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Top Incentives for Homebuyers

This is the Christmas of big discounts in the shops, but it could also be a festive period of great deals for homebuyers. Big-name house builders are slashing their prices by up to 50% for those savvy enough to haggle. Bulk buyers who are purchasing more than one property on a development are getting the best deals but those buying a single property are still being offered some impressive incentives.  These are some of the deals currently on offer:

  1. Rent Before You Buy. This save a deposit scheme is available on several developments and is an excellent choice for first-time buyers. It gives tenants the option of buying after a 12 month rental period with their rent going towards a deposit which is then matched by the developer (knightfrank.com).
  2. Other developers, such as Barratt are offering a three-year price guarantee.  The way it works is that if you sell the house that you bought off them within three years; if you make a loss they will refund the difference up to the value of 15% (barratthomes.co.uk).
  3. Another incentive offered by Barratt on certain developments includes a try before you buy feature. Under the terms of this agreement you can stay in one of their apartments for the weekend to see if you like it (barratthomes.co.uk).
  4. Barratt/Ward homes also offer part exchange incentives such as if the property that you're buying is worth 30% more than the one that you’re exchanging, they will pay the difference in your mortgage, up to £1000 per month (wardhomes.co.uk).
  5. If you do a part exchange with David Wilson Homes they will pay your estate agent fees and your Home Information Pack (HIP) on certain developments (dwh.co.uk).
  6. A lot of big-name house builders have been sporadically offering to pay a 5% deposit or your stamp duty for some time now.  Developers who will offer this deal include Barratt and Trovit Homes but only on selected developments, of course.
  7. If it's straightforward discount that you're looking for, a 20% discount is available at Waterside Heights at Dickens Heath, Birmingham on selected penthouse flats until the end of January 2010 (knightfrank.com).  Spectrum in Manchester is offering £800 towards your mortgage for 12 months with studio flats starting at £116,950 (dandara.com).
  8. A number of developers are offering guaranteed rental income; Ward Homes will guarantee the first years rental on selected homes (up to the value of £10,000) and Dandara at Spectrum in Manchester are offering a similar deal.

As always, it pays to read the small print and check how much houses have sold for recently in that area to find out if the deal is really as good as it sounds.