New build homes are becoming increasingly more popular for families and first-time buyers. In fact, according to research buyers are opting for new homes more than ever. Over 43,000 new homes were registered between July and September in 2018, the highest figure since the global financial crisis in 2007.
With this in mind, it’s still important you take into account a little practical preparation. Buying a new build comes with its own set of rules, make sure you know what you’re looking for.
Buying a home is one of the largest purchases you will ever make — especially as a first-time buyer as it can be a daunting process. It’s likely your buyer journey will be influenced depending on the developers you choose.
Be aware of the different purchase schemes that are available to make it easier for first-time buyers or existing buyers. Help to Buy is a government-backed scheme that allows the buyer to have a 20% equity loan when purchasing a new-build home. This gives buyers the chance to put down as little as 5% deposit. There are many other government schemes available, it’s important to find one that’s right for you.
Make sure the property is part of a warranty scheme like NHBC’s Buildmark. This will ensure you’re protected should the development go bust after you’ve paid your deposit. It also means your home is being built to an agreed standard. Understand and cross-reference your builder’s warranty prior to proceeding with the sale.
Know what you’re buying
If you’re buying a house off plan, make sure you know exactly what you’re getting for your money. Does the price include a parking space? Or garden turf? If you're uncertain, it's important to ask.
Also, be aware of the ongoing costs like ground rent or annual service from the get-go so there are no unexpected costs.
Tip: If you’re buying your home off plan, you can use this as an opportunity to negotiate the price. Compare prices with similar developments in the local area and speak to local estate agents for advice.
During the time of exchange and completion, conduct a snagging survey to make sure any problems are resolved before moving in. Check for any teething problems your new build may have, such as loose guttering or cracks in setting walls etc.
There are many strong incentives for buying a new build property, however, it’s wise to be prepared so you know what to consider when you make your purchase.
If you’re looking for a local law firm to help you with the legal side, contact our conveyancing solicitors.