If you are in the market to buy a property, it’s a very exciting journey and one to look forward to. When starting there are many things to consider, your budget, location, local schools, whether you want to live in a rural location or a major city, this list goes on. One area that is very important and will narrow down your search is deciding the property you want to buy. You could decide to buy a new building like one from Candea Development or you could opt for a second-hand property. Neither is wrong, however, in this article, we look into three different considerations when buying a new build.
Plan to stay for a few years
It’s a well-known fact that when you move into a new building, it instantly loses value as it is no longer new – just like buying a new car. The difference is that after a few years it will then increase in value. This is why, whenever you look at new builds, you want to take into consideration the length of time you want to stay in it. The longer you stay the more value your home will gain, helping you move into a bigger property in the long run. When living in a new building, there won’t be a huge amount of DIY to do as it’s new, but this doesn’t stop you from making changes like making your garage heated.
Very often when buying a new building you will find that they have certain incentives in place to help persuade you to buy a new property instead of an older one. These incentives could include paying for your stamp duty, giving you a voucher for furniture or reducing the price when making an offering within a certain time period. These incentives can be very good and well worth considering. In some cases, you can even bargain with the estate agent to get an extra incentive thrown in to sweeten the deal. Some developers could also offer to pay your legal fees which can save you a lot of money.
Photo by Mark McCammon from Pexels: https://www.pexels.com/photo/kitchen-and-dining-area-1080721/
In order to get permission to build new builds, developers will have to get an agreement from the local council. A lot of the time, part of the agreement is for the developer to sell a certain quantity of the homes on a scheme that helps make the buying process cheaper and gets first-time buyers on the market. In the UK one of the schemes is known as help to buy, other countries have different schemes available. Many of the schemes have plenty of benefits but come with some negatives at the same time. For this reason, make sure you read the terms and conditions and compare the pricing if you were to buy without the scheme to see the difference.
Have you recently bought a new build? What benefits did you get from buying a new build and would you do it again? Are there any considerations that we haven’t included above which you would like to share? Let us know in the comment box below.