The government is placing a real focus on new build homes as we are struggling with a national shortage of property. The government are enticing buyers with the help to buy scheme.
However, there are some disadvantages with a new build:
- It may be harder to get a mortgage for a new build as some lenders put tighter limits on maximum value of a property.
- Most mortgage offers will only be valid for 6 months which if your house new build hasn’t been built in this time you would need to reapply.
- Some new builds are sold as lease hold meaning you own the property but not the land that its built on, meaning you could be paying for ground rent and service charges in addition to your mortgage. This may be harder to sell in the future.
Some advantages of a new build include a blank canvas, with most new builds you can choose or upgrade certain interior features, it's very unlikely to have any major structural problems, the building company will complete any snagging within the first year.
For more information on New Build Homes, please contact us.