Choosing the right home is one of the most significant decisions you’ll ever make. New build homes have become increasingly popular for their modern features and the promise of a hassle-free move-in experience but is it worth buying a new build home?
Pros of buying a new build home
Buying a new build home offers several advantages, including modern amenities and energy efficiency such as smart home systems and advanced insulation. Additionally, customisation options provided by many developers allow the personalisation of living spaces. Lower maintenance costs in the initial years, coupled with warranties for most new builds, provide peace of mind and protection from unforeseen repair expenses.
Cons of buying a new build home
Cons of purchasing a new build home include potentially higher initial costs compared to older properties, although it’s important to weigh this against long-term savings in maintenance and energy expenses. These homes may also lack the character found in older properties with rich histories and unique architectural features. Additionally, new build homes may experience annoying defects that need identification in the early months. You can read more about the pros and cons of new builds here.
Help to Buy Equity Loan repayment
For those considering a new build purchase, the Help to Buy Equity Loan can be a game-changer. This government scheme allows first-time buyers to borrow a percentage of the property’s value interest-free for the first five years. Learn more about the scheme here: https://www.samconveyancing.co.uk/news/conveyancing/help-to-buy-loan-repayment-5182.
After this initial period, borrowers must commence repayments, covering both the loan’s capital and any accrued interest. It’s crucial to plan for this repayment process to avoid surprises. The amount owed on the equity loan is tied to the property’s current market value, meaning that if the property appreciates in value, the repayment amount will increase accordingly.