Buying a brand new house is appealing for a number of reasons. You’ll be the first person to live in the property, you probably won’t spend over the odds on repairs and redecoration and new builds usually come with guarantees such as NHBC’s 10-year warranty. However, there are some pitfalls when it comes to buying a new build. Below are some of the common traps buyers fall into, and how you can sidestep them.
Paying over the odds
We all know that anything we buy brand new depreciates in price the minute we start to use it. A rising property market doesn’t guarantee that you will get your money back on a property if you sell within a year or two.
If you truly desire to move into a new build, do so with the intention of living there for a few years. You might not be able to afford it right now, but you should consider various ways you can add value to your home, such as adding a conservatory or doing a loft conversion. Before making the move, be sure to compare the property you are looking to buy with similar “old” property, to see how the price you are going to pay compares with the resell market.
Development and workmanship
Before you complete, you should expect to have access to have seen copies of the plans and specification for the property. Properly prepared plans and specifications should tell you exactly what you are going to get, down to the type and quality of materials and decorative finishes. It is worth researching the tradesmen that your developer plans to use, to get an understanding of their reputation. Simply Google “roofing in Sunderland” or “plumbing in Teesside” to get an understanding.
Factor in delays
When buying a new build, the majority of delays come from the mortgage. As mortgage applications are only valid for six months, the deal needs to be closed within that time, including the completion of the property. Once the six months have run out, you will have to re-apply, which delays the process even further. Inist on a long-stop completion date with your developer when agreeing to buy a new build, to ensure the completion of the project by a set date. If the developer misses that deadline, they are liable to pay you compensation.
Take advantage of “snagging”
When your new build is complete, your developer should give you some time to snag the property. This means that anything you’re not happy with in the home will be rectified by the builder for no extra charge. You should use this opportunity to take a detailed look at everything. Look for slipped roof tiles or damaged drain pipes, check that power is running to every socket and that every light turns on and off. Make a note of any defects to feed back to your developer and make sure they’re resolved before you move in.
If you keep in mind these top tips, you are certain to be into your new home in no time at all, with hardly any bumps in the road.
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