As a UK citizen, I want to eventually be able to afford my own detached house with a garden and a lovely front lawn completed with white picket fences. However, in this day and age one cannot but dream and find that the dream will not come as a reality if the economy does not change, benefiting us working class individuals rather than making it virtually impossible to work our way out of debts. However, there is some light at end of the dark tunnel, which can open up doors to various possibilities.
New houses in the UK offer many first-time buyers deals on prepaid deposits, money off on interest, shared ownership deals and full mortgage loan deals. For some people like me, owning a house is out of arms reach, the idea of buying a house in the current state of our economy appears to be an impossible dream. New houses UK schemes help people to get their foot on the housing ladder, also allowing them to have part ownership of a property.
The only downside to shared ownership is that you will be required to pay rent as well as your mortgage to the council, which for some people can be an expensive move to make especially if there is no guarantee of them receiving a pay rise in the future. The other disadvantage is that you will not be able to let the property unless you gain full permission from the council as it is not a hundred percent your property. Chances are you will purchase a property between 60 - 90,000 pounds, which calculates a proportion to what you will own (less than fifty percent).
Furthermore you will not have the opportunity to undergo any necessary changes or building works, as then this would require prior permission from the council. Part of the deal of shared ownership they you buy the house and are contracted for a certain length of time, as a way to help you get on the property ladder. Many people sell their share afterwards and go onto buy something for their own, therefore, it works to the buyers advantage.
However, the new houses UK scheme do offer you a brand new home, with newly fitted modern bathroom and kitchen facilities , good security system, storage room facilities, low maintenance and central heating. New build homes tend to be cheaper to run, have very little problems as everything has been built to last for a long time, have lower heating bills, are built with good insulation and they have a very good resale opportunity unlike newly renovated homes.
People considering this route into purchasing their first home, will need to consider the costs involved, whether it will make a good investment in the long run and how long they expect to pay for the property. More often than none, many of the people who buy a new home will only have bought the property on a temporary basis. Others may consider buying out the rest of the share, which is possible for those who are able to afford it.
One way to make a decision is to do your research, through speaking to other homeowners, mortgage advisors, and property development companies, or just by skimming through the internet. It is always recommended that you calculate your finances before agreeing to any kind of heavy commitment such as this, as then you will have more control over your finances. The only way you can get a hold of a new build home is by enquiring early, making an offer and making sure you take the first step.
Author Resource:-
Anna Stenning has researched how new houses UK schemes can help first time buyers to get a firm foot on the property ladder.
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