The Benefits of Buying a New Build Home
A lot of the appeal of buying a new build home for people lies in the fact that a completely new home is ready and waiting and requires very little maintenance. New homes should be covered by a 10-year guarantee, meaning that if any work is required in that time-frame, you shouldn’t need to cover the cost of repairs. Many home buyers like the idea of a place that no-one else has lived in before them.
I Want to Buy a New Home – How do I Start My Search?
If you have been considering buying a new build house, have a look in your local area for new build developments. It’s quite a good idea to take a drive around and see what is either newly developed or even in the early stages. You can also go online and search for available homes. Most of the larger property search sites have a section dedicated to new build properties. Of course, the one down-side to finding a new build is the fact that you will inevitably have less choice available to you during your search. You might also look for planned developments too in order to broaden the scope.
Contact a mortgage broker or a financial advisor to assess what your budget might be given your annual income and deposit requirement. Don’t forget that there is help out there for people buying new homes too. It is worth mentioning that mortgage lenders will often be willing to lend less on a new build house than on an older property. It’s really important to know how much you are able to borrow in advance as this will avoid the disappointment of looking at properties outside of that budget.
When you buy a new-build property, you are of course paying a premium. Once you move in, it becomes second-hand so to speak. Of course, if you are planning to stay there for a good few years then the value will increase over time as with any property. But buying a new home and then looking to make a profit on it in say, a year or two, might be a tall-order.
Local Amenities
If your new homes development of choice is in the early stages, it’s important to ask what local amenities there will be. Will there be any new shops, a doctor’s surgery…?
It’s all About the Location
As the saying goes, it’s all about location, location, location. A new build development is no different. Do you really love the area? Choosing a home is not just about the bricks and mortar. It’s about the neighbourhood, the people…and the parking!
