If you’re a first-time homebuyer, it might feel like a brand-new home is out of your reach and you’ll have to settle for a fixer-upper to (eventually) get the home of your dreams. In reality, investing in a new build might actually end up saving you money compared to buying an older property. Learn more about the numerous benefits of buying a new home and how you can get a great deal.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Benefits of new build homes
As a first-time buyer or someone not selling another property, one of the advantages you bring to the table is not being part of a chain. Because you can search and buy at your own pace and move in as soon as a date works for you or the home is ready, you will appeal to builders and developers and may be able to work out special deals to help with the cost of buying a home.
Speaking of costs, new build homes will help you save money on your energy bills as they are far more cost-effective to run and incredibly energy-efficient. You may think the savings will be nominal, but you’ll be surprised just how much this saves you over an older home. New build homes are required to meet government-legislated efficiency standards, so especially in a time when energy prices are soaring, a new build home, so you can rest easy knowing your home is saving you thousands of pounds in the long run.
If customisation is one of the reasons you might think a fixer-upper is for you, you might be surprised to learn just how much personalisation you can put into your new build. Sure, there will be basic packages without all the frills, but there are a variety of options developers will provide — from fixtures to fittings, or even the layout and interior style — so you can customise your home to make it your own.
Plus, when you purchase a new build property, you don’t have to worry about every little thing going wrong and having to foot the bill for repairs. Most new builds come with warranties and adhere strictly to the New Homes Quality Board (NHQB) guidelines for quality and aftercare. So you can rest easy knowing that if your new home isn’t completely perfect, you’ll have help fixing it.
Deals for new builds you can take advantage of
As a first-time buyer, you might not be aware that developers will often offer deals to help sell their homes, such as customisation including fixtures and fittings or upgraded white goods. Others may have even bigger incentives, especially during quieter periods, to help sell homes within their developments.
These additional incentives could include anything from paying your stamp duty to covering your deposit, free fixtures and fittings, interior design advice or landscaping, or even cashback or part-exchange deals.
Having stamp duty covered might provide you the biggest saving, just don’t forget that as a first-time buyer, you are exempt from stamp duty up to £425,000 on properties costing up to £625,000. In the event your home falls under the price limit, push for an incentive that helps you save big like providing your deposit. And don’t be afraid to ask for even more incentives! You never know what builders could offer, so remember to go for it!
Mortgage help for first-time buyers
If you’re in the market for your first home and want expert advice from advisers who specialise in working with first-time buyers, look no further. Let the experts at Dental & Medical Financial Services make the whole process reassuring, simple and stress-free. Take a look at our online Mortgage Tool with live rates for first time buyers.
Once you have had a look at your options, contact our team to discuss further and start the application process.