There are many perks that come with buying a new build. This makes them much more popular because not only are they considered more energy efficient which reduces running costs, but many new build properties also come with a 10-year building warranty. This means you are protected if anything were to happen during this time.
However, something many of you may not be aware of is that there are lots of incentive schemes out there that builders may offer you if you were to buy a new build home. These incentives may include helping to put money towards a deposit, part exchange deals or shared equity schemes.
Deposit paid
The builder or developers of the new build may offer you a cash incentive to help fund your deposit. Or the cash incentive may help to pay for other costs involved in moving to a new house. These cash incentives are paid directly to your solicitor on completion and will need to be declared to your mortgage lender if you’re applying for a mortgage. Cash incentives can be up to 5% of the purchase price of your new build home.
Builder assisted sale
Trying to sell your existing home can sometimes be frustrating so many builders are now offering incentives to help. They do this by finding the most appropriate deal for you and arranging for independent valuations of the property you’re looking to sell. Based on the average, the builder will agree an asking price with you and the minimum that you are prepared to accept.
The next thing they’ll do is market your home through an estate agent and their own sales team to try and secure a quick and early sale. The service they offer is free and the builder takes care of all your estate agents fees and marketing costs, so there’s no hassle involved. A great incentive when you’re trying to sell a property.
Part-exchange your house
If you want to buy a new build property, the builder or developer may offer a part-exchange deal, often known as a PX deal. This is where they purchase your home from you and sell it on. The advantage to you is that you will sell your home quickly you won’t have to deal with complications of estate agents like arranging viewings or negotiating with multiple potential buyers. You can relax knowing you have a definite sale and avoid property chains as the builders will have the cash ready to invest.
In order to qualify for a part-exchange deal, you must be a current homeowner as well as moving to a new build home. It is important to know that every builder will most likely have their own set of terms for these transactions, so always discuss it with them prior to agreeing anything.
Stamp Duty and other costs
Many builders and developers offer discounts on the buyers costs of purchasing a new build home, particularly towards stamp duty and legal fees. White goods for the kitchen, or the landscaping of gardens can sometimes even be paid for as an extra incentive to potential new build buyers.
If you’d like more information about new builds, speak to a member of the team and we’ll be happy to help.
