Taking full advantage of help-to-buy schemes could be the key to making the leap from renting to owning your own property.
Taking full advantage of help-to-buy schemes could be the key to making the leap from renting to owning your own property.
That is according to global real estate advisor, Colliers International, which is running an event to provide advice for first-time buyers.
It is urging anyone taking their first step on the housing ladder and considering a new-build via a help-to-buy initiative to purchase from a reputable developer, ensuring thorough research is undertaken into their reputation and track record.
Buyers should also be aware all new-builds come with 10-year warranties. This protects deposits up to £100,000 should the project not complete and provides a 10-year-guarantee on building work.
Colliers is also advising first-time buyers that keeping aside a budget for additional monthly costs, such as service charges, will help prevent any unexpected outgoings when purchasing a new build property.
And it also warns buyers at the end of a chain to be aware of 28-day completion periods, which apply to the purchase of some new-build homes.
Finally, when you move in, make a list of any snagging, as certain issues won’t be covered by the warranty.
Ben Morris, director, new homes at Colliers International, said: “Help-to-buy won’t be around forever. The Government recently announced that it has helped buy more than 100,000 homes across England through its help-to-buy scheme.
“First-time buyers can put down as little as 5% cash deposit on a registered help-to-buy newly-built development in England and receive a government equity loan – for up to 40% of the purchase price.”
Buyers can find out more detailed information about help-to-buy at an event being held by Colliers International on Friday 23rd February and Saturday 24th February. To reserve a space email newhomes@colliers.com or call 0207 487 1710.
