When you make the decision to buy a property there are many factors to consider but one of the first things to decide upon is whether to buy a new build property or whether to buy a ‘second hand’ home.
There are various things to consider when you decide to buy a new build property and these include:
The majority of developers no longer build houses that are identical and look like ‘lego style’ houses as in previous years.
Now, most reputable developers take great care to provide a number of varying house types and sizes on a new development.
Much thought is now put into the providing a variety of house styles and also making outdoor space in the form of parking spaces and also recreational parks and green spaces for residents to enjoy.
People will always say that if you want features like high ceilings, period fireplaces and multiple reception rooms then stay clear of new build. However, developers are now listening to what house buyers want when they are choosing a property and starting to try and give people what they want in other forms, such as number of bedrooms, bathrooms, garden space and on the larger developments, a village feel to the community.
New build properties are built to be more energy efficient and modern construction prevents damp, together with cavity wall insulation, double glazing and also improved insulation within the walls, lofts and floors providing long term energy savings.
Newly built properties will always be more energy efficient than older properties which can have such issues as damp, draughts and condensation.
There is a certain attraction to owning a new build, much like when buying a brand-new car. The feeling that no-one else has lived in the property before has a certain appeal and some people buy new build every time they move to a new house because of this attraction.
All developers offer a variety of internal fitting packages to buyers when they purchase the properties ‘off plan’.
These can include selected carpets, floor tiling, kitchens, bathrooms and white goods. Often these items are offered at very competitive rates and take the hassle out of making sure that everything is fitted into the property ready for the day that you move in.
New Build Warranty
Most new homes come with an NHBC warranty.
This warranty offers protection for house-buyers for up to ten years following the completion of the purchase.
During the first two years the property is covered for failure by the builder to meet the warranty providers requirements when building your home or preparing the land on which the property stands. During the following seven years the property is covered for any structural damage that may occur.
Here are our top tips when buying a new build:-
- Check that the builders are members of National House Building Council (NHBC) or offer similar warranty such as Zurich or Premier.
- Search the internet for information on the builder and visit other completed sites to see the standards applied. Also check if they have won any industry awards.
- Check the site and house plans carefully. Artists impressions may have been used in marketing materials and therefore should be disregarded.
- Measure your property carefully, all floor space, including the height of the ceiling, to make sure your furniture fits.
New Build Property Lawyers and Conveyancers
We aim to make the whole experience as smooth and stress free as possible.
We are beside you from day one and here to guide you through the whole of the process involved, from the moment that you sign the reservation form on site to the day that you collect your keys to your new dream home.
Are you thinking of getting a foot on the property ladder or wanting to ‘upgrade’ your present home?
Are you finding it difficult due to money constraints?
If so, the Government’s Help to Buy Scheme may be just what you need to help achieve your dream home.
The scheme, first launched in its present form in April 2013, has so far helped over 183,000 people to get on, or up the housing ladder.
In fact 81% of people who have benefited from the scheme have been first time buyers. Proof indeed that the scheme is helping those that need it the most in these trying times.
There are two parts to the Help to Buy scheme – Equity Loan and Mortgage Guarantee.
Equity Loans are open to both first time buyers and home movers on properties within England. The maximum purchase price is £600,000 and the property being purchased must be a new build.
With an Equity Loan, you will only need a 5% deposit. The Government may also give you a loan of up to 20% of the purchase price. This means that you would only need a mortgage for 75% of the purchase price of the property. The Equity loan, if paid back within the first five years of the loan, is interest free. If paid back after the first five years, then the interest rate applicable will be dependent on the prevailing interest rates at that time.
You can pay back part or your entire loan at any time with no additional fees incurred. The minimum percentage you can pay back is 10% of the market value of your home. The amount you pay will depend on the market value of the property at that time.
The Mortgage Guarantee scheme, as with the equity loan, is open to both first time buyers and people moving up the property ladder. The mortgage guarantee is available for properties throughout the UK and is also offered on ‘second hand’ homes. The maximum purchase price is still £600,000 and you only need a 5% deposit.
Under both the above schemes the property upon which the loan is secured must be your only residence. The property cannot be rented out either.
Help to Buy, as easy as 1, 2, 3
There are a lot of builders both locally and nationally who participate in the Help to Buy scheme. Here at Gaddes Noble Property Lawyers we guide you through whole process from start to finish. We aim to try and take the stress out of moving home. We also work with you in achieving a swift conclusion to the house buying process and you getting the keys to your dream home.
Once you have found the home that you are looking for, contact your financial advisor and they will be able to advise you as to whether you would qualify for the scheme or not. Don’t think that the schemes are only for people on low incomes as this is not the case. The scheme is open to everyone to apply for and the property, if a new build, is bought through an approved Help to Buy builder thus giving you the peace of mind that the property is backed by an approved new build guarantee scheme such as NHBC, Zurich or similar.
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