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Sometimes, it just comes down to personal preference when choosing to buy a new build or an older property – it depends on whether you prefer a little historical character or the polished look of a new property. However, it’s worth considering that there are many benefits to purchasing a brand new home; below are just a few reasons why.
1. Help To Buy Scheme
One of the main benefits of purchasing a new build home is that you will have the option to use the government Help to Buy Scheme. This is 5 year interest-free loan which is a great way to enable first time buyers to get on the property ladder or enable you to purchase a larger/more expensive property.
The scheme helps to fund up to 20% of the purchase price for properties up to the value of £250,000 outside of London. If you’re looking to buy in London, the scheme can provide funding for up to 40% of the purchase price on properties up to £600,000.
For many, this is the best (or only!) way to own a brand new home.
2. New Build Warranty
Unlike older properties, new build properties have the benefit of a new build warranty. This is usually a 10 year Structural Warranty which can be claimed against if you have any issues with your property. This warranty can also be passed on to your purchaser if you sell your property within 10 years.
Not only does this give you peace of mind while living in your new home that you’re covered for any structural issues, but this can make your home easier to sell if you move on within 10 years.
3. Search Insurance
Search insurance may be offered in place of searches on your new build property. It can be significantly cheaper than full searches, although full searches will provide you with detailed and comprehensive information from search providers.
4. Exchange Deadline
When buying from a developer, it’s likely that they will require a 28 day exchange deadline. A good conveyancer will aim towards getting you exchanged as quickly as possible, so you can have the keys and move in to your new place before you know it.
The developer may offer you incentives when you reserve a property with them. This may include carpets, flooring, appliances and sometimes even stamp duty costs!
Once you’ve decided to purchase a new build property, it’s essential to use a specialist Help to Buy conveyancer to guide you through the process from start to finish. Getting proper guidance will alleviate the stress factor during the purchase so you can focus on creating your dream home.
If you have any further queries on purchasing a new home or to consult the expertise of our team of specialist conveyancers, please contact us at firstname.lastname@example.org or 0238 083 7716.
Pitmans Law will be sponsoring and exhibiting at the Help to Buy South show on Saturday 13th October.