Why Buy a New Home?
New homes offer an attractive range of benefits including an NHBC guarantee which would cover any potential structural problems and possibly an additional 2 year warranty from the home builder. A modern home with brand new fitted kitchen, bathrooms, fixtures and fittings could save you paying out money on redecoration or renovations in the near future - you may even be able to choose your kitchen, bathroom tiles and flooring if you purchase early enough into the building process. It is also likely a new build home will be more energy efficient than an older property, saving you more money on outgoings each month. When it comes to purchasing your property you may be able to buy a new home with just a 5% deposit using the Government Help to Buy scheme and with no onward chain, a new build home can sometimes be a straightforward transaction.
Is New Build Right for You?
However, there are a number of important things to consider when deciding if a new build home is right for you? For example, just because a home is new, it does not mean it will be completely free from defects which may lead to negotiations with your builder. Depending on the stage of the development, you may spend the first few months or even years in your home on a building site. Mortgage-wise - you may need a slightly higher deposit for a new build property (If not using Help to Buy) and timing your mortgage with your home completion can get complicated.
The Mortgage Hut Can Help:
- Assess your finances - help you decide if a new build home could be the right option for you.
- Work out if you qualify for the Help to Buy Scheme and whether this could be a suitable option.
- Find the right deal for you circumstances - some lenders have stricter limits on the maximum value of a new build home and may restrict your borrowing.
- Ensure everything runs smoothly and is ready for completion - timing is important with new build purchases and can get complicated if your home is delayed.
If you are interested in buying a new build home, the first step is to find out how much you could borrow. Why not head over to our Mortgage Calculator for an indication? Or speak to one of The Mortgage Hut's advisers for advice tailored to you.