Thu 12 Jan 2017
Following on from our recent article, about getting a mortgage on a new build, we now look at what the advantages would be of buying a brand new property.
ADVANTAGES OF BUYING NEW BUILD PROPERTIES:
1. NO UPWARD CHAIN
A distinct benefit of buying a new property, especially if you are a first time buyer, is the lack of a chain. You will be buying from a developer, which can make the transaction a lot more straight forward.
2. POSSIBLE TO PART EXCHANGE
If you already own a home, then the developer may be able to offer you a part exchange. Although if you do choose to go for a part exchange you can expect the offer to be slightly less than you would get on the open market.
3. SAVINGS TO BE MADE
As far as prices go, new build homes tend to be sold at a premium; however, you can save money in other areas, as it is unlikely that a survey will be required. This is especially the case if your home comes with a ten-year guarantee - you will need this before your mortgage lender releases the funds for the purchase. It is also worth bearing in mind that many developers offer incentives, such as paying the stamp duty on your behalf.
TOP TIP: If you do decide on a new build property, ensure that the developer includes a clause in the contract that will allow you to produce a 'snagging list' within the first 6 months at least. That way, any outstanding niggles such as the odd shrinkage crack, which you may find with a new home, will be rectified by the builder.
4. GREENER LIVING
New build homes tend to be more energy efficient and designed with modern living in mind. Thus saving cost on energy bills without compromising on comfort.
Another main advantage is that your home will be ready for you to move straight in, with no decorating or restoration required. All you need to do is unpack! Dependent upon how far along the build is you may even be able to pick some of the fixtures and fittings.
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