A First-Time Buyer’s Guide to Buying a New Build
As a first-time buyer, you may feel daunted by the prospect of buying a new home. It’s the most expensive purchase you’re likely to make in your adult life and probably the most complex one too. This article will help you make sense of how to find and buy your new home.
Help to Buy Schemes
If you’re unsure about how to get your foot on the property ladder, the government have introduced Help to Buy schemes to help first-time buyers. To qualify, you must meet the following requirements:
The property should be an existing or new build in the UK, priced up to £600,000
Your mortgage must be a repayment one, not interest only
You cannot let the property to someone else
The size of the mortgage you apply for must be less than 4.5 times your income
For the full list of eligibility requirements, refer to the government’s Help to Buy website.
How to Buy a New Build Home
Where do you start when looking for a new build home to buy? There are a number of ways to find your perfect property once your budget is in place.
Look online to find a development that looks suitable for you. You should do some research into the developer’s track record, as well as the area and its amenities. The main question to ask yourself is, can you see yourself living there?
If you’re looking for a bargain, you should consider finding your new build home using an online property auction. This is an alternative way to find a property and can save you money. Property auctions aren’t just for developers who are looking for a bargain to renovate – you can find a property that is priced to sell, rather than being left sitting in the window of an estate agent. Contact auction houses and ask to be put on their mailing lists so that you can receive details of different properties on sale at auction.
Advantages of Buying a New Build
As well as the government’s financial incentives, there are many reasons why buying a new build is good for a first-time buyer. Here are some of the benefits:
New builds are easier to purchase as there’s no upwards chain.
They come with a 10-year National House-Building Council (NHBC) warranty that covers structural defects. Most developers also provide their own two-year warranty.
They are built to the latest specifications so you won’t have to make any major repairs and they should be energy-efficient, which gives you the benefit of lower utility bills.
This article aims to give you an overview of what you need to consider when buying a new build as a first-time buyer. Use our top tips to find the perfect new-build property to buy and make your home today.