Are New Homes Really More Expensive?

Are New Homes Really More Expensive?

An early decision you need to make when you are looking to buy a home is to decide whether you want to buy a new-build or an older, existing home that someone else has already lived in.

There are lots of factors to consider, including personal preference, and you may have heard that new homes are more expensive to buy than older ones.

But is that actually true?

Everything Is Brand New

When you buy almost anything, you would expect a brand new item to be worth more than a pre-owned one, whether it’s a television, a bed or a car. After all a secondhand item has been used by someone else and isn’t in pristine condition anymore. They might be damaged or customised or just have a lot of wear and tear.

The same goes for houses of course. Buying an existing home means moving into somewhere that people have lived before you, potentially generations of people if the home is an old one. So it makes sense that a new home would cost more money than an existing one, because you are getting a home that is brand new and has never belonged to anyone but you. A home is the most important purchase you’ll ever make, so it’s understandable that many people would rather not buy one secondhand.

This can mean that the price tag on a new build home can be higher than on a similar existing home. But looking beyond that initial price, is it necessarily the case that new homes work out as more expensive?

Interior image of lounge

You'll Save On Upfront Costs (And Headache)

Of course, the initial costs of buying a house are what we all think about most when looking to buy, but these are only what it takes to actually own the home. There’s plenty more costs associated with actually going to live in it, particularly if you buy an existing home.

The previous owners may have left and taken their possessions and furniture with them, but their DIY decisions may well linger on. Having had no say in how they decorated the home or what fixtures and fittings they installed, you have the choice between living with them or spending money to get things the way you want them.

If you can afford to get started on this straight after buying the home, it can be another major outlay of cash. If you can’t justify it after the cost of the purchase and with a new mortgage to pay, it can result in ongoing costs to pay, not to mention the frustration and inconvenience of living with someone else’s kitchen tiles or bathroom suite.

Buying a new home from Laurus means that you are not only avoiding having DIY disasters to fix up but you can also have the chance to have your say in the fixtures and fittings that are installed before you even move in. This saves you the hassle and the money, giving you the home you want straight away. How much is that worth?

If anything goes wrong with your pre-owned home after you have purchased it, you might have the ability to get money back from the previous owners through legal means, but this can come with costs and headaches.

With a new-build home, you can have peace of mind because all of our homes are covered by the NHBC Buildmark warranty, which means you’re protected for ten years after the build completion, while any defects to your property in the first two years will be covered by our builders’ warranty.

With Laurus you can also save upfront costs if you make use of our Move Easy assisted move scheme, where we not only help you sell your existing home but will even pay your estate agent fees after you’ve completed the sale.

New build homes can also prove to be more affordable than existing ones. We’re always trying to make it easier for you find your dream home with us and regularly run offers and incentives, which you won’t find when you buy a privately-owned home. Register your details at the developments of your choice to be kept up to date with our latest offers.

Lounge and dining area of Vision

You'll Benefit From Ongoing Savings

There are other savings that you can make with a new build home, not least when it comes bills. Older homes are naturally less energy efficient than ones built to the latest environmental standards.

According to NHBC research, the average new build could save you 50% on your energy bills compared to a similar Victorian home, savings that will really add up over the course of your time in the home.

With less likelihood of DIY work ongoing and all of the high spec fixtures and fittings already in place, your ongoing costs in a new build home will be low, leaving you money to focus on enjoying yourself in your new surroundings. And isn’t that what home ownership is meant to be all about?

So why not have a look at the new homes we’ve got available and find out more about the benefits of buying a new build?

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