Why buying a new home now, makes sense
What we’ll do when we leave lockdown has become something of a goal list for many of us, with people frequently posting across social media what they want to do as soon as the restrictions are lifted. For some it’s about the friends they’ll see first, where they’ll eat or shop, while for others it’s reuniting with partners or family members.
Spending months in close proximity with family or flatmates has given a lot of people the final nudge they needed to think about finding somewhere new to live, to have a space of their own.
And despite being in lockdown, now is actually a good time to think about buying a new home. We’ve listed some of the main reasons below:
Time to Move On
At the time of writing we’re two months into lockdown with no clear idea of how long it will be before we start living in a new normal. Before we can go back to work or grab dinner and a few drinks with friends whenever we want, or spend the afternoon in an art gallery or museum.
The lockdown period has given everyone a chance to reassess their lives, whether it’s deciding to take the step and move in with partners, or perhaps working from home more often.
There couldn’t be a better time to think about a new home, or a new start. You might want to be a little further out of the city in another zone, closer to parks and greenspaces, or at the heart of the buzz of restaurants and shops that you’ve missed. Whether you move alone or move with someone, there are so many opportunities to move on.
Low Interest Rates
What does this mean? Taking out a mortgage when interest rates are low means that your monthly payments will be lower. There are usually hundreds of different types of products available to those hunting for a mortgage, but just after the lockdown period began, this number dropped quite a bit. Now however we’re seeing new products being launched, meaning that the lenders have assessed the market and confidence is starting to come back. If you’re thinking of buying it’s definitely worth speaking to an expert about what could be available to you.
Why Buy New
A key reason to buy a new property is the government-backed London Help to Buy scheme. This enables buyers to purchase a new build home with only a 5% deposit, a 55% mortgage and an equity loan of up to 40% of the property purchase price. What’s more, the amount borrowed as the equity loan remains interest free for five years, as long as the deposit has been paid.
Anything else? - Buying a new build property means that you’ll be the first person to live in it. You can choose every aspect about the interior design from the colour of the walls to the curtains. You’ll also have the peace of mind of a 10-year NHBC warranty and minimal maintenance costs.
Why Buy Now
This is a good time to think about a new home, a new start. If you’ve found yourself longing for privacy, the chance to cook a meal in your own kitchen, or just watch that latest series on Netflix in your living room, then you’re already thinking about your new home. There are so many options and incentives available to buyers, so it’s definitely worth having a chat with someone that can talk you through the options.
Why Buy Fairview
We know London and the South East and we know our buyers. Diversity across towns and boroughs in the capital means that each of our developments has its own unique appeal, from transport connections to vibrant communities to the location. No matter what you’re looking for or where you’re looking to move to, we will have a property for you to consider. On top of that, our sales teams will be able to talk you through the entire buying process, including using Help to Buy, what we can offer you and how to reserve your dream home.