There’s no place like home. That’s why it’s so important to find the right property as a first-time buyer. Getting onto the ladder is a big step and the wrong choice can cause you more frustration than elation.
New builds are becoming an increasingly popular choice for first-time buyers. Government investment has been focused on increasing the supply in recent years to help alleviate the housing crisis, so there are plenty of new developments around.
But why would you consider a new build as a first home?
Chain free purchase
One of the best things about buying a new build is the lack of a property chain. With some older properties, the current owner will only be able to move out once they have completed their own purchase and that may repeat several times further down the chain.
This can be a nightmare because it often delays sales and purchases for many different people. If you’re a first-time buyer, avoiding this can be a great idea to help you navigate your first purchase smoothly.
A new home doesn’t have a previous occupier, so you can complete the purchase and move in as soon as the property is ready.
Financial incentives
Unfortunately, schemes like the equity loan for new build houses have been discontinued, but you can still benefit from others.
In England, some local councils run a First Homes scheme which could help you to get a home for less than market value if you meet the criteria.
Shared ownership is an option to help you get onto the ladder without buying a whole property. Otherwise, you can save in a Lifetime ISA to help you accumulate a house deposit with an additional 25% government bonus.
Energy efficiency
The process of buying a house is expensive, so lower running costs can be incredibly helpful once you’ve moved in. Modern heating systems and energy-efficient designs can minimise your utility costs significantly.
Over time, the savings you may be able to make on energy bills could be sizeable and allow you to invest in other areas of your life or property. New builds also come with car charging ports built in as standard, so you’ll be ready to make the transition when the time is right for you.
Less maintenance
In the long term, new home guarantees can help to prevent you from paying for any major work that needs to be completed on the property, assuming there will be any need at all.
New builds typically require less maintenance than older properties which means you should be able to enjoy your home with much greater peace of mind. You can decorate it like a blank canvas too and make it your dream home.
New houses are a great option for first-time buyers. The process can be simpler, you may be able to benefit from a number of Help to Buy schemes and you should be able to enjoy your home without needing to worry about paying for expensive repairs or renovations. Why not look at some new builds today?
