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Laying the Foundations – Buying a New Build Property

Buying a new build property can be a great option whether you are a...

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Laying the Foundations – Buying a New Build Property

10th August 2018

News : Residential Property

Buying a new build property can be a great option whether you are a first time buyer, moving up or moving down the housing ladder. When considering a new build property as your new home there are a number of things that can be done to ensure you get the best deal and it is the right move for you.

Do Your Research

  • Make enquiries of the builder. Do an internet search to see what previous buyers have said about the builder.
  • Ask buyers who have already moved in what experiences they had with the builder.
  • Visit the builder´s other sites in particular those which have been finished to see the overall standard of workmanship.

Check the New Build Specification Carefully

Often, a buyer reserves the property having only seen the show home and before construction has even started. It is important to remember that show homes have been furnished by professional interior designers with the sole intention of persuading you to buy a dwelling on the development. A show home is rarely a fair indication of how normal people live. Look beyond the show home and glossy brochures and look at the wider picture. New build properties often have smaller rooms and gardens, thinner walls and a lack of storage space compared to an older property.

Ask detailed questions of the sales agent and make notes. Ask to see a plan showing detailed specifications showing room dimensions and the like. Does the property face north or south? What changes will be made to the plot from the show house? Where on the site the plot will be built etc.?

New Build Incentives

Builder’s often incentivise their properties during quiet periods of the year or that are close to being build complete. Such incentives often include offering upgrades to extras, paying stamp duty or legal fees etc. A properly informed and motivated buyer can make good savings this way as builders will not want an empty property sitting on their books.

Timings & Delays

On signing the reservation form there is usually a 4 week period in which to exchange contracts otherwise the builder may withdraw any offered discounts, incentives or may even withdraw from the transaction completely.

Surprisingly the builder has little control over when the property is going to be finished. Delays are often caused by a lack of building materials or tradesman, the connection of services to the site or simply planning constraints. As such it is imperative that you ensure the anticipated build completion window for the plot ties in with your required timeframes and you have some flexibility on this.

For more information on buying a newly built property, please visit the following websites:-

https://www.which.co.uk/money/mortgages-and-property/new-build-homes/buying-a-new-build-home-a150k0g60456

https://www.zoopla.co.uk/discover/phil-spencers-top-tips/9-tips-for-buying-a-new-build-home/#2MVt1KOwrPEuTxxB.97

https://www.rightmove.co.uk/news/what-to-consider-when-buying-a-new-build-property

If you are considering buying a new build home – give our team a call on 0800 389 7093. Alternatively you can visit our Residential Conveyancing services page here or complete this form for a call back.

 

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