Buying brand new means your home really is a blank canvas on which you can stamp your own personality, identity and style. There is also something incredibly emotive about the heady mix of smells that only a newly constructed property has… fresh paint, fresh cut timber, newly mixed cement, new carpets… together they conjure up a sense of a new beginning, a new direction – something that now more than ever, many of us may be looking for.

 

What are the benefits of buying new?

The house you choose to make your home comes down to personal preference and of course, budget. Whilst some prefer the resale market, many like the idea of being the first people to live in a property, but what are the other benefits to buying a new build?

• You can move in quickly as you don’t have to wait for the current owners to find their onward purchase.
• New build homes can come with a range of purchase incentives including Stamp Duty Paid, Part Exchange and Help to Buy.
• If you reserve at an early stage or even off-plan, developers may allow you to choose your own fixtures and fittings, colour scheme and flooring – saving you valuable decorating time when you move in.
• Brand new homes are built to higher energy efficiency standards which is better for the planet and can help save you money on your energy bills.
• Most brand new homes come with a 10 year structural warranty meaning if there are any significant issues in the first few years of the life of the property, you’re not responsible for the cost of repairs.

 

Ready to buy a brand new home?  Search our selection of more than 300 properties for sale throughout Surrey and south west London.

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Some top tips for buying in a brand new development

If buying a new build is the option for you, it’s good to get prepared and do your research. We explore some top tips that could make the process of buying your new home run that little bit smoother.

Do Your Research

Take a look online and get to know the property developers in the area where you want to buy.

See if they are mentioned on forums and what people are saying about them, but don’t let it put you off completely, instead let these forums inform you of any potential issues you may need to be aware of.

Visit Other Developments From The Same Developer

Pay a visit to the developer’s other sites so you can get a feel for how they look, the quality of the build.

 

Explore The Local Area

Explore the local area not just the development itself. Check out the local transport links, maybe try a trial run of your journey to work, walk to local facilities and generally investigate the local infrastructure to find out if it’s going to be right for you and your family.

Take Advantage Of Purchase Incentives Available

Many developers offer fantastic incentives to differentiate them from other local developers so it’s always worth shopping around for good deals. Whether it’s stamp duty paid, Help to Buy, free furnishings, landscaped gardens or a car parking space, buying brand new gives you the best option for getting a good deal!

 

Enjoy Help To Buy Savings

Help to Buy is the name of the Government programme that was introduced in 2013 with the aim of helping first time buyers onto the property ladder, but is now available exclusively for New Build properties priced up to £600,000.

Since its launch the Government has provided £7.39bn worth of funding to assist more than 145,000 buyers to purchase their own homes, 81% of these being First Time Buyers.

A summary of Help To Buy:

• Available for newly built properties priced up to £600,000
• Buyers need savings equal to 5% of the purchase price
• The Government then provides an interest-free loan for the first 5 years up to 20% of the value of the property (40% in London)
• A mortgage is taken out for the remaining 75% of the value of the property (remaining 55% in London)

As a buyer, it means you now need to borrow a much lower amount than before. Assuming you have a 5% deposit (£20,000 on a £400,000 purchase price) the fact that you now only need to borrow 75% of the mortgage compared to 95% without Help to Buy means you will get a much better interest rate and it becomes much more accessible to those on lower incomes.

 

 

Help to Buy in its current form is due to run until the end of March 2021 by which date completion on your new home purchase must have taken place. After this date the Help to Buy scheme will only be available to First Time Buyers and will be capped at a purchase price of £437,600 in the south east of England and £600,000 in the London area.

Ready to buy a brand new home?  Search our selection of more than 300 properties for sale throughout Surrey and south west London.

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