From the financial implications to the effect on your family, making the decision to move house or step foot on the property ladder is not to be taken lightly.
One of the most important considerations is whether to buy a new or existing home. But regardless of whether you’re an existing homeowner or looking to take your first steps onto the housing market, buying a new home has a number of advantages. Here, we’ve looked at the key benefits of buying a new build home.
1. Rents are rising
There is a long-held belief that renting a property from a landlord is ‘dead money’, because - unlike mortgage payments – the monthly outlay is not increasing a tenant’s stake in the property. Recent figures reveal that rental costs outside of London stand at on average a huge £828 per month.
This effectively means tenants are paying an increasing amount of money to a landlord who either owns the property outright and has no major monthly outlay, or is paying a set amount towards a mortgage that will not be increasing, despite their rental charges doing so.
2. A helping hand from government schemes
If you are purchasing a new home and meet eligibility criteria, you can benefit from the government’s Help to Buy scheme, which offers a number of options to buyers.
Under the Help to Buy equity loan, the government will lend you up to 20 per cent of the cost of your new home, meaning you only need a 5 per cent cash deposit and a 75 per cent mortgage to make up the remainder. You will not be charged fees on the 20 per cent government loan for the first five years of owning your home.
However, the existing Help to Buy equity loan scheme will end and be replaced in March 2021. In its place comes a new Help to Buy scheme, which will focus more on supporting first-time buyers on house purchases, and run from April 2021 to March 2023.
3. House prices are rising
UK house prices are now at a record high and the trend shows no sign of abating. Figures for September 2020 show that annual price growth is at 5 per cent, with the national average cost of a house now standing at £226,129. With these upward trends continuing, buying new now appears to be a worthwhile investment for the future.
4. High-quality, custom specification
Unlike existing properties, every square inch of an Avant Homes property is inspired by what homebuyers have said they want in a new house.
With Avant, you can specify certain elements of a property’s interior design, including choosing from a range of designer kitchens, tiles for your bathroom and doors for across your home. You can guarantee a best-in-class home built to the highest quality and specification, and modern requirements.
5. Peace of mind
All Avant Homes are built to an exacting standard and come with a 10-year NHBC warranty. This covers the cost of work done to any part of the home not built to NHBC specifications for a full decade after purchase.
Not only does it remove a great deal of concern about the maintenance of the property; it is also a seal of approval that every part of the home has been built to the highest possible standards.
Are you ready to buy your next home? At Avant, we give you more home to begin, so find your dream home with us today: https://www.avanthomes.co.uk/find-your-new-home/