First time buyers Guide

Buying a New-Build Property

There are many reasons you might prefer to buy a new-build home rather than an old one.

• If you buy before the new-build home is completed, you may have some say over the layout of particular rooms and the facilities included in the property.
• Carpets and curtains may be included in the price.
• You have a blank canvas and can impose your own taste from the outset.
• A new-build home comes with a 10-year warranty from the National House Building Council (NHBC) or other insurer.
• There should be almost no maintenance - no old lead piping to   replace, no flaking paint, no crumbling pointing etc.
• New-build homes are over four times more energy-efficient than older homes and therefore 'greener'. This also means they are far cheaper to live in, with lower heating bills.
• Fire-resistant materials, and fire and smoke alarms come as standard in new-build homes.
• The layout, size and allocation of space meet modern living requirements, not those of past eras.
• There is no onward chain, significantly speeding up the buying process.
• Many properties are smaller one and two bedroom homes or studios in inner cities, tailor-made for first-time buyers

Kitchens and bathrooms are already fitted, which can save thousands of pounds. Sometimes even electrical and white goods are already supplied.

When buying a new-build home there are some things to look out for however:

• Light-efficiency.
• Security.
• Build quality.
• Energy-efficiency.

 The new-build homes market is becoming more popular with buyers and house builders are offering some great incentives, particularly for first time buyers. Deals on offer might include:

Your legal fees paid.
Your service charges paid.
5 per cent deposit paid.
A gifted deposit.
Move in for six months free.
Move in for £99.
Stamp duty paid for you - a significant saving.
£2,000 in holiday vouchers.

The main negative point for new-build properties are firstly the price premium, which often reduces how much the property goes up in value in the first few years compared with other older properties in the same area and the fact that you may be living on a building site – possibly for quite a long time.