Should 1st-time buyers consider buying new-build homes? When buying your first home, there are hundreds of decisions to make – location, style, budget, décor, financing – the list goes on and on!
You may not have considered whether or not buying a new build home is a good idea for a first-time buyer? New builds are typically less popular amongst first time buyers, but could you be missing out on a potentially life-changing purchase?
Here’s an argument in support of first-time buyers buying a new-build home
As a first time buyer, you are probably working with a smaller budget than someone who has been on the market for a long time, building up capital as they go.
With a small budget, you have to be creative when making that stretch that bit further. Here are some reasons why, as a first-time buyer, you should be considering a new-build home.
There’s no old work to undo.
When buying an older house, you’re likely to have to put aside some time and money to undo old work that doesn’t suit your taste. Whether that’s as simple as re-painting or stripping old wallpaper or as drastic as structural repair, it all costs time, effort and money that you may not have.
There is none of that with a new build – you have a blank canvas to start from, saving you a lot of time, effort, and money! In addition, working with the developer on colour schemes, the finishing and the fixtures can save you a small fortune in the long run.
Developers will negotiate and do a deal.
A house purchase is like any other purchase – there are deals available. Look around at similar newer houses for sale on the market and get an estimate of what you should be paying before negotiating with a developer. If you are interested in a property, a developer may be willing to listen to offers. They want to sell houses as much as you want to buy them. A willing buyer and a motivated seller are a match made in heaven when it comes to negotiating deals!
New homes developers like Anwyl Homes may give you a discount if you buy off-plan or get in early.
You can personalise your home.
Many developers will give you a choice of the fixtures and fittings you can have when you commit to buying a new-build home. Look at their show home, which will be staged and get some ideas on what furnishings you like.
If you are a first-time buyer with a limited budget, this can prove utterly invaluable as it saves time, effort & money replacing fixtures and fittings that you don’t like.
Speak to developers and see what options you have once you’ve committed to purchasing a house from them. You may be amazed at how much say you can have over the property before it’s even finished!
Financial Deals Count Towards New Builds
As a 1st time buyer, you might be aware of government savings help such as the Help to Buy ISA or the Lifetime ISA. You should be using them to save if you aren’t already!
The good news is that the government help applies to buying new-build homes too, meaning that they are open as an option for you to buy. Historically new build properties didn’t always benefit from the best deals or help schemes, but they do now, opening them up as an option for you.
Should First Time Buyers Be Buying New Build Homes? Conclusion
With money saving benefits, time-saving benefits and an ability to personalise a house without undoing other people’s work first, there isn’t a reason why a first-time buyer shouldn’t be at least considering a new build home.
Typically new build homes aren’t seen an option for many first time buyers, but they may be the perfect option to make your budget stretch further than it would with an older property. With the money saved on decoration, structural change and even potentially on the purchase price, you can squeeze more value out of every single penny!
With Help to Buy ISA’s and the Lifetime ISA’s utilised on new build properties, there’s no financial penalty towards purchasing a new build.
The decisions you make when buying a home can affect your and your family’s financial future, so making a carefully considered house purchase can dramatically improve your future wealth! But, of course, making money go further is never a bad thing regarding the property!