New Build Homes: An Option for Service-leavers?
Purchasing a new build home can be a fantastic choice for many reasons.
By Fiona McCann
Warranty and insurance
One of the best features of purchasing a new build home is the included warranty and insurance. All new build homes should come with this protection, so check before proceeding. The largest provider, the National House Building Council (NHBC), provides a 10-year warranty against structural defects and workmanship, giving you peace of mind.
Chain-free buying
Buying a pre-owned home usually involves being part of a buyer/seller chain. If one party pulls out, the entire chain can collapse, leading to delays, disappointment, and stress. With new builds, you avoid this hassle entirely, making the process smoother and more straightforward.
Blank canvas
A new build home provides a blank canvas with a brand-new kitchen, bathroom and carpets, allowing you to move in comfortably, unpack and settle in, without the need for immediate renovations.
Off-plan
Some developers allow you to choose some of the design elements within your new home for fixtures such as: bathroom tiles, carpets, or selecting from a range of kitchens or kitchen appliances. They may also incorporate optional extras, such as the latest technology for ‘smart living’ into your new home.
Shared ownership
There are a few home-buying schemes and incentives available, such as shared ownership. This allows you to buy between 25% to 75% of your home and rent the remainder. Shared ownership schemes are more likely to be for new builds than pre-owned homes. (NB: There are eligibility criteria to meet before you can take up shared ownership deals.)
50% off?
Yes, it sounds too good to be true, but there is a new, little-known ‘First Homes Scheme’ available to local first-time buyers and key workers. Additionally, there are dispensations for Service personnel, Veterans and former Service spouses to benefit from the scheme as well.
The scheme offers a 30 – 50% discount on a new build home, however, when the home is sold on, the discount is then passed on to the next buyer. There are a few hoops to jump through and it’s currently limited to certain areas of England but is worth investigating.
Buying incentives
Some developers offer ‘extras’ to secure a sale. This might include paying your stamp duty, offering smaller mortgage deposits through ‘deposit unlock’, or lower rate mortgages via the ‘Own New Rate Reducer’ scheme.
Energy efficiency
New build homes must comply with the latest building regulations, meaning they are generally more energy efficient, leading to lower heating bills and a smaller carbon footprint. Additionally, you might qualify for a ‘green mortgage’ which offers lower mortgage rates. A win-win for your wallet and the planet.
Overall, there are numerous benefits, with plenty of reasons to consider a new build for your future home.
About Fiona McCann
Fiona McCann Served with RLC as a Driver, touring Northern Ireland multiple times, Canada and Cyprus. She left to pursue a career in the property sector, surveying homes for mortgage lenders, and is currently studying to become a lawyer.
