Buying a New Home - Cheap Mortgage Deals

This can be a property built by a developer or a house builder. The house will have been built from scratch and not a redevelopment or conversion. A house builder will employ everyone he needs to build a property from the architects to the bricklayers. A developer will contract out these elements of the building process from the local labour force or agency.

The most obvious reason for buying new is because you will not need to spend valuable time and money on modernising your home and it will not have been lived in before. The decision to buy a new property can vary from the love of new homes in general to the fact there is no chain to hinder your purchase. Many home builders will even offer part exchange and take your existing property on to sell, taking out the hassle of finding a buyer for your own home.

Buying a new property can be a good idea if you are a first time buyer looking for a deal. The deals range from having your stamp duty paid to free carpets and turf to your mortgage paid for up to a year. As a first time buyer with a mortgage in principle you would be in a good position to negotiate with the developer who will want to shift his properties as fast as possible. Towards the end when the developer may only have a few units left, it may be easier to secure a better deal than if the properties have just gone on to the market, the developer will need to turn them into cash and want to move on to the next project.

If you are buying the property during the actual construction period you can often add extras and choose specific carpets and tiles from the range they have bought from. Buying off plan at the beginning of the developments construction can mean that you will be able to secure a good plot with your property appreciating all the time it is being built without having to pay for the property outright. You will usually need to pay the developer a holding fee until you pay the deposit, this will take the property off the market. Each builder/developer will want to be in receipt of the deposit as soon as possible, you will need to check how many weeks you have before payment is expected.

Most new homes will be covered by either: a National House-Building Council (NHBC), Zurich or Premier Guarantee warranty. This provides cover against construction defects for a specified time, usually ten years.