Newspaper article The Journal (Newcastle, England)

There Are Multiple Benefits to Buying a New Home; Buying a Brand New Home Is Something Special. Aranda Rahbarkouhi Looks at the Advantages of Buying New over Old

Newspaper article The Journal (Newcastle, England)

There Are Multiple Benefits to Buying a New Home; Buying a Brand New Home Is Something Special. Aranda Rahbarkouhi Looks at the Advantages of Buying New over Old

Article excerpt

WHILE most of us don't mind a little unrest when decorating, few want to move into a property with a list of DIY jobs to do. So buying a new home means those who want that "nip and tuck" already in place can do so with little effort.

Whether it be bespoke tiling in the bathroom, or specific units and worktops in the kitchen, the desires of the new-build buyer can be met by the builder before the new homeowner even steps foot over the threshold.

Managing director of Durham-based Dere Street Homes, Chris Hogan, said: "It's a particularly good time to buy a new home.

"Firstly, there's a shortage of new homes as developers haven't been building at the same rate as previous years, yet prices are still low. "When buyers return to the market in larger numbers than has been seen over the past two years, and this has already started, prices will rise very quickly - it's the basic economics of a rising demand for a diminishing supply. We've seen the early signs of this as the discounts some companies were offering last year have all but disappeared - prices of new homes are unlikely to get any lower and will only rise.

"Secondly, interest rates are the lowest they've been for years and the banks are beginning to release mortgages again - as more products come onto the market, competition increases and there are some very good rates to be had.

"The low interest rate also provides the third reason in that new property provides a safe home for investors, especially niche property in semi-rural locations, which will always be in demand."

New homes are more energy efficient than older properties and designed with modern living and minimum maintenance in mind, which is an important factor for families struggling to cope with rising fuel costs.

Mr Hogan added: "The new designs and materials create homes which are highly efficient for heating. However, probably the best reason for buying a new house as opposed to a pre-owned property is it's a blank canvas on which you can establish your own identity."

An important point when buying any home is not to rush into anything.

Miller Homes regional sales director, Debbie Dunthorne, said: "Our new homes are built to the latest environmental standards and are six times more energy efficient than older-style properties. …

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