The perks of buying a new build
If you are buying a home, a new build can often seem like a very attractive prospect for many people. A brand spanking new home means an opportunity to put your own stamp on it, possibly giving you the option to choose what you want in terms of kitchens, bathrooms and carpets etc. A new build is all your own, nobody else has ever lived in it, everything is in brand new condition and bar the usual snagging issues, nothing has been broken or ruined by another person.
Home maintenance should also be minimal, as key components such as the boiler will be brand new, all electrical and gas work will be up to today’s stringent regulatory requirements, and you will have peace of mind the building itself will be under guarantee for the next 10 years. Costly work such as kitchen or bathroom replacements or electrical rewiring need not be a worry for many years to come, and new homes are also often more energy efficient, so good for keeping the bills under control and also better for the environment too. If you want to be able to unpack your bags and live in the house without having to do any extra work, a new build could well be the answer to a hassle-free home move.
There are financial advantages too, as the Government’s Help to Buy Equity Loan Scheme will enable you to purchase a new build with just 5% deposit, and if you are buying your first home the Starter Homes Initiative offers 20% discount on new homes, a massive saving for those striving to get a foot on the first rung of the property ladder.
There are however a few things to bear in mind if you are buying new. You will pay a premium of up to 25% for a new property, so it is worth comparing other older properties of a similar type to see whether you could get more bang for your buck. Space can also sometimes be limited, as can storage and garden size, so ensure you will be getting what you need, and again it is worth comparing with similar older properties to see whether your new build represents the best value.
Most mortgage offers have a time limit on them, normally around 3-6 months. If your home hasn’t been built yet and you are buying off plan, you could find yourself in a position where your mortgage offer has run out before you can move in, meaning you have to apply again, which could be inconvenient and costly.
Whichever type of property you feel is the right option for you, we’d love to help! Call iMove sales and lettings on 01253 883311 / [email protected]