Buying your first property is a huge achievement as it requires a lot of saving, hard work, and market watching. Buying your first home is an exciting process and the start of a new chapter in your life, so you will want to make sure that you choose a suitable home. Many first-time buyers think about new-build homes, but are they smart investments? Keep reading to find out.
Lower Bills
One of the main reasons why new builds are popular among first-time buyers is that they typically have lower bills. Once you have put down a deposit, paid your solicitor fees, and worked out how much you will be spending on your mortgage each month, figuring out how to cover living costs can be a worry. New-build homes are usually fitted with energy-efficient features, such as smart heating appliances and improved insulation. This means that your bills will be lower than a traditional home, which is key during a time when many are struggling with their energy bills.
Government Schemes
In a bid to tackle the housing crisis in the UK, the government has pledged to build 1.5 million homes in the next five years. As an additional incentive, there are mortgage schemes to help first-time buyers who are eligible. The First Home scheme offers FTB and key workers who are local a 30-50% discount, particularly if they are struggling with a deposit – this is then passed onto the next buyer. It is also a good idea to meet with a first-time buyer mortgage broker who can scan the market and compare hundreds of options to find the best interest rates and borrowing amount for you.
Warranty Protection
When it comes to making such a large financial investment, it’s understandable that you want some level of protection. Fortunately, new-build homes often come with a warranty that covers structural defects like dampness, electrical issues, and roofing. Usually, the cover is for 10 years, which could help you save huge sums on repairs.
No Chain
Another major plus of a new build is that there is no chain, unlike buying an existing property. This reduces the chance of complications or delays that could result from other parties in the property ladder. It also minimises the risk of losing the property and having to pay additional fees.
As you can see, new-build homes can be a smart investment for first-time buyers. This type of property could just be the perfect way for you to get onto the property ladder and into your dream home.
