Buying your first home is an incredibly exciting experience, but it can also feel overwhelming.
There’s a lot to plan, from securing your plot to getting a mortgage.
To help you, we’ve put together some top tips for navigating the process with ease.
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Check for offers and incentives
Developers may have incentives such as deposit contributions, stamp duty assistance or upgraded fixtures that you can take advantage of.
For example, the Own New Rate Reducer scheme provides reduced mortgage rates for new build purchases.
There’s also the government’s First Homes scheme which gives first-time buyers a discount of at least 30% on new-build homes.
Always ask about available offers and how they could help you get on the property ladder.
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Understand what’s included
Clarify what fixtures, fittings and appliances are included in the purchase price.
Some developers may offer optional upgrades at an additional cost.
Ensure you receive a comprehensive list of inclusions to avoid unexpected expenses later down the line.
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Plan for additional costs
As well as the purchase price of new build homes, plan for other expenses like:
- Stamp Duty: first-time buyers pay no Stamp Duty on homes costing up to £300,000. The portion from £300,001 to £500,000 is taxed at 5%, while homes priced over £500,000 are not eligible for the relief.
- Legal fees: factor in the costs associated with conveyancing services.
- Surveys and inspections: you may wish to include professional surveys to identify any issues.
- Insurance: make sure you take out the appropriate level of buildings insurance and decide whether you’d like to include contents.
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Conduct a thorough snagging inspection
Make sure you do an in-depth snagging inspection to identify any defects or unfinished work.
If you’re not confident, it may be beneficial to use a professional snagging company which can provide a detailed report.
This can be used to request necessary repairs from the developer.
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Set up services and utilities
Arrange for the connection of essential services such as gas, electricity, water and broadband as soon as possible – ideally in advance of your move-in date.
This will ensure that all utilities are operational upon your arrival, avoiding any inconvenience.
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Familiarise yourself with the property
Take the time to learn about your new home, including its operating systems.
Find out how to use the heating, integrated appliances, alarm system and so on.
Check the manufacturer’s guidelines regarding maintenance to ensure they continue to work efficiently.
It’s also worth getting to grips with your new build warranty so you’re aware of the duration and cover it provides.
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Engage with your new community
Many new developments have active community groups or social media pages where you can connect with others.
This can help you get to know your neighbours and provide valuable insights into the local area.
Attend events and introduce yourself to neighbours to build a sense of community.
Purchasing a new build home is a significant commitment. By following these tips and staying informed, you can navigate the process with confidence and enjoy the benefits of your new home.
