There are many benefits of buying a new build property which makes them a very popular option for a lot of buyers. These can include energy efficiency resulting in lower running costs, a 10-year structural warranty, and many more.
In addition to this, the developer may offer you further incentives.
If you are buying your new build home from a developer, they may offer you benefits such as financial incentives, part-exchange deals, or shared equity schemes.
Financial Incentives
The developer may offer you a cash incentive towards your purchase, including a contribution towards the deposit or paying for other associated costs with moving to a new house. These cash incentives are dealt with as a deduction from the monies payable to the developer on completion.
Other financial incentives being offered by developers may include contributions towards legal fees, SDLT or moving costs.
Where applicable you will need to declare financial incentives to your mortgage lender and lenders require that financial incentives cannot exceed 5% of the overall purchase price.
Developers may also offer non-financial incentives, such as specification upgrades, including flooring.
Developer Assisted Sale
Many developers are now offering their assistance when trying to sell your own home.
They will find you the most appropriate deal, arrange for independent valuations, and agree an asking price and minimum you would be prepared to accept. They will then market your home through an estate agent or their own sales team to attempt to secure an early sale. This service is free, and the developer will pay for your estate agents fees.
Part-exchange
Your developer may offer you a part-exchange deal where they purchase your current home and sell it on. The advantage of this is that you will sell your home quickly and won’t incur time or financial costs associated with estate agents, viewings, and negotiating price. You will also avoid property chains.
