A new build home is a great choice, whether you’re a first-time buyer or looking to find your forever home. Even though making the decision to purchase a new build may seem simple enough, there are a lot of things to consider which you may not have even thought about yet.
Here at Beeston Shenton, we’re discussing the 10 top tips you need to proceed with buying a new build to make things easier for you.
The Benefits Of A New Build Home…
Not only is it satisfying to be able to be the first to live somewhere on a clean slate with no previous history, there are many other benefits to living in a new build home. It can save you money on utility bills with lower running costs, whilst repairs and redecoration can usually be avoided for the first few years too.
10 Top Tips For Buying…
From research to contracts, we cover all of the top tips you will need for buying your new build home.
Do Your Research…
When hunting for a new build home, ensure to research the developers in your area to get feedback on previous houses. It’s worth speaking to people who have recently moved into new developments to see if they’ve had a positive experience and if they are happy with their home.
Also, read up on local forums to get a firm grasp on any issues which may arise, highlighting these beforehand can make the whole process a lot less stressful.
Shop Around…
Different developers offer different incentives, so it’s worth shopping around until you find the right deal for you. Whilst some offer free furnishings, some offer discounts and a whole host of benefits. Weigh out the pros and cons and consider which is the best option for your situation, and stick with what is most worthy to you.
Be Prepared To Negotiate…
The asking price on a new build home is just an asking price, which means that you can attempt to negotiate the price. Look at similar properties which have been sold in the same area on Rightmove or Zoopla and use them as examples when negotiating.
It’s not guaranteed that you can get money off the asking price, but it’s definitely worth trying to save some cash. Also remember to never pay more than you think a house is worth or you could end up losing out.
Snagging Provision…
New doesn’t mean flawless and often mistakes are missed when checking over a new build. Make sure to have a ‘snagging’ provision in your contract which gives you the protection if something is wrong to have it corrected free of charge.
It could be something as simple as doors catching on carpets when opening and closing, or an unlevel worktop. Either way, a snagging clause will cover you for any ‘snags’ which need correcting.
Plans And Specifications…
New home warranties don’t cover workmanship and finishes, so it’s important to ensure you’re happy with the build before moving in. When viewing the plans and specifications, make sure that as much detail is included as possible to prevent the developers from reducing the specification. You can then rest assured that you’ll receive a property which has been built to your expectations.
Delays…
Delays are a common occurrence when buying a new build home, especially if you purchase one off-plan which hasn’t been built yet. As mortgage offers typically only last for six months, a delay in construction could lose you your mortgage.
To combat this, ensure that you have a great conveyancing solicitor who can keep all parties informed during the process, which can prevent issues arising if delays occur.
Plan To Stay…
Purchasing a new build home is a big commitment, plus as soon as you step foot in your new home, it loses a lot of value. Therefore, when selecting a home, ensure to choose somewhere which is practical long term.
Make sure you have space for your needs. For example, if you’re planning to expand your family, have you got enough bedrooms for the children? Just consider how you want your life to look in a few years time and see if the house fits in with your plans.
Adding Value…
As you lose value upon purchase of your new build house, it can be a smart investment to renovate the house with things that will boost the value. You could build a porch, add a conservatory or even professionally landscape the garden. Consider what you could do to the house before purchasing to be able to increase its worth.
Leasehold Contracts…
If the property which you have chosen is bought on a leasehold basis, its paramount to check for a ground-rent-doubling clause. If this is the case, it means that your ground rent will be doubled every decade which can work out too costly for many people.
Not only that, this can make a property unsellable if you want to move again in the future. Look out for this clause and try to avoid getting involved with properties containing it.
Use An Independent Conveyancing Solicitor…
It may seem more simple to use the developers conveyancing solicitor, but often this can be a mistake. As they work together, it’s not uncommon for them to pressure you to complete whilst conveyancing problems are still present. Using an independent solicitor ensures that your best interests are at heart and you can be sure that everything is the way you want it to be.
Need a great solicitor to help you whilst buying a new build home? Get in touch…
