Should First Time Buyers Purchase New Build Homes?
New build homes, should 1st-time buyers consider buying them? When buying your first home, there are hundreds of decisions to make – location, style, budget, décor, financing – the list goes on and on!
One thing you may not have considered is 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 (not always, but mostly) 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 it comes to 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 set 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 than you may not have.
With a new build, there is none of that – you have a blank canvas to start from, saving you a lot of time, effort and money! Working with the developer on colour schemes, the finishing and the fixtures can save you a small fortune in the long run.
Developers Will do Deals!
A house purchase is like any other purchase – there are deals available. Look around at similar older properties and get an estimate as to property values and what you should be paying before negotiating with a developer, find out more on house values here. 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!
Speak to a new homes developer like Anwyl Homes and see what kind of offers there are if you buy off-plan or get in early. These are offers that don’t exist with other types of property, so take advantage!
You Can Personalise Your Property
When you commit to a purchase, many developers will give you a choice of the fixtures and fittings you can have on your house.
If you are a first-time buyer with a limited budget, this can prove utterly invaluable as it saves time, effort & money that would be used replacing fixtures and fittings that you don’t like.
Speak to developers and see what options you have once you’ve committed to the purchase of 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 the purchase of a new build.
The decisions you make when buying a home can affect yours and your family’s financial future, so making a carefully considered house purchase can dramatically improve your future wealth! Making money go further is never a bad thing when it comes to property!