Newland Avenue - Hull
The benefits of buying a new build home
Purchasing a new build property can be good option for whatever stage you’re at on the property ladder. You could be a first time buyer, have a growing family or simply fancy a change.
Everyone has their own requirements when finding the right home. Maybe a new build home ticks all those boxes. Here are five benefits of buying a new build home to help you consider your options.
A blank space to make your own
Choosing the finishing touches of the property is an option some new developments offer to buyers before the site is complete. This means you get the chance to choose your kitchen appliances, bathroom tiles, flooring and many other details including the exterior.
It’s a great opportunity to make it your own and personalise it to your taste without doing the hard work yourself. Be sure to check the small print as some options may incur additional costs.
10 year guarantee and a safe home
When buying a new build property you get the reassurance of a 10 year warranty and are usually covered by the National House Building Council (NHBC). This usually means that repair and maintenance costs shouldn’t be an issue and you can relax knowing that you’re covered up to 10 years.
New builds must adhere to strict building regulations. They also come with a ‘snagging clause’ this means any issues or ‘snags’ that have been caused by the quality of the building must be fixed.
Eco-friendly and energy efficient
New build homes are designed with energy performance in mind. They usually feature the latest energy-efficient appliances, as well as double-glazed windows and insulation to keep the home eco-friendly. This means you could make savings on your energy bills and you will also reduce your impact on the environment.
It can be stressful when you are caught in a chain when moving house. Buying a new build eliminates some of the stress because you don’t have to wait for the previous homeowners to move out. If you’re a first time buyer there is less to worry about as you are completely chain free. However, there may still be delays with the builder.
Schemes to help you buy a new build
Buying a new build home means you can take advantage of Help to Buy schemes.
Help to Buy: Equity Loan is when the government lends you up to 20% of the cost of the property. You can pay a 5% deposit and arrange for a mortgage to make up the rest. You won’t have to pay interest on the loan until after 5 years. You only need to pay the full equity loan when you pay off your mortgage, come to the end of your equity loan term or sell your home.
Help To Buy: Shared Ownership gives you the opportunity to buy a share of the home if you can’t quite afford the mortgage on 100% of the property. This can be between 25% and 75% of the property’s value and you will pay rent on the remaining share. In the future, you could buy larger shares when you can afford it.
Specialised mortgage advisers to help
Love the sound of a new build home but not sure where to begin with getting a mortgage?
It can seem daunting but to help guide you through the whole process we recommend getting expert advice from mortgage advisers who are specialised in helping buyers purchase new build homes. Some mortgage lenders have restrictions about new build property mortgages, while others may not offer deals for shared ownership schemes. Contact your local new build mortgage adviser to help you get started.
Because we play by the book we want to tell you that…
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.