Imagine yourself in a brand new home with fabulous modern kitchen and space for the family.
For many of home hunters this sounds like a dream move, but one which they may consider to be too costly.
However, changing from a second hand property to a plush new home within the Linden Homes North region could be cheaper than you think, following some research by the Hessle-based developer and The New Homes Group financial experts.
Through the popular Help to Buy scheme, which is available to existing homeowners as well as first time buyers, opting for the change from old to new could present a pleasant surprise financially - and could actually save you money.
Based on the Help to Buy minimum deposit of five per cent – you could buy a new home for £200,000 (with £10,000 deposit) – and get around £62,000 more worth of house than if you bought from the second hand market.
This figure is based on the price of the second hand home being £132,000.
Here’s how it works:
| |
|
Help to Buy |
|
Second hand |
| Purchase price |
|
£200,000 |
|
£200,000 |
| Deposit |
|
£10,000 |
|
£10,000 |
| Monthly repayment |
|
£627 |
|
£930 |
| Saving |
|
£303 |
|
|
(based on a typical mortgage rate of 1.89 per cent – as of May 2015)
Linden Homes North sales director Steve Woomble said: “We work closely with the team at The New Homes Group and these latest findings make extremely interesting reading for people who are thinking about moving from their existing property into a brand new home but are concerned that it may cost too much to change.
“Changing to a new home is cheaper than many people think through the Help to Buy scheme, and the benefits of a brand new property certainly outweigh those of a second hand home, when it comes to energy efficiency, maintenance and build quality.”
With developments across East Riding, North, South and West Yorkshire.
Other benefits of buying new v second hand:
- Less maintenance - old homes may have more character but they also need more maintenance than new ones, like new guttering, replacement windows or extra roof insulation.
- Energy efficiency. New homes are well insulated, and include double-glazing as standard, making them cheaper to run than older homes. The costs of heating a new home will be substantially lower than a comparable older one.
- New homes offer a blank canvas. Buyers can choose kitchen units and bathroom wall tiles, subject to the build stages. A new garden means there is scope for unique landscaping to suit a customer’s individual taste.
- Building warranty - all new homes come complete with a New Homes Building Council 10-year warranty.
- New homes often have features many buyers may take for granted, including ensuite facilities and added security aspects including smoke detectors.
- Location is a careful consideration with house builders when looking for a new site at which to build – with knock on benefits of schools, shops and other amenities close by benefitting the new communities living there.
 |
Changing from a second hand property
to a new dream home is cheaper than
you think with Linden Homes North. |
-ENDS-
For further press information please contact Cetti Long at Media Matters on 01733 371363 or email cetti@mediamatters-pr.co.uk
