Small space, big potential: The benefits of downsizing to a new-build
Sponsored feature | Rachel Sackel, Mortgage Advice Bureau
Thinking of downsizing? Here’s why you might want to consider a new build as your next move.
If you’re considering moving somewhere smaller, then new-builds could be the ideal next step. Not only are they generally cheaper, easier to run, and more sustainable, they also provide the perfect opportunity for a clean slate when it comes to decor. Let’s take a look at some of the (many) benefits of new build homes, and why they could be right for you.
Benefits of downsizing
Whether your children have recently flown the nest, your lifestyle has changed, or you’ve simply outgrown your current home, downsizing can present opportunities for a greater quality of life. However, before you take the plunge, you need to assess what’s important to you in terms of what you’re looking for in your new, smaller property. Do you want to stay in the same location? What type of property are you after? Do you have a specific style or aesthetic you want to achieve? You will also need to think about what you may need to declutter in order to accommodate for the reduction in real estate.
A greener option
On the whole, new builds are more energy efficient compared to older properties. This means you’re more than likely to save money on your energy bills every month - something which has never been more important in light of the cost-of-living crisis. In fact, 87 per cent of new properties were given an A or B rating between October and December 2022 - an increase from 84 per cent in the same quarter in 2021.
Similarly, a recent report from Home Builders Federation (HBF) revealed owners of houses and flats save on average £435 a year on their bills, and the average new-build home emits 2.38 tonnes less of carbon each year.
[Read more
How long does a mortgage offer last?
How much does it cost to make a home more energy efficient?]
New-build developer incentive options
If you’ve been in your current home for a long time, it’s more than likely that you’ll have equity in your home, which you can release to help fund your move. However, if legal and financial costs associated with the home buying process is something you’ve been worried about, many developers offer a range of cash incentives to help combat this.
One example is part-exchange, where a developer will purchase your current home from you and sell it on. This saves on financial costs associated with estate agents and solicitors, as well as the time and stress of being in a chain. Bear in mind that the incentives offered by each developer will vary and depend on factors such as availability and eligibility, so it’s important to have a conversation with them to discuss your options.
Guaranteed peace of mind
It’s likely you’ll also see a reduction in the need for general maintenance and repairs by opting for a new build home, with the majority of issues likely to be covered under a developer-supplied warranty for an extended period. In addition, moving to a new-build automatically shortens the chain in the home buying process, removing many of the associated stresses that come with older properties, such as negotiation, legal complexities, and undertaking major renovation work.
Maximised space
Many new-builds are cleverly designed to maximise the amount of space you are given, with open plan areas and plenty of storage options. This is ideal for those choosing to downsize, as it means you have plenty of options when it comes to designing and maximising the real estate in your new home. There are also clever ways that you can maximise your space with the furnishings you have, such as neutral tones, use of mirrors, or benched seating for your dining table.
A blank canvas
Perhaps the most advantageous factor to moving to a new-build home is the opportunity for a fresh start. They give you a blank slate to work with and also come with a range of modern yet functional design and specification options. From bathroom fittings and appliances to tiles and flooring, new builds offer so many different possibilities to make your home truly personal to you. If you buy your new build property off plan, you’ll have even more flexibility in what you can pick and choose from.
So if you’re looking to downsize and fancy a fresh start, new-builds could be the ideal option, allowing you to focus more on what you really want from a home.
Expert mortgage advice
There are plenty of product options available to those further along the home-buying process looking to downsize, so you’re sure to find a mortgage that suits you. Why not start a conversation with me today and see how I can help. Call 07375 886347 or visit our website at mortgageadvicebureau.com/cambridge.
Because we play by the book we want to tell you that your home may be repossessed if you do not keep up with repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances, but a typical fee is up to 1 per cent of the amount borrowed.
