Buying a new home is always an exciting time. When that home is a new build, there’s the potential for it to be even more exciting – you could be among the first residents in a brand-new area that can watch it grow and develop with new amenities, opportunities and neighbours.
Whether you’re buying your first home or your next home, buying a new build can be a little different to buying any other type of property, but it can also offer some great benefits. We’ve put together a brief guide to help explain these a bit more
What are the benefits of buying a new build property?
Chain free
As a brand new property, you’ll be the first owner so won’t have a chain of buyers above you. That’s one less stress to worry about!
Buyer incentives
When buying a new build property you may qualify for a government affordable home ownership scheme, which provides financial assistance to help you buy a home. Schemes can vary slightly depending on where and when you’re planning to buy.
Developer’s incentives
In addition to government schemes, some developers may offer a few “extras” in order to secure a sale. This could include things such as covering the cost of carpets, providing appliances (e.g. washing machine) or paying your stamp duty.
Energy efficiency
New build properties have to comply with the latest building regulations which means they’re more energy efficient than older properties. In turn this could mean lower energy bills for you.
Warranty
All new build homes in the UK are covered by a 10-year home warranty and insurance guarantee. This provides protection against a range of eventualities, such as problems with the home's construction.
A blank canvas
There’ll be no need to strip off the previous owner’s dodgy looking wallpaper here! In a new build everything is smooth, neutral and ready for you to put your own stamp on it.
What’s different about buying a new build to any other property?
Deposit
Traditionally lenders ask for at least 15% deposit when buying a new build house (this could vary if you’re buying a new build flat).
Flexibility to extend your mortgage offer
Building a property from scratch may not always run to plan in terms of timings, so it isn’t unusual for a completion / move-in date to be pushed back. Most lenders appreciate this factor when buying a new build so will allow the option to extend your original mortgage offer for a longer period.
Fixtures and fittings
If you reserve your new build property from the developer early in the construction process you’ll have the opportunity to choose the larger fixtures and fittings that will be installed into your new home. These include things such as worktops, tiles and flooring. This is where you should keep your eyes open for extra costs – the price you’ve agreed to buy at will likely include a standard level of materials, whereas the show home you’ve viewed on site is likely to be kitted out with higher-end versions that will come at an extra charge if you’d like to have them installed in your property.
Expert advice to buy a new build home
Our expert mortgage advisers are on hand from the day you select your plot until moving day. As part of one of the UK’s largest mortgage brokers, they can access 1000s of deals from over 90 lenders and will provide expert advice on finding the right advice for your circumstances.
To book a free, initial no-obligation appointment with a mortgage adviser in Newcastle, get in touch by calling 01914 018229 or send us an e-mail.
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