Buying a home is likely to be the most important – and expensive – decision anyone ever makes. Consequently, it is not something to be done on impulse; there may be some evidence that prices are rising, but that doesn’t apply to all areas and types of property.
Researching options is the key to securing the most appropriate property at optimum value, to suit your budget and lifestyle.
First, identify the best location: working from home may have been convenient during the last couple of years, but it doesn’t suit everyone because person-to-person communication is vital to developing careers across most professions and industries, and business leaders are keen to restore that interaction. With that in mind, consider access to the workspace via public transport, car, bike or on foot, as well as local schools and other facilities, and the cost of travel/parking. And don’t forget to check out broadband speeds!
Be flexible, spread the net as wide as possible, and take into account the Government’s ‘green agenda’, with bans on gas boilers and the switch to electric cars within the next decade. Buying second hand could bring unexpected additional costs to meet these challenges.
So, buying new could be the best solution, as developers will ensure that properties are fully insulated and energy efficient, complying with current and future safety standards. Buying a house off-plan could also enable purchasers to influence the actual interior layout, perhaps adding a conservatory, or reshaping the kitchen.
Most developers are keen to support buyers with special offers. There is also the advantage of having a 10-year NHBC structural warranty, with two years covering fixtures and fittings, which means having to budget for little or no maintenance, apart from routine gutter clearance and redecoration. Find out more at www.nhbc.co.uk.
The majority of new developments are planned to extend town boundaries, but some local authorities won’t adapt the road infrastructure, which usually means that developers will establish a residents’ management company to maintain roads and public spaces, including play areas and landscaping. It is, therefore, wise to ensure that your conveyancing solicitor obtains details, including any potential financial responsibilities.
Maximising the benefits of buying new also means ensuring the best mortgage deal, rather than accepting a proposal from a developer.
Our advisers at The Mortgage Centres can identify the most appropriate mortgage to suit your current and future financial ambitions. Just give us a call to discuss options at the earliest stage of your new home search.