After a long hiatus in New Home building in Ireland, new developments are popping up quicker than trendy salad bars. New Homes are back and better than ever! For the best part of the last decade, buying a New Home just wasn’t an option for purchasers as there were too few available. But now with large new estates rapidly being built all around Dublin, and a many more small in-fill schemes coming out of the ground in every corner of the city, choosing a new build over a second hand home is now an attractive option again.
It’s been so long since New Homes were a major part of the market, many prospective homeowners have never experienced the delights of a New Build Home. Despite often selling at a premium to similar sized homes in the same area, there is a real draw to owning a New Home.
Here are 10 of the best reasons to consider a New Home for your next move:
1. It’s Brand New!
The obvious first benefit is the house is completely brand new! Crisp finishes, fresh carpet, sparking clean appliances, even that new home smell. Like buying a brand new car, owners love that fresh-from-the-factory feel which you get with a new home too. No one has ever lived there, there are nothing hidden in nooks or crannys, no problems covered up by previous owners, no unusual quirks or design choices made by a previous owner. It’s your baby!
2. It’s Energy Efficient
Modern construction techniques have improved greatly in the last 10 years since the last bunch of new homes were mostly constructed in Ireland. Plus building regulations for newly constructed homes have been successively tightened in recent years, so that any new house in Ireland will usually be an A-Rated BER (Building Energy Rating). This not only will make your home feel snug and warm, it will also mean dramatically lower heating bills than any second-hand home.
3. It’s A Blank Canvas
A new home is also a complete blank canvas. Many developers give buyers the final choice in a range of fixtures, fittings and paint finishes. Choosing your own colour scheme and floor textures allows you to put your stamp on the property from day one, plus free reign to add curtains, blinds, light fittings etc without redoing older decor being in the way.
4. It’s Customisable
Often if buying off-plan or reserving a new home in the later stages of construction, the developer will often allow customisation of the final specification or layout. This might include changes to layout, movement of internal walls or the arrangement of a kitchen. Perhaps you want to turn a spare bedroom into part of a large master suite, with a walk-in wardrobe, that’s something that can easily be requested before final touches are put on the house.
5. It Will Be Low Maintenance
Newly finished and built to the highest modern specifications, any new home will be completed in tip-top condition. Modern materials are much more hard-wearing and durable, plus new homes are now built to very high ‘air-tightness’ standards, letting in no damp or drafts. Your new home should be easy to maintain for many years. Plus, new homes also usually come with well landscaped, low maintenance gardens – saving you time from heavy gardening duties.
6. 10 Year Guarantee
Better still, not only will your new home be finished to the finest standards and your developer will come back to fix any items needing final tweaks in your Snag List, also every New Home should come with a 10 Year Guarantee from a bonded insurer such as Homebond or Global. This will cover the repairs of any inherent defects in the construction, and can be passed on to future buyers if you sell the house before the 10 years is up. You can rest assured that your New Home isn’t going to cost you a cent more than the price you are paying.
7. You Know The Final Price
We often canvas new home buyers as to why they choose a new home and one surprising answer often is the certainty over the price you pay. When looking to buy a new home, there is the listed price and that’s it, that’s all you have to pay (plus maybe a few choosen extras for some fittings or furniture etc). Unlike when you buy a second-hand home, where the price quoted is just an asking price, the stress of bidding wars, gazumping and missing out on the home you want can be overwhelming. At least with a new build you can see the price and reserve your new home for that price without stress to your budget or to yourself!
8. There’s No Chain
Also a great relief when purchasing a new home, compared to a second-hand private sale, is that there is no onward chain with your purchase. There isn’t a seller looking to move out and reliant on another sale going through. There isn’t the risk the seller pulls out (they’re always going to be selling the new home eventually). It’s just a straightforward completion date and then you are in! This is especially helpful for first time buyers who don’t have an original house to sell, as then there is no chain at all!
9. There’s Government Help
The Irish Government introduced the Help-to-Buy scheme in 2016 to assist first time buyers with their required deposit for a new build home. If you are a first time buyer, buying a home up to the value of €500,000 and with over 70% Loan-to-Value you can qualify up to €20,000 or 5% of the price of the new home (whichever is the lesser). You have to live in the property for at least 5 years before selling or renting it out, but this is a great help to many first time buyers.
10. Resale Values Are High
Although you aren’t buying a New Home with the plan to sell it anytime soon, if you do come to sell your new property in the next 5 or 10 years, your property will have retained a very high resale value. It will still feel relatively ‘brand new’ even after all that time, while other homes in the area will be 20, 30, 40 or 50 years old. The modern finishes and energy efficient materials and systems should stand the test of time. In fact, many new developments get better with age as landscaping matures and houses get a warm, lived in feeling to them. You could see values increase for your new home more than for older homes in the area.
So that’s our 10 Reasons A New Home Is Better Than An Old Home. If you have any more good ideas let us know!