Additionally, you need to consider the value of your current home, the sale price, and whether there is positive or negative equity. This will affect the amount of mortgage you can get for your new property. Any remaining debt on your current home is also an important factor.

Moving into a New-Build Home

If you plan to move into a new-build property, there are several specific aspects to consider. Buying a new-build home differs in several ways from purchasing an existing property. Here are the key differences explained:

• Construction interest and completion timeframe
  When buying a new-build home, you often have to deal with a longer waiting period before the property is ready. During this waiting period, you will pay construction interest, which means you pay interest on the portion of the mortgage that you can only use after the property is completed. This differs from buying an existing property, where the home is usually available immediately.
• Financing and appraisal
  The financing of a new-build home is different from an existing property. With a new-build, you purchase the property based on a building plan, and the final value can vary at the time of completion. This means that with a new-build, you typically can’t have a final appraisal done until after the property is completed, which can impact the mortgage application process.
• Costs and subsidies
  There are sometimes tax benefits or subsidies available for purchasing a new-build property that you don’t get with an existing property. For example, the VAT on the purchase price can sometimes be refunded, and there are often regional or municipal schemes for first-time buyers on the housing market.
• Choices and customizations
  A major advantage of a new-build property is that you often have choices regarding the finishes, such as flooring, kitchen, and bathroom. This gives you the opportunity to fully customize the home to your preferences, which is usually not possible with an existing property.
• Condition of the property and maintenance
  Since you’re buying a brand-new home, you don’t need to worry about maintenance or renovations for the time being. The home will meet the latest construction standards and be fully up-to-date. This is a significant difference compared to buying an existing property, where you might encounter unexpected maintenance costs.

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