Here are five of the reasons why a new-build might just tick all of the boxes on your home-hunting list.
Energy-saving features
New homes can be up to four times more energy-efficient than a home that hasn’t been recently built. This is because they’re often kitted out with the latest energy-saving building materials and smart technology. And many achieve the highest EPC ratings of A or B.
Some new-build homes are eligible for purchase through various buying schemes. You can explore the current schemes, along with their eligibility criteria, by clicking here.
Shared Ownership This scheme, offered by certain housing providers, allows you to purchase a share of a property while paying rent on the remaining portion. Shared ownership homes can include both new builds and resale properties within the scheme.
Help to Buy Wales Equity Loan For new home purchases in Wales, the Help to Buy Wales Equity Loan scheme provides an option to buy with a 5% deposit and a 75% mortgage. The remaining 20% of the property value is covered by an equity loan from the government. However, home purchases under this scheme must be completed by March 2025. Note that the Help to Buy scheme is no longer available in England or Scotland.
Low-Cost Initiative for First-Time Buyers (LIFT) In Scotland, the LIFT shared-equity scheme helps buyers purchase a percentage of a property (between 60% and 90%, depending on the specific LIFT option). The Scottish government retains the remaining share, making homeownership more accessible.
Deposit Unlock Launched by the house-building industry, Deposit Unlock is a scheme aimed at new-build buyers. It’s available to both first-time buyers and those already on the property ladder who can provide a 5% deposit. The remaining 95% of the purchase price can be financed through participating lenders in the scheme.
These schemes are designed to make homeownership more attainable for buyers in specific situations, providing options that cater to varying financial needs and regional availability.
Design choices
When you buy a home off-plan, you can usually visit a development’s show home to take a look the interior design scheme. And you may have the opportunity to customise your own design by choosing things like flooring, work surfaces and cabinetry. This ensures your home is fitted out according to your exact specifications and taste. Many developers also offer a range of furniture packages to get you started.
No chain
Buying a new-build means you’ll be ‘chain free’, so you’re not waiting for a seller to find another home to move to before you can move in. If you find a new-build home that’s move-in ready, sales progress quickly, so you could be unpacking those boxes before you know it.
No renovations required
There will be no renovation work to carry out in your new home. So you can move in knowing everything is brand new, and many of your fixtures, fittings and structural works will be protected by guarantees.
After months of anticipation, it's now time to embark on the exciting journey of finding a home. Taking that first step onto the property ladder is an unforgettable experience and one full of potential new memories - from needing more space or looking for something in another location, moving can open up all sorts of opportunities!
For many people, the phrase 'first-time buyer' tends to evoke a feeling of excitement. But for those looking to take their first step on the property ladder in reverse - selling their first home – confusion and uncertainty can arise as quickly as thoughts of joy. How do you start? What steps should be taken? Unfortunately, there are few resources dedicated solely to helping potential sellers navigate this process with ease; however, understanding what it takes is essential before any sale goes through!
Here’s what you need to know about selling your first property for those preparing to start a new chapter and move somewhere new.
Set An Asking Price
Selling your first home is a major step, and having an experienced real estate agent by your side makes all the difference in making it quick and hassle-free. Without their expertise, you could be stuck with long delays or worse yet - no sale at all! It's essential to find someone who will give you top-notch advice along every part of the way.
Choosing the right estate agent is key to ensuring your property makes a successful sale. They will conduct an accurate valuation and recommend a price that not only works for you, but appeals to prospective buyers as well!
When it comes to pricing your property, the decision is all yours. However, ensure you factor in what's trending on the real estate market so that your asking price has a realistic value. Your chosen agent can provide guidance and insight throughout this process - helping you strike a comfortable balance between valuation and practicality!
Prepare Your House For The Market
Show off your home's best assets and appeal to potential buyers by preparing your house for the market. It takes a little effort, but imagining what it would be like from a buyer’s perspective can make all the difference when trying to sell. Consider who might most want purchase – is there something particular they're looking for?
When it comes to staging your home, the type of prospective buyer you are targeting is key! Is it a single professional? A young couple starting their life together? Or perhaps even a family looking for some more space. Whatever kind of buyer best suits your house, focus on making sure they'll feel at home as soon as they walk through the door. Keep everything neat and tidy and make any necessary repairs before guests come by - that way when potential buyers tour with an eye towards placing in offer, all will be ready!
Put your property’s best face forward and make sure it gives potential buyers a great first impression. Improving the exterior can be just as important as sprucing up the interiors when you're trying to boost kerb appeal, so take some time on making those outdoor areas look inviting and tidy – don't leave that part of house hunting until last!
Legal Steps To Take
Reaching a point of agreement to buy or sell your property is an essential decision. All offers should be thoughtfully evaluated before making the final call, even if they seem not worth taking up – you can always decline them in diplomacy. Your real estate agent will communicate this message on your behalf whenever necessary.
Once you've accepted the offer, it's time to get down to business! Drafting up contracts and exchanging them is part of any successful move. Make sure your legal team can provide a helping hand for clarification during this process - they will make all the difference when tackling those conveyancing tasks.
Although buying or selling a property is an exciting milestone, the legal process that follows can be daunting. To ensure your sale runs as smoothly and stress-free as possible, having experienced solicitors by your side to guide you through conveyancing is essential - luckily there are detailed guides available which outline every step of the journey!
Move To Your New Home
Completion day is a thrilling time for all involved in the house selling process. Although this momentous occasion may bring with it some stress, it's also filled with anticipation and joy of what lies ahead. Whether you are simply moving into your new home or experiencing the added excitement of welcoming buyers to their own dream place, Completion Day can be an incredibly rewarding experience!
After everything that needs to be transferred has been completed and your mortgage has been redeemed, the keys to your first home will be given to its new tenants. This significant step will mean that you have just sold your first home. As such, you can live in your new home to begin a new chapter.
Buying a house, it is often claimed, is one of the most important decisions you ever make.
Buying a home is a decision which, thanks to the difficulty of getting on the housing ladder, more and more people are taking later in their lives. But buy the right house at the right time and the benefits in terms of long-term security could be incalculable.
Here at Eleanor Charles Homes the team has but together some of our top tips for anyone contemplating buying their first home. Much of the advice you will already know and is common sense and is still relevant to existing homeowners planning to move house in the not so distant future.
Check out possible areas where you can afford to buy.
Put together the main pieces in your property jigsaw – how much you can afford, how far from your place of work you are prepared to live, etc. – then track down areas which would enable you to complete the jigsaw to your satisfaction.
Try to pinpoint up-and-coming areas.
When you're looking at a property, the most important thing is knowing its history. You want to know how much traffic it gets and what projects are planned for improvement or replacement in the near future; if there's anything significant happening with regards regeneration then this will be an even better investment than one without any news on that front!
Ensure your finances are in order.
It is extraordinary how many people find their dream home and then phone their bank manager. Don’t make the same mistake. Unless you are buying without a mortgage, find a lender you trust and establish how much they are prepared to lend via a mortgage in principle. You also need to work out how big a deposit you need.
Look for properties where you can add value by improving or extending them.
There are many benefits to investing in property that can be extended as your family grows. Not only do you get a return on investment, but there is also tax relief for paying extra fees related with adding onto or renovating an existing home!There are plenty of reasons to invest in a property which can be expanded as your family grows. These include new build properties or those located in conservation areas with tough planning restrictions - but if you're looking for something that will last over time, consider buying an extended home ownership opportunity instead!
You pay a mortgage and your payments go towards paying for your home, not into a landlord's pocket
If you pay £750 per month for rent, that’s a whopping 9K a year! You might as well just keep the money and not put it tIf you pay say £750 per month in rent, that’s £9,000 per year which you are spending that you will never get back. The money you’ve spent on rent will likely completely cover your landlord’s mortgage repayment figure, any insurances or management fees and leave them with a profit. This is especially true if they have an interest-only mortgage or have no outstanding loans on the home. If you are renting, and have enough money for a deposit and can afford the monthly repayments, it might be time to take the plunge and buy a home so the money goes towards your home, and not theirs!
You could make a profit when you sell if house prices rise
Homeownership is one of the most important financial decisions you'll make. When it comes time to sell your house, remember that its value may be higher than what was paid for in years past - this could mean more money at retirement or when trying purchase another property! Beware that fees apply when moving home, including stamp duty and legal and estate agent fees, so this will reduce your overall profit.
The home will be yours when you've finished paying off your mortgage
Your biggest win after years of saving and paying off your mortgage is fully owning a home without any outstanding payments. The advantage to this? An influx in extra cash that you can use for anything - like buying more things!
You may decide this is important to you for when you retire, so you have fewer outgoings and financial responsibilities. An average mortgage term is somewhere between 25 and 30 years, so if you will likely retire in 25 to 30 years time, you may want to get a mortgage as soon as possible.
You don't need anyone's permission tot have pets or redecorate
This might sound obvious, but your home is yours to do with as you please. You can decorate your home any way you wish. Want a giant tropical fish tank? Go for it. Thinking of painting your downstairs loo walls bright orange? Well, it’s your home. Been waiting forever to have a hot tub in your garden? Sounds fab. If you’ve been waiting until you own a home to get a dog or cat, you’ll be able to when you buy your own home. Be sure to check that the home is suitable and safe before you adopt though!
You won't be asked to move by your landlord
Yes, another obvious one, but if you own a home, it’s yours! You can live there for as long as you want as long as you continue to repay your mortgage, every month, on time. Every payment you make is a signal of responsible credit management, and can help improve your credit score.
You may be required to move if your home becomes subject to a compulsory purchase order. This would only occur in cases where the government or other body requires land for construction of critical infrastructure, such as new roads and train lines like HS2 - which is currently under consideration by British authorities!
