When you make the decision to buy your own home, you need to consider whether you are looking for an older property, or for a brand new home. There are pros and cons to buying a new-build, but they are certainly an option worth considering.
When you buy a new-build property, you shouldn’t have to think about any repairs or alterations for the first few years at least. Often, when you decide to buy a new home, you will be able to choose some of the interior design, such as whether to have carpet or wooden floors and the colour schemes. You will be able to move straight in and settle down, whereas buying an older property may involve a few repairs and changing the décor to your own tastes.
It is imperative to make sure your new-build is registered with the National House Building Council, so that the property will have a 10 year warranty offering protection should anything go wrong.
When you buy a new home, you could apply for a Help to Buy equity loan, which will help you to find a suitable deposit. Although you would generally require a larger deposit, you could contribute five per cent and apply to the scheme for the remainder. It is worth discussing your options with a qualified mortgage adviser who has sufficient CeMAP training, so that you are sure you are maximising your options.
Buying a new-build is the preferred option for many people, who like the thought of moving into a home which is truly yours.