When shopping for a new home, many people tend to overlook newly built homes as they feel they won’t be able to afford them. This isn’t necessarily true though. Indeed, many new build homes are surprisingly affordable and offer a raft of benefits you’d never get with a home that’s been lived in for years or decades.
Things you need to know about newly built homes
If you’re in the market for newly built homes and are exploring your options, here are a few things you might want to know about newly built homes.
The advantages of buying newly built homes
Perhaps the most obvious advantage of a new build property is what’s typically included in the price. You’ll often get many of the fixtures, fittings, and furniture you’d usually have to fork out a lot extra for included in the sale. This can be everything from washing machines and dishwashers to lounge furniture.
A new build is also a brand new house with the latest technology and materials, meaning it’s far less likely to have any problems in the foreseeable future. Finally, and perhaps most importantly, new builds are often only built on practical land and placed within commuter distance of a local town or city. So location is another important advantage to consider.
How to find a new build home
Finding a new build in the area you’re interested in was once quite difficult if you didn’t know where to look. But today, just try googling new build homes near me and you’ll find a plethora of options to browse through. However, before you pull the trigger on a developer, take some time to research the company’s track record. Also, take some time to explore the surrounding area before you decide if it’s the right place for you.
While help to buy schemes are not specific to new build properties, the government scheme states that a 20% equity loan should be available to all prospective homeowners. This means you could put down a deposit for as little as 5% of the final sale price and yes borrow only 75% as your mortgage. For first-time buyers particularly, this could be the deal that swings it.
For those moving up the property ladder, meanwhile, there are also many companies offering part-exchange schemes where the builders will purchase your existing home, freeing up the equity to put towards a new home. This dramatically simplifies the process of moving home and cuts the chain completely on both sides.
Room for negotiation
While you might assume the price is set in stone, given the nature of the property, there is always room for negotiation where real estate is concerned. Ask what’s included in the price and don’t be afraid to ask for more. All they can say is no!