11 Apr

Should you buy new under Help to Buy?

Should you buy new under Help to Buy?

The government has been making moves to help people when it comes to achieving property ownership in the last year. At first, it announced its flagship NewBuy scheme last year, before extending this in March to Help to Buy.

Under both of these schemes, those who sign up will be able to purchase a brand new home with a smaller deposit than the 20 to 25 per cent they would require through the standard procedures. But is a new home right for you? This is an important thing to ask before going through with any purchase and looking at all aspects of the process can help you decide.

Finance

This will be the key category for most people. Buying a home through the Help to Buy scheme will allow you to get in on the process without coming up with a large deposit, and you will typically only need to have per cent up front, which is a big boost.

The other side of the finances is the fact that new home prices are typically overpriced, which can leave those who are purchasing one with something which is not likely to rise in value for a few years, giving them little chance of profit in the short term.

The process of buying

In terms of the process, this is one area where new homes will always come out on top. When you buy an older house, you need to deal with someone else who is also trying to buy and move home.

This is known as a property chain, and it only takes one link to fail - like if a sale falls through - for everyone to be left disappointed. In purchasing a new home, not only does the chain not exist, but you will also be working with professionals who will make the full process of buying simple.

Energy efficiency

Energy bills have hit many of us hard over the last few years, with the cold weather of the last winter coupled with the fact suppliers keep bumping charges leaving us with real issues.

Again, this is another aspect of buying new that will give residents some peace of mind. New houses are generally far more efficient with builders having made use of double-glazed windows and insulation to ensure that the bills stay low.

Size and interior

While there are undeniable benefits to buying a new house though, one thing that will have to be considered is the physical size of a property itself. If you buy a home that has just been built, it will be likely that bedrooms and living spaces are smaller.

Meanwhile, many older homes will be cheaper and will feel far more spacious, while many people also feel that these sort of properties have a character that cannot be replicated when it comes to new homes, many of which feel the same.

However, new builds are not without their benefits here either, as you will have a blank canvas with which to work, allowing you to make the home look exactly how you want.ADNFCR-1222-ID-801569987-ADNFCR

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