If you’re a first time buyer looking for a new home, then where better to look than at a new build property?
That’s what Joe Francis and his girlfriend Faye Wolley did when they moved to Bewley Homes’s development, Amberley Park, on the edge of Tetbury in 2017 (the development won best first time buyer development at the prestigious Evening Standard Property Awards earlier this year). Both Faye and Joe work in the restaurant industry and their long, anti-social work hours meant that wanted somewhere they could literally move into. Faye says: “We really needed somewhere that we could literally move into which is the main reason we were drawn to buying a new build. Our careers simply do not allow us the time to dedicate to home repairs or DIY – we felt with a new build there would be less maintenance and we had the additional peace of mind that, if something does go wrong, there’s a 10 year build guarantee to take care of it and Bewley has a friendly customer services team who will oversee any issues in the first 2 years.”
Another positive for young first time buyers is that most developers, including Bewley Homes, include integrated appliances as part of the sales package so there is no need to have to find the additional money to fund the purchasing of ovens, refrigeration units, washing machines or dishwashers or have the hassle of measuring spaces, sourcing appropriate items, ordering them, getting them delivered and installed.
Buying a new build also currently enables purchasers to access the Government Help to Buy Scheme, which currently enables individuals to buy a new property, worth up to £600,000 with only a 5% deposit and a 20% equity loan from the Government (with repayments to begin 5 years after the initial purchase). To date, it has proved an effective way for many individuals - an estimated 246,000 - to access private home ownership or to move up the property ladder, like Jo and Nathan who bought a two bedroom apartment at Bewley Homes’s Reading Gateway development in Reading, Berkshire.
“Help to Buy was definitely one of the determining factors in making us look at new builds instead of second hand properties but, in addition to that, because we had been renting a newly built property by developer, Bewley Homes, in the 18 months leading up to our purchase and because we had experienced first hand the quality and specification of their product, that ultimately attracted us not just to new build homes but to Bewley as a quality construction brand as well” says Jo.
(In his Autumn budget, The Chancellor announced that he has set aside a further £8.7 bn to extend a revised version of the Help to Buy Scheme until 2023. This revision means that, from April 2021, the Help to Buy scheme will be offered only to first time buyers on properties with a market value up to new regional price caps. This cap will represent 1.5 times the average first-time buyer prices forecast in different regions (with the cap in the South East being £437,600)).
Buying a new home also means that buyers can sometimes save on surveying and legal costs. Most developers have a recommended panel of financial and legal experts – because these individuals know the intricacies of the development inside out, utilising their services can often mean the process is quicker and less costly.
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