First time buyers Guide

Finding a property

New homes

New homes, although very attractive, can sometimes be more expensive and might often require friends to pair up together to make them affordable. To find out about joint ownership click here .

A new way of buying a new house which negates the need to find a deposit has been launched and is exclusively available through FirstRungNow Ltd. Described as 'Gifted Deposit' this means a new house can be brought within reach. A fee is payable for the service and conditions apply but this service can make a new house yours in as little as four weeks. To register your enquiry for his service, click here .

Some of the house-builders are offering great deals including cash-back, stamp duty paid and shared equity. To see the best of them visit www.SmartNewHomes.com .

Why buy new?

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

• New homes come with a 10-year warranty from the National House Building Council.

• There should be almost no maintenance – no old lead piping to replace, no flaking paint, no crumbling pointing etc.

• New 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.

• The layout, size and allocation of space meet modern living requirements, not those of past eras. (Research from the House Builders' Federation shows that the lack of connecting rooms in older homes can mean that up to 17 per cent of the total space is wasted).

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

• If you buy before the property is completed, you may have some say over the siting of particular rooms and the facilities included in the property.

• Carpets and curtains may be included in the price.

• You get a blank canvas and can impose your own taste from the outset.

• 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.

The new homes market is becoming more popular with buyers and home builders are offering some great incentives. Deals on offer might include:

• Move in for six months free.

• Move in for £99.

• Stamp duty paid for you – a significant saving.

• £2,000 in holiday vouchers.

• Your legal fees paid.

• Your service charges paid.

• 5 per cent deposit paid.

• Shared equity.

However, there can be snags. Many new-build properties are “mediocre”, says the Commission for Architecture and the Built Environment, and developers often pay too much attention to parking and roads, and not enough to the design and character of the buildings they're constructing. The Commission advises prospective buyers to commission a survey, just as they would with an older property, and to particularly look out for:

• Build quality.

• Energy-efficiency.

• Light-efficiency.

• Security.

“Both new-build and older properties can have problems,” says the Royal Institute of Chartered Surveyors. “You need a survey whenever you buy a house, and a survey could actually save you money because you can negotiate on price or even decide not to buy if there are problems.”

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