Opting for a new build property offers homeowners not just modern designs and energy-efficient systems, but also considerable peace of mind due to robust warranty coverage and reduced upkeep expenses.
A home warranty serves as a compelling safety net for new build purchases, offering protection against potential construction defects. Typically, you can expect a 10-year warranty that is divided into two stages. The first two years usually cover minor issues like ill-fitting windows or plumbing concerns. The remaining eight years offer coverage for structural matters, such as the foundation and roofing. It’s crucial to verify that this warranty is supported by an A-rated insurance provider to guarantee its reliability.
Prior to relying solely on your home warranty, it’s advisable to get a snagging inspection. This particular survey scrutinises the quality of workmanship, flagging any potential issues before you even move in. This preemptive action offers buyers an extra layer of assurance, in addition to the warranty.
It’s imperative to understand that a home warranty is not a substitute for home insurance. Insurance is essential for covering unexpected events like floods or accidents. Also, any modifications to the property, such as adding a conservatory, will not fall under the warranty. To maximise your warranty benefits, it’s vital to report issues as soon as they arise to prevent further damage that could nullify your claim.
New build homes are an attractive investment due to their modern construction and fewer maintenance needs. A study by the Home Buyers Federation (HBF) reveals that modernising an older 3-bedroom semi-detached house to new build standards could cost over £70,000. This includes renovations, rewiring, insulation, new roofing, doors, and windows. Despite these costs, only 5% of potential home buyers anticipate them, whereas 41% cite low maintenance as a key reason for considering new builds.
Though some maintenance costs are inevitable, these are generally lower for new builds. Experts recommend setting aside 1% of your property’s value annually for maintenance. However, aspects like roofing, are expected to last around 25 years, and the exterior paint, requiring attention every 5-10 years, meaning you can defer major expenses longer than with older properties. For busy homeowners of all ages, less maintenance is definitely an appealing feature, making newly built homes a more convenient and cost-effective choice.
