from.
Explore our new build homes for sale here and discover how a new build can be a smart investment for your future.
*Indicative figures, based on latest HBF "Watt a Save" report, updated August 2024
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