Your Questions Answered: Buying A New Home
Are you looking to take your first step onto the property ladder or find the perfect house to grow your family? With there being so many things to consider when purchasing a new home, you no doubt have an endless list of questions.
We’ve rounded up the most frequently asked questions we receive from our customers to help put your mind at ease when purchasing your brand-new home.
How much deposit do I need?
It’s often a misconception that buying a home will require a big deposit that will take years to save for. With financial help such as Help to Buy, you could put down as little as 5% of the value of your new home, making home buying more affordable.
Before you work out how much you need to save, firstly find out how much you can borrow from a bank or building society. Working this out gives you an estimate of what’s realistically affordable - usually it’s three times the principle income, plus one times the second income, however many major banks have mortgage calculators online.
What are my options on finding a mortgage?
Finding the right mortgage deal for you can feel a bit like searching for a needle in a haystack. If you’re not sure where to start, an Independent Financial Advisor can be worth their weight in gold as they can search the full marketplace to find the best deal for you. At Keepmoat Homes we have a range of recommended qualified Financial Advisors that can guide you through the whole mortgage process. It makes finding the right mortgage deal for your needs easy and far less stressful.
What guarantees come with a new build?
We build our homes with love and care, using the latest high-performance materials, however all our new homes come with a 10-year NHBC Buildmark warranty which covers you for any major building defects to the structure of your home. Not only does this provide peace of mind, it is also a seal of approval that every part of the home has been built to the highest possible standards. You can find out more about what’s covered in the warranty here.
We’ve got your back too, as your home comes with a 2-year Keepmoat Homes warranty which covers you for fixtures and fittings - from doors and windows, kitchens and bathrooms, and even your appliances too. You’ll be given a comprehensive list of what’s covered by your Sales Executive and if you have any issues, our local customer care teams are always here to help.
How long does it take from reserving a home to completion?
The house-buying process isn’t always a quick one and can take approximately six months to complete. We will ensure you are kept informed throughout the process, including updates on your new home’s build progress. Buying new also comes with the added bonus of a no-chain sale, meaning you don’t have to wait for a property owner to move out before you can move in.
Are there any financial schemes available when buying a new build?
Help to Buy is available for new builds on all homes priced up to £600,000 in England and Wales, and up to £200,000 in Scotland. This government-backed initiative means you could move in with just a 5% deposit and borrow up to 20% of the cost of your new built home.
Shared Ownership is another government-backed scheme allowing you to buy a share of your chosen home and pay a low monthly rent on the part you don’t own. This will allow you to live in your home as if you’ve bought it outright with an opportunity to buy more in the future.
In Scotland, there’s also the fantastic First Home Fund which has seen a recent investment of £50m and is designed to provide first-time buyers with up to £25,000 to help them purchase a property that meets their needs.
For those with an existing home to sell, we also offer an Easymove scheme on selected properties. It not only saves you time and stress when selling your home, but we’ll even pay your agent’s fees - so you can save a fortune too!
On top of this, there’s also a number of incentives available on selected homes throughout our developments and we will always try to help you move into your dream home and make your journey an exciting and pleasurable experience.
What are the benefits of buying new?
Arguably the most attractive point of owning a new home is that it comes with everything brand-new and requires little-to-no DIY or maintenance.
At Keepmoat Homes, we listen to our customers and work with them to achieve their needs, wants and requirements - for example flexible living spaces and accessible parking. Buying new comes with a whole host of choices and benefits, and you will also be able to explore a wide range additional options for your home, which have been exclusively selected by our experts. These include flooring and appliances, and depending on the stage of the build, you can even specify certain elements of the property including your kitchen units, worktop and bathroom tiles so your home is ready to move in to from the day you receive your keys. A full list of options and upgrades are available to view here.
How much does a new build cost to run?
All our homes are built with the latest energy-saving technology, from energy-efficient boilers to high performance windows and the highest standards of insulation throughout, meaning it’s not only good news for your carbon footprint but it’s great for your pocket too.
All our homes have a top A or B performance certificate rating which is a contributing factor as to why energy and heating bills after often cheaper for those who own a new build compared to an older home. With the cost of heating our homes ever-increasing, it’s an important consideration when purchasing a property, helping save those all-important pennies in the long run.
Who will be my main contact during the process of buying a new home?
Buying a new home means you’ve got a dedicated support system on hand to help you through every step of your journey. Our friendly Sales team at your chosen development will be your first point of contact throughout your purchase and will be able to put you in touch with our recommended and trusted solicitors and mortgage advisors if required.
Our site managers and customer care teams will also be on hand to ensure any questions you may have are answered – another added bonus of buying new!
What’s included in the price shown on the website? Are there any additional costs?
The price shown for a home on our website or displayed in our Sales offices is for the Keepmoat home, which comes complete with landscaped front gardens, the appliances in your kitchen including oven, hob and hood, and a choice of kitchen units, worktops and bathroom tiles (depending on the stage of the build). You may also want additional upgrades such as flooring, integrated appliances and upgraded tiling and these will come at an additional cost.
Other additional costs to consider when purchasing a home are the solicitors fees, and prior to making a mortgage offer your lender will have the property valued where a small fee may apply. But there’s good news! Following the recent government announcement, homebuyers will now pay zero Stamp Duty on any home that costs up to £500,000 in England until 31st March 2021, and in Scotland there’s now no Land and Buildings Transaction Tax to pay on any home that costs up to £250,000. This not only applied to first-time buyers but also to those who already own a property, looking for their next home.
Are there any additional financial commitments when buying a home?
Buying a home brings about a number of additional monthly commitments. Aside from your mortgage repayments, other costs include council tax (which is influenced by a number of factors such as size and location), as well as water, gas and electricity, broadband and home insurance.
If you have any other questions and would like to speak to some of our friendly Sales Executives at Keepmoat Homes, head to our website and book an appointment with the team at your desired development.