When your trying to get a foot on the property ladder, buying your first home can sometimes seem so overwhelming, here are our top 5 tips on what to consider when buying a new build.
Speak to a Financial Advisor
It goes without saying that you need to 100% make sure that your finances are in order before considering buying a house. If you think you’ve saved enough for a deposit and you are pretty certain that you will be able to meet the mortgage repayments, speak to a Financial Advisor. Dealing with a credited industry proffesional should leave you re-assured that you are making the right decisions. They will take you through the whole house buying process, what to expect, how mortgages work and was more than happy to answer any of our questions. Your Financial Advisor will take care of your mortgage application for you so you don’t need to worry about any of the technical stuff. Sometimes you’ll have to pay your Financial Advisor for their time but many don’t require you to pay anything as they get paid on commission.
Which house builder?
There are so many house builders to choose from nowadays – some good and some not so good. I’d recommend thoroughly researching each house builder that you are interested in before jumping in. Read the reviews online, find out about their customer service and ask friends and family about their experiences with buying from different house builders. There are so many fantastic house builders out there including J.S WInder Ltd so do your research and go and visit as many sites as possible to get a real feel for the quality of their projects and their customer service!
Location, Location, Location!
Try to be open-minded as possible about the location of your new home.
Help to Buy scheme
I would highly recommend using the government’s Help to Buy scheme if you are buying a new build house. Both first time buyers and existing home owners can use this scheme which makes it so much easier for you to take that first step or progress up the property ladder. By using the scheme, you only have to put down a 5% deposit. The government will then give you a 20% equity loan and the remaining 75% is covered by the mortgage. It just makes owning your own home so much more achievable. You have to pay off the government loan eventually but only when you come to sell the property.
Help to Buy ISA
Want even more help from the government? Open a Help to Buy ISA. If you are saving for your first home, save the money into a Help to Buy ISA and the government will boost your savings by 25%. For every £200 you save, you’ll get £50 from the government. The maximum bonus you can get is £3,000. There’s no catch, you don’t need to pay this money back, it’s simply a way of rewarding people for saving for their first home and it can be a great helping hand! What’s more, if you are a couple, both of you can have Help to Buy ISAs and can use both bonuses to put towards your house.
I hope these 5 tips have been helpful and if you have any questions, please just leave them in the comments below!