New Homes Guide
New Homes in St Albans, Sandridge and London Colney
If you are looking for a new-build property in St Albans, Sandridge, London Colney or the surrounding areas, Daniels Estate Agents can help you find the perfect new home. Our estate agents have over 25 years’ experience within the St Albans property market and can guide you through your buying process showing you the best new developments within the area.
Benefits of buying a new home in St Albans
The property market is wide and varied and with so many different styles and types available, you may wonder - why choose a new build over anything else? Here are the main benefits of buying a new home.
- A fresh start: Moving into a new-build home means there is no history attached to the property. Everything is brand new and in perfect working order, so all you have to worry about is unpacking and settling in.
- Lower bills: New-build homes usually come with better levels of insulation, which ensures the property retains heat for longer. Older properties struggle to compare in this respect, and it will also help to lower your energy bills, saving you money in the process.
- Quick move: As the owner of a new-build home, you won’t be waiting for the owner of the property to buy their own new home before they can sell their existing one to you. That makes the buying process far less stressful too.
- More control: Before a new-build development is constructed, you have the option to buy off-plan, which may give you the chance to design elements of the home such as the fittings or even the layout.
- Free warranty: Unlike older properties, most new-build homes come complete with a warranty. This usually lasts for 10 years and offers some protection against structural issues.
- Accessible option: Through schemes like Help-to-Buy, first time owners have the chance to buy a new-build home whilst avoiding the struggle that comes with finding the money for a deposit.
- Lower maintenance: With all the fixtures and fittings newly installed, you won’t need to worry about carrying out repairs or maintenance, allowing you to spend money elsewhere.
Features of a new home
What’s included in a new home will vary from development to development, although there are some basics that are usually provided as the norm. What you are usually paying for with a new build home is not just the space, but a number of brand new fixtures and fittings that come with them.
For example, some developers may include a washing machine and/or dishwasher, along with carpeted floors and wooden flooring. Double – or even triple – glazing comes as standard in order to achieve the required minimum energy efficiency rating, along with insulation for the walls, doors and roof space.
New build homes in high end developments will invariably have a larger price tag, but you should also expect more features to be included. This could be anything from modern heating and cooling systems, to in-built smart technology and modern appliances. Some developments also come with private parking, on-site gyms and concierges.
Who buys new-build homes?
There is no limitation on who can or cannot buy a new-build property in St Albans. While in many cases they are purchased by first-time buyers and couples in the latter stages of life looking to downsize, new build properties can be purchased by anyone.
If you want to buy a new build home using a government scheme such as Help To Buy, you will either have to be a first time buyer or an existing homeowner looking to move.
New-build properties are a good option for many families looking to set up home for the first time.
Are new-build house prices negotiable?
As is the case with any property being sold on the market, whether new-build or not, the price being advertised is not necessarily fixed and could be open to negotiation.
Much will depend on the status of the development and whether or not there is a lot of interest from other buyers. If you are buying off-plan, they may be open to a deal as it will help secure the funding, they need to fully complete the build. Similarly, if construction has finished and they need to sell the units quickly, they may be open to lowering the price.
Help to Buy Scheme
With first-time buyers finding it increasingly difficult to save the money required for a deposit to secure a mortgage, the government have introduced a Help to Buy Scheme that will help buyers get onto the property ladder.
The scheme launched on April 1, 2013 and is available until 2023, operating as an equity loan for new build properties only. The following points explain how the scheme works:
- Only first time buyers and existing homeowners can apply.
- The purchase price of the property must not exceed £600,000.
- The scheme is not to be used to buy a second home or a buy-to-rent property.
- If you have a minimum of 5% deposit you can borrow up to 20% of the purchase price.
- You can only take out a repayment mortgage with a maximum value of 75%.
- For the first five years you will not be charged any fees on the equity loan.
- In the sixth year of the loan you will be charged 1.75% interest.
- From there the interest rate rises based on the Retail Prices Index (RPI) plus 1% each year.
- You must repay the equity loan after 25 years, or before, if you sell the property.
Search New Homes in St Albans