How buying a new build home can save you money
Rising prices and a changing market mean it can feel more challenging than ever to buy and own a home – but did you know you could save a significant amount by opting for a new build?
The rising cost of living is having an impact on many aspects of everyday life, including how much you can save towards buying a new home – and how much it’ll cost to run, once you’ve moved in. Fortunately, there are several money-saving benefits to buying a new build home over an older property, meaning a house purchase could be more achievable than you think.
1. Save less for a deposit
Anyone saving for their first home – or any home – will know the struggle of pulling together the sizeable amount of money needed for most deposits. With the added pressure of increased living costs, those savings can often take a backseat, meaning your goal can feel further and further away.
At Persimmon, we operate a number of buying incentives that allow to you buy with as little as 5% deposit, meaning you won’t have to save as much. Deposit Unlock and Own New are schemes that are open to first time buyers and existing homeowners with deposits of 5%. Or, if you already have a 10% deposit but need that little bit extra, you could use Deposit Boost – we’ll add an additional 5% to your deposit, helping you secure more favourable mortgage rates.
2. Save money on bills
The steep rise in energy prices has hit everyone hard – so if you’re thinking of buying a new build, you’ll be pleased to hear that you could save over £3k each year on energy bills.
Our new builds are built to today’s standards, meaning you’ll benefit from increased thermal retention from our insulation and double glazing, reduced water use and more efficient appliances. Subsequently, the majority of Persimmon homes come with energy performance certificates of B or above. In the latest report by the Home Builders Federation, it was found that these benefits mean buyers of new build houses can save an estimated £3,118 per year compared to owners of older homes – a huge potential saving.
3. Save money on maintenance
Typically, anyone buying a house can expect to spend a few extra thousand pounds on maintenance and repairs – including getting the property up to scratch initially, and then replacing and updating when needed. In fact, the HBF found that it costs an average of £73,272 to bring an average three-bedroom semi-detached house up to the same standards as a new build.
That’s because when you buy a new build, everything’s new – from the wiring to the plumbing, the floors to the appliances. If you do need any repairs or maintenance down the line, you can save money there too. All our homes come with a 10-year new homes warranty and insurance policy, with the first 2 years covered directly by Persimmon. This means that if there are any issues with the fixtures, fittings and appliances in your home, we can enforce warranties provided by the manufacturers.
4. Save money when you move
The additional costs that come with a property purchase add up, from estate agent and solicitor fees, to certificates and bidding wars. Buying a new build home allows you to save on some of these aspects
Buying chains can be costly – buyers might outbid each other, and sometimes it’s necessary to break a chain by moving and renting for a period of time. When you buy a new build, however, you avoid the hassle and expense that can come with a chain.
All our homes come with EPC certificates meaning you won’t need to pay for one, and if you’re moving from a current home to a Persimmon home, using a scheme such as Part Exchange is a great way to save money on estate agent fees. It’s also worth keeping an eye out for offers on your chosen development, which can be a great way to save money.
If you found this article useful, you might also like these:
- Tips for applying for a mortgage
- Tips for selling your home
- Choosing the right offer when you buy a new home
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