We all know your home is a constant drain on your finances. Even when you have made your final mortgage payment there is always a bill to pay for upkeep and repairs and as we get older our income is less flexible if there is a substantial outlay to be made. So if you are planning a move to a retirement property it is worth considering a brand new house. Here are some of the benefits:
Energy efficiency
A new home will be more energy efficient, with a modern heating system and higher levels of insulation. New homes built today can use up to 50% less energy than homes built in the early 1980s, which could save you a significant amount on your bills. They also emit less carbon dioxide; a cause of global warming. Domestic water use can be kept to a minimum by using water efficient fittings such as showers and dual flush toilet cisterns, again reducing your outgoings.
Low maintenance
Being brand new, your home should not need modernising, updating, refurbishing or redecorating for several years to come. Most new homes are fitted with upvc double glazing, fascias and soffit boards, requiring only cleaning as maintenance.
Safety & Accessibility
Modern homes are built to the latest safety standards using fire-resistant materials and linked smoke alarms. Certain rooms are required to have accessible opening windows, large enough to allow escape in the event of a fire. New properties are also built to mobility standards giving easier access for all, for example you will find plugs and sockets in accessible places, you may find a wet room rather than a bathroom and so on.
Security
Higher levels of security, with window locks and British Standard 5 lever locks to main doors are standard fittings. Some builders either pre-wire for a burglar alarm system, or fit one. These measures can help reduce the amount of your house and contents insurance. Some developments even meet the criteria required for Secured by Design approval – a scheme that meets police standards for home security to guard against burglary.
New home warranty
Most new homes come with an NHBC Buildmark or similar warranty. This insurance-backed policy covers purchasers against all defects due to their standards not being followed for the first two years. During the next eight years the warranty provides cover against major damage arising from structural defects or drainage defects.
Choices
There are normally a variety of home styles to choose from on a development. Subject to the stage of construction, buyers can usually choose fixtures and fittings from the builder’s range; typically, this is confined to kitchen units and wall tiling. Some developers offer other choices or options at an additional cost. Most new homes are decorated in ‘neutral’ colours giving purchasers a blank canvas to inspire them.
First use
Everything is clean and unused and new! No greasy kitchen units. No tobacco stained decorations. No scratched or damaged fixtures and fittings. You also do not have to live with the previous occupant’s taste or DIY disasters.
Simplified buying process
When you buy a new home you will be required to ‘complete’ on the purchase, usually within two weeks of the property being finished. On reservation you will be given an estimated completion date. You are then at the end of the selling chain. Some builders even offer a part-exchange deal on your existing home, saving you the expense of selling through an estate agent and the worry that the sale may fall through due to complicated chains, poor surveys or other glitches. On reservation, the price is fixed, provided you exchange contracts within a given time.
Re-sale price
The valuation of your property will be directly linked to the price that the last property of your home type sells for on the development. As developers very rarely reduce prices on a development during construction, it could mean your property might increase in value in line with prices for the last homes offered for sale. This may exceed normal house price inflation. Your property will then be forever linked to the highest price achieved for the same house type. The earlier you buy on a development the greater the potential increase.
There are some genuine benefits to buying a new retirement property as you grow older – it will save you time, you will have no concerns about maintenance and there could be some real cost savings in energy bills and insurance. Check out what’s on offer in your local area – you may well be surprised!
