Buying vs renting: What are the benefits to buying new?
With increased rental costs and competitive mortgage repayments, owning a new home is more affordable than you think. Whether you’re a first-time buyer, downsizer, or looking to take the leap from renting to owning, buying new can, in some cases, bring lower living costs.
In this blog, we share some of the key benefits to buying a new build home over renting.
1. Enjoy freedom and security
Owning a new home gives you the ultimate freedom to personalise your home, your way. With a Gleeson home, you can enjoy extra flexibility styling your very own blank canvas, whilst experiencing the excitement of watching it be built.
Moving into a new build home is a very special experience as you’ll be the first person to live there and really put your own stamp on it. There are so many ways that you can personalise your new home from the moment the first brick is laid. With Gleeson, you can choose from a beautiful range of kitchens* and optional upgrades, including bathrooms, appliances, carpets, flooring, and tiling.
Plus, buying a home provides you with added security of knowing that there is no risk of a landlord asking you to move out at short notice.
*Dependent on build stage. Please speak to a Sales Executive at your nearest development for more information.
2. Competitive mortgage repayments
According to Hamptons Estate Agents, rents on newly let properties rose by 10.2% year-on-year to the end of November 2023 to reach a UK average of £1,348 per month, representing the fastest increase since 2014.
The good news for potential homebuyers is that mortgage rates are slowly becoming more competitive, with the average cost of a five-year fixed rate continuing to fall, standing at 5.18% as of 1st February, according to Moneyfacts.
At Gleeson, we are proud to be making homeownership as affordable and accessible as possible, with many of our homes being cheaper to buy than to rent the equivalent property**.
Plus, when you choose a fixed-rate mortgage, you will know exactly how much you’ll be paying and how long for. This makes it easier to budget and save.
**Based on data provided by OnTheMarket relating to average rental costs between two comparative periods, December 2022 and December 2023.
3. Investing in your future
By purchasing a home, you’re investing in your future. Instead of making payments towards a landlord’s mortgage, your monthly payments will be contributing towards something that benefits you and your future. Like with any investment, house prices may fluctuate, but long-term you’ll likely be building equity in your home.
Gleeson customers, Damon and Francesca, recently downsized from a 5-bedroom semi-detached home in Brighton, to a detached 4-bedroom Blessington at one of our picturesque developments in Cumbria. Read more about their experience and what inspired them to choose a Gleeson home here.
What options are available to help get you on the property ladder?
In addition to the Government-backed schemes such as the Lifetime Isa, First Homes Scheme and the Forces Help to Buy Scheme for those working in the Armed Forces, we also have several additional schemes to help make moving that bit easier.
For example, our Shared Ownership scheme gives you the opportunity to buy a share of your Gleeson home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, making home ownership more accessible. Or, for first-time buyers, our First-time Buyer Assist scheme will give you some extra help to make taking the first steps seem a little less daunting. Please visit the Gleeson website to view the scheme terms and conditions.
If you're looking to make your next move, why not consider a Gleeson home? With incredible prices and competitive buying schemes available, there’s never been a better time to buy new.
Please note, schemes and offers are subject to lender conditions. We recommend you seek independent legal and financial advice.
Estate agent, Hampton’s, as referenced in the Guardian: https://www.theguardian.com/money/2023/dec/11/tenants-in-britain-hit-by-highest-increase-in-rent-for-a-decade-last-month