One of the main benefits of buying a new home is low maintenance, something you won’t find in a second-hand home.
With so many energy-efficient elements put into new homes, such as insulation, solar panels, you’ll find that you’ll save on your energy bills.
Also, with new build homes, if you reserve early enough, you’ll be able to tailor the design to suit your requirements, add elements and even take away certain parts you don’t want.
Another benefit of buying new is being able to receive financial help, such as Help to Buy (Scotland), the government equity loan scheme for properties under £200,000, aimed at first and second-time buyers.
However, there are some disadvantages when buying a new build home, these include snagging issues, which is usually dealt with by the developer in the early stages of moving in, and obtaining a mortgage.
Added extras included in your new home
Many developers offer inclusive extras in new homes, things you would normally have to buy yourself in a second-hand home, but are included as standard. This varies from the fridge, freezer, washing machine, tumble dryer and dishwasher, you also have an oven, hob, all fixtures and fittings all included.
As developers have to meet regulation standards in making your new home as energy-efficient as possible, a lot of these features are also included, such as double or triple glazing, insulated walls, roofs and doors.
Price Negotiation
Whilst many developers will tell you that the house prices are fixed, sometimes there is the opportunity to negotiate. This can depend on circumstances and may not always result in price discounts, but may involve including some additional extras that weren’t standard.
The process of buying new
- Sort out your finances and seek expert advice from an Independent Financial Advisor. Try and have your mortgage agreed in principle before committing to your new home purchase.
- Find a development you like the look of, research the area for local amenities, schools, transport etc. Find out the price range of the properties and if any offer Help to Buy (Scotland).
- Once you’re sure you can afford the repayments, make an offer and put down a reservation fee. This fee is usually deducted from the purchase price and is non-refundable should you change your mind.
- You will exchange contracts months before you move in and the developer will give you an expected completion date. Please be aware that this date can slip due to many external reasons like weather, water supplies, gas supplies, etc. You can speak to the Sales Advisor who will keep you up to date on progress.
- The sales advisor will inspect the house with you before you move in and make a list of snagging issues that need to be attended to.
Part Exchange
Some builders offer Part Exchange schemes. This involves them having your home valued by an independent surveyor and then arranging for it to be sold. This means all you have to do is move into your new home. However, bear in mind that the criteria can be strict with Part Exchange, only funding up to 70% of the new home price.
Whilst there are some disadvantages to buying new, these are often considerably less than buying second hand. Remember, with a new home no one else has lived in it, so you can tailor the design to suit. It’s like starting with a blank canvas.
