Buying a new property rather than an older home may not have
occurred to you. But it shouldn't be ruled out as there are many
No chains with new builds!
A distinct advantage 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. 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.
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.
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. 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.
New build homes tend to be more energy efficient and designed
with modern living in mind. A distinct advantage is that your home
will be ready for you to move straight in, with no decorating or
restoration required. Dependant upon how far along the build is you
may even be able to pick some of the fixtures and fittings.