Buying your first home is a daunting and often complicated process. Not only do you have to navigate applying for and securing a mortgage for the first time, but you’ve also got to compete in the fiercely competitive property market and deal with solicitors, estate agents and other third parties.
Your first home doesn’t have to be ideal, and it rarely is for first-time buyers, but your choice of property can largely determine your house-buying experience. New homes typically have a slightly different buying process and experience from old builds, but in this article, we’ll discuss the factors that may make buying a new build a better option for you as a first-time buyer.
One of the major draws to buying a new build is the chain-free process you can benefit from. Without previous tenants or owners, new builds can be secured without dependence on higher chains, typically making the process much smoother and less stressful. Waiting on chains to move for your first home isn’t a nice place to be because the whole experience is already daunting and delays can add to the stress you’re under.
Another reason why new builds are popular with first-time buyers is the range of help-to-buy schemes available to give financial support to those who need it. The government runs various first-home schemes in tandem with developers to provide great deals on new builds for first-time buyers. This can be in the form of 5% deposits, grants or loans that make the cost of buying more affordable.
Bills and maintenance costs
New build homes are built to modern efficiency codes and with the latest building materials and processes. This creates a more efficient property which reduces bills for the owner in the long term – a great opportunity with the current cost of living crisis in full swing. Furthermore, because the building is delivered brand new, there is very little work or maintenance that needs doing early on apart from decoration which you can do as you like.
Without previous owners, a new build can be a blank canvas from which you can create your ideal home. Forget removing outdated wallpaper or having to deep clean every inch when you move in – with a new house you can start designing your dream space very quickly. Depending on when you buy a new home, you can even be involved in the design and construction phase, giving you a choice of finishes and styles before you move in.