Buying your first home is one of life's most exciting milestones, and choosing a new build property offers unique advantages that many first-time buyers find appealing. This comprehensive guide will walk you through everything you need to know.
Why Choose a New Build?
New build homes come with several benefits that make them particularly attractive to first-time buyers:
- No chain - You won't be waiting for a seller to find their next property
- Energy efficiency - Modern building standards mean lower energy bills
- 10-year warranty - NHBC or similar warranty coverage for peace of mind
- Modern specifications - Contemporary kitchens, bathrooms, and technology
- Government schemes - Many new builds qualify for Help to Buy or First Homes
Understanding the Buying Process
The new build buying process differs slightly from purchasing an existing property:
1. Reservation
Once you've found your ideal plot, you'll pay a reservation fee (typically £500-£1,000) to secure it. This is usually deducted from your deposit on exchange.
2. Mortgage Application
Get your mortgage agreement in principle before reserving. Many lenders offer specific new build mortgage products with longer validity periods to account for build times.
3. Exchange and Completion
Unlike traditional purchases, there can be months between exchange and completion while your home is built. Stay in regular contact with your developer for progress updates.
What to Look For During Viewings
When visiting show homes and developments:
- Check the specification carefully - show homes often have upgrades
- Ask about the standard inclusions vs. optional extras
- Review the site plan for your plot's exact position
- Consider orientation for natural light
- Research the local area and planned infrastructure
The Snagging Process
Before completion, you'll have a snagging inspection to identify any defects. Consider hiring a professional snagging company - it's money well spent for peace of mind.
Top Tips for First-Time Buyers
- Start saving early - most lenders require at least a 5-10% deposit
- Check your credit score and address any issues
- Research government schemes you may qualify for
- Factor in additional costs: stamp duty, legal fees, moving costs
- Don't rush - take time to find the right property and location