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Why Buy New?

By George Martin Limited,

Why Buy New?

There are benefits to both new build and older properties, but we’re here to convince you why you should buy a new build home.

Reason 1

Newly built homes are designed and constructed with efficiency at the forefront.

One of the primary advantages is their superior energy efficiency, which directly translates to lower energy bills. Energy efficient home’s are a large selling point.

These homes incorporate advanced insulation materials, double or triple-glazed windows, and state-of-the-art central heating systems. This focus on energy efficiency not only makes new build homes environmentally friendly but also significantly reduces monthly utility costs, providing a long-term financial benefit.

This reduced waste and made the most of a well-suited building! We’re looking for more ways to make our develops more environmentally friendly.

Reason 2

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Modern new build homes offer exceptional security and convenience, especially appealing to first-time buyers. A newly built home provides a secure blank canvas, requiring little to no renovation unless you choose to personalize the interiors.

At George Martin LTD, we ensure that both your moving process and the construction journey are smooth and stress-free. With home builders boasting over 60 years of experience, we guarantee that every aspect of your new home meets the highest standards of quality and security.

Reason 3

One common misconception about new build properties is that they lack character. However, a new home is, in fact, a blank canvas that offers endless possibilities for personalization. Whether it’s repainting a room, installing custom cabinetry, or designing a cozy garden space, new build homes provide the perfect opportunity to create a space that reflects your unique taste and style. This flexibility allows you to start fresh and make the home truly your own with minimal effort.

Reason 4

For first-time buyers, new homes are a noteworthy choice due to the various incentives and schemes available. The UK government supports several programs designed to assist new buyers in stepping onto the property ladder. These schemes often provide financial benefits, making new build homes more accessible and affordable.

More details on these schemes can be found here offering you the opportunity to explore your options and take advantage of available savings.

Reason 5

At George Martin LTD, we prioritize adherence to stringent guidelines and compliance with building regulations. Our teams design, create, and build homes to the highest standards, ensuring safety, durability, and quality. This commitment to excellence means that buyers can have complete confidence in the integrity of their new home.

Unlike older properties that may require costly updates to meet current standards, new builds are constructed with the latest building codes and regulations in mind, offering peace of mind and assurance.

Choosing a new build home is a smart investment in quality, efficiency, and modern living. So why buy new? Because it’s an opportunity to create a home that perfectly suits your lifestyle while enjoying the peace of mind that comes with knowing your property is built to last.

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CategoriesResidential

Freehold VS Leasehold

By George Martin Limited,

Freehold VS Leasehold

When looking for a new home it’s important to understand what everything means. So, what’s the difference between freehold and leasehold properties?

Freehold

A freehold property is where the owner of the home also has indefinite ownership of the land. The land refers to the place where the structure such as the house is built on.

The benefits of a freehold property is versatile including having full control over the property. When purchasing this type of property you will also be completely rent free. Your ownership of the land also doesn’t expire. This will be whether you home is a new build or apartment.

Your home and the land it sits on may also be easier to sell in the future. Although freehold properties have their benefits they can also be initially more expensive. These properties have a higher purchase price making them less affordable for the likes of for first-time buyers.

Another downside to freehold properties is the maintenance work and time you’ll need to dedicate tot he land. This includes repairs and other significant costs.

The freeholder will always be responsible for maintaining their land and property. In urban areas such as large towns and cities it may be hard to find these types of properties. This is as a result of land availability.

Older homes, such as those you can purchase resell, will often come with a freehold.

Leasehold

A leasehold property is a where the homeowner has the right to use the land but on a time limit. The specified time is outlines on a lease agreement when the home or building is purchased. The agreement will also state the amount of ground rent the homeowner is meant to pay. A leasehold property often also comes with service charge. 

Although this type of property has it’s monthly costs it can be initially cheaper. The value of a leasehold home is often reduced. This is as you will need to pay either a monthly or annual ground rent.

Leaseholders will often need permission from the freeholder to make any modifications or renovations to the land/property. This can become an issue or often be restricting to your home.

During the purchase of a leasehold property there may also be solicitors concerns depending on the time remaining on the lease contract. If there is a short time (often under 50 years) the solicitor may raise concerns. This is to protect the buyer from any disputes. If the lease has a short amount of time remaining it can often be expensive to gain a lease extension.

As the term of the lease decreases so can the property value. Often leaseholders can gain the opportunity to buy their freehold. This can boost the property value immensely.

How to choose

If you’re on a low budget when purchasing your new home a leasehold property might be right for you. However if you’ve got more finance room and are looking for flexibility and full ownership a freehold property will fit you better.

CategoriesResidential

5 things to know when buying a new build

By George Martin Limited,

5 things to know when buying a new build

New build properties are a large investment and as more developments are arising in both rural and city area’s we’ve got the guide to see you through! Here are our top 10 things to know when buying a new build home.

1 - New build homes can be bought "off plot"

To get a level of security when get in the door with any first buyer offers you can buy an “off plot” when purchasing your new build. Developers offer these plots to those who would like input into the fixtures and fittings of a home. Depending on the development size you can often buy off plot homes around 1-2 years before the completion of the development.

2 - All about warranty

Some newly built homes come with a warranty that can cover things like structural changes, appliances and even windows! Always research your development and what warranty is on offer.

3 - Inspection is key

Inspection is the key to success when purchasing your new build. If you’d like absolute certainty during your home-buying experience hire an independent inspector. These inspectors will look at both structural, interior and exterior details of the home to ensure they’re all up to standard.

4 - Location

Your new home is where you going to live and whether that is for a while or you plan to relocate it’s important to research further into the location of the development. Ensure you look at local amenities, schools and even commuting routes (planes, trains and cars.)

What makes a good location?

5 - Completion

The completion of a newly built home has a similar process to purchasing a resold home. Always be clear to your developer or estate agent of your wanted completion date. Outline an action plan to all parties if there are any delays and ensure any promises to a timelines are in writing. 

Reducing stress with your home purchase
CategoriesResidential

Are lifetime ISAs useful for new home savings?

By George Martin Limited,

Definition
ISA – Individual savings account

Are lifetime ISAs helpful in buying a home?

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Lifetime ISA accounts are predominantly used for buying your first home or saving for later life. To open a lifetime ISA you must be over 18 but under 40. The financial limit on these accounts is £4,000 each year until you reach 50. You MUST make the initial payment into your ISA before the age of 40.

To benefit from a lifetime ISA the government will add a 25% bonus to your savings. This is capped at £1,000 per year.

You can hold stocks and shares or cash in this ISA and even have a combination of both.

Why is it useful for first-time buyers?

Sometimes it can feel like saving for a house will take years. With a lifetime ISA saving for a home can be sped up. Let’s look at the finances:

Maximum £4000 a year [Divided by monthly payments] = £333 per month

+ 25% additional government funding per year = £1000

Total savings a year – £5000

Average deposit needed on a £250,000 first home – £25,000

The average time to save for a deposit is 5 years with a lifetime ISA. Using an ISA boosts your deposit by £5000 over 5 years + any additional interest earned by ordinary interest set by your bank.

To learn more details about a lifetime ISA visit the government website.

CategoriesCommercial Residential

What is commercial and residential property?

By George Martin Limited,

Residential and commercial properties have their differences, and it’s safe to say that they serve completely different audiences.

What makes a property residential?

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A residential property is a building that is lived in and is a suitable space for dwelling purposes. They are specific buildings that are built and made to live in. Residential homes can be either for an individual dweller or a household; you have the choice to buy or rent a residential property.

When you purchase a residential property, you must pay stamp duty, which is a land tax on properties in the UK. There are certain homes which are exempt from stamp duty, including homes under £250,000, which includes our Dunton Court apartments. Properties above £250,000 fall within a tax bracket depending on the value of the property at the time of purchase.

What makes a property non-residential?

A non-residential property is essentially a building that is not suitable for everyday living. There are certain factors that determine whether a property is not suitable for human habitation.

In the UK, many people decide to purchase non-residential property as stamp duty rates differ and are often lower. However, these properties can only be used for non-residential activities such as running a business. You can change the purpose of a building from non-residential to residential, depending on the criteria.

Key Differences Between Residential and Commercial Properties

Purpose and Use:

Residential: Designed for living purposes, suitable for individuals or families.

Commercial: Intended for business activities such as offices, retail spaces, and industrial use. 

Ownership and Tenancy:

Residential: Often owned by individuals or families; can be rented out as single units.

Commercial: Typically owned by companies or investors; leased to businesses.

Financing and Investment:

Residential: Easier to finance through traditional mortgages; considered a lower-risk investment.

Commercial: May require more complex financing; potentially higher returns but with increased risk.

Regulations and Maintenance: 

Residential: Subject to different building codes and regulations focused on safety and habitability.

Commercial: Must adhere to regulations pertaining to business operations, health and safety, and accessibility.

Market Dynamics:

Residential: Influenced by factors like local housing demand, employment rates, and interest rates.

Commercial: Driven by economic conditions, business growth, and location desirability.

Click the below button to learn more about our available commercial and residential properties.

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01268 919940

Email

admin@georgemartinltd.co.uk

Location

Basildon

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George Martin Limited 
West Mayne
Basildon
SS15 6RW

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Registered office: Service House, West Mayne, Basildon, Essex SS15 6RW. A member of MJT Securities Ltd.
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