Property Buying Guide
New Build Homes
In the UK, new build homes are very popular. Most people like the thought of being first into a property and so new build houses are often at the top of a first time buyers list! Everything being in new working order and good, modern design is usually what separates new build properties from 'previously lived in' properties.
Buying new build can also be simpler because of the lack of an upward chain. To find new build for sale you don't normally head for a traditional estate agent. Typically you will find out about new build developments either by driving past them or through their advertisements in local papers. In addition, there are several specialist websites exclusively promoting new build houses and new build flats.
To buy a new build property you do not need special new build mortgages but just a normal mortgage. However, if you are going for a shared ownership or shared equity scheme, you may need a more specialist mortgage. To find out how much you could spend on your first hew home, and more about these specialist mortgages, contact a mortgage advisor for mortgage advice. They might also know of some good property deals in your area.
Many of the new house builders are creating properties solely for first time buyers with innovative and affordable starter homes and special incentives to help. New and refurbished homes are available to eligible first time buyers on a shared ownership basis through the New Build HomeBuy shared ownership cheme. New-build homes are also available to eligible first time buyers on a shared equity basis through the HomeBuy Direct schemes.
Another innovative way to bag a new build bargain is through a gifted deposit scheme.
There are many reasons you might prefer to buy a new build home rather than an old one.
-
New build homes come with a 10-year warranty from the National House Building Council (NHBC) or other insurer.
-
There should be almost no maintenance - no old lead piping to replace, no flaking paint, no crumbling pointing etc.
-
New build homes are over four times more energy-efficient than older homes and therefore 'greener'. This also means they are far cheaper to live in, with lower heating bills.
-
Fire-resistant materials, and fire and smoke alarms come as standard in new build homes.
-
The layout, size and allocation of space meet modern living requirements, not those of past eras.
-
Kitchens and bathrooms are already fitted, which can save thousands of pounds. Sometimes even electrical and white goods are already supplied.
-
If you buy before the new build home is completed, you may have some say over the layout of particular rooms and the facilities included in the property.
-
Carpets and curtains may be included in the price.
-
You have a blank canvas and can impose your own taste from the outset.
-
There is no onward chain, significantly speeding up the buying process.
-
Many properties are smaller one- and two-bedroom homes or studios in inner cities, tailor-made for first time buyers.
When buying a new build home there are some things to look out for however:
-
Build quality
-
Energy-efficiency
-
Light-efficiency
-
Security
The new build homes market is becoming more popular with buyers and house builders are offering some great incentives. Deals on offer might include:
-
Move in for six months free
-
Move in for £99
-
Stamp duty paid for you - a significant saving
-
£2,000 in holiday vouchers
-
Your legal fees paid
-
Your service charges paid
-
5 per cent deposit paid
-
Shared equity
-
Gifted deposit
New build homes, although very attractive, can sometimes be more expensive and might often require innovative funding.
There are also a number of property websites set up specifically to market new build homes.
www.smartnewhomes.com
www.newhomesforsale.co.uk
www.new-homes-direct.com
www.new-homes.co.uk
www.brandnewhomes.co.uk
Many of the house-builders' special schemes, properties and deals for first time buyers are featured on the developers' web-sites accessible via the above links.
SmartNewHomes has a great
map for first time buyers of offers, HomeBuy Direct, New Build HomeBuy and other discounts and deals
To find out how much you can borrow to help you buy a new property, consult a mortgage broker.
If you are planning to team up with a friend to buy a new build home see our joint ownership section. If you are considering buying a new property to rent out, see our buy to let section.
If you would like a refurbished or new build home and are a key worker you may be eligible to buy one on a shared ownership basis through the governments New Build HomeBuy scheme.
Useful Websites:
www.nhbc.co.uk/
Most useful and most popular pages on this site:
Look for your First Property l Seek First Time Buyer Mortgage Advice l See our Best First Mortgages Comparison Table l Find out about First Time Buyer Mortgages l Find out How to Buy a House l Learn all about The First Time Buyer Mortgage l Shared Ownership