In the current economic crisis, buying a new build cost can provide lower costs and greater security
Buying can be scary, especially in today’s economic landscape. The energy crisis is ongoing, and the cost of living crisis has impacted millions of people up and down the UK, with interest rates skyrocketing and fixed mortgage rates recently reaching a seven month high.
However, there are still ways to secure your dream home despite the current climate, and one such way is to consider a new build home. Those seeking new homes in Darlington, London and other popular UK locations should consider new builds for lower costs and greater rewards.
There are initiatives designed to help buyers
New build houses are high quality and sustainable, and this means the government wants to encourage buyers to consider them. As such, there are a number of initiatives in place designed to help buyers secure their perfect new build property.
This includes Own New, which has replaced the previous Help to Buy scheme. This makes properties more accessible to buyers by providing access to mortgages of up to 95% with competitive rates. The scheme is open to both new buyers and those who have previously bought a home, and puts less pressure on you to save a big deposit or rely on the ‘bank of mum and dad’.
You’ve got plenty of options to choose from
The UK government has set the goal of 300,000 new build homes per year, meaning there are plenty of options to choose from for buyers considering a modern property. This puts the ball in your court and the power in your hands, and you’ll be able to take your time and find a home that ticks every single one of your boxes before securing a purchase.
Incentives and deals make buying possible
New build homes often come with a number of incentives attached to make buying possible for first-time buyers and movers alike. Deals such as payments towards your mortgage, smaller deposits, flooring and fixtures included, and more can all give you the help you need to buy a home you love comfortably within your budget. Explore different new home builders to see what they’re offering, and take note of what stands out to you.
You don’t need to worry about a chain
Buying a house is already a stressful process due to climbing interest rates and energy prices, so the fear of missing out due to a property chain feels particularly unwelcome right now. Buying new removes the risk of an upper chain, and incentives such as part exchange can also remove the stress of finding a buyer for your current home. That way, you can remove the danger of losing out on your dream home, meaning you’re free to focus on your move and not anyone else’s.
Sustainability can save you vital costs
With the threat of climate change always present, homebuilders are doing what they can to support our environment, including building sustainable properties. As such, new build homes are much more energy efficient than older properties, so you can reduce both your carbon footprint and your energy prices in the long run. A win win!
You don’t need to pay for home improvements
Most of the time with older homes, there’s an element of ‘fixer upper’ involved. Whether it’s replacing a few outdated fixtures or undergoing a complete renovation, there is usually some work to be done. However, new build homes are up to scratch as soon as you get the keys, with fresh features and up to date fixtures and appliances. All you need to do is put your stamp on it.