7 June 2018

Tips on Buying a New Build

So, you have decided that the time has come to move home? Perhaps you are in the process of looking for your first house? No matter what applies, it goes without saying that purchasing a property is something that requires a lot of consideration. There are so many different options to choose from, and you have everything from your budget to the location to take into account. One factor you need to consider is whether or not you are going to buy a new build. If you feel like this is the best route for you, which many do because they are able to take advantage of a low deposit by opting for a new build, read on to discover some useful tips to keep in mind.
Be prepared for delays – Let’s get the bad news out of the way – delays are fairly common with new builds. It is not uncommon for a new launch to run behind because of delays during the building phase. These delays can be a caused because of the weather, an issue with supplies, and so on! Therefore, it is important to keep this in mind, although buying any sort of house (new build or not), can encounter delays. It is a good idea to agree on a ‘long stop’ completion date with the builder, though. This means that the building firm will be liable to pay you compensation if the work is not completed by the date you have both agreed on. This can give you peace of mind while also ensuring any rental costs are covered if the worst does happen.
The financial side of things – There is no denying that one of the main reasons why new builds make so much appeal is because you can find yourself eligible for lower deposits and government help-to-buy schemes, which is ideal for those looking to get their foot on the property ladder. However, there are a few things you do need to be mindful about on the monetary side of things. For example, if you need to sell your property quickly after you have purchased it – say within a year or two – you may struggle to get back the money you have spent on it. This is because new houses depreciate in value in the short-term once you have put your key through the door. Nevertheless, it is not all doom and gloom because there are a number of different ways that you can tackle this. For example, you may want to think about enhancing the value of the property you have purchased. There are many different ways you can do this, from loft conversions and landscaped gardens, to adding a conservatory on the back of your house. Of course, planning to stay put for a few years is the best option. When you buy a new build, make sure it not only satisfies your needs now, but in the future too. You will also want to shop around for good deals and do not be afraid to negotiate with developers. You may not be able to get the price down, but you may get a few extras thrown in, for example, they may offer to pay for your legal fees or you may get some free furnishings. Finally, it is also important to compare your new build with older properties that are the same in terms of space and value. This will help you to understand the resale market should you need to sell.
Stay away from dodgy developers – The last thing you want is for your house to be built by a dodgy developer, which is why you need to carry out due diligence during the early research phases. There are a number of different ways you can narrow down your search and carry out the essential research that is required. Of course, the Internet is always a good place to start. You can begin on the developer’s website, but you should never merely rely on their promotional material. You need to read reviews that have been left by previous customers and make sure these have been left on independent review platforms so you can be certain of their authenticity. Not only this, but you should take a look at some of the houses they have built so far. There is only so much you can learn from photographs, so if you can visit any of the properties, great news! You should also get to know the developers. Once you speak to them, you should get an instant feel as to whether this is the sort of company you want to work with or not.
Get an independent inspection – Last but not least, make sure you get an independent inspection so you can make sure there are no issues before you move in. A lot of people skip the property survey when they buy a new house because they assume a new house is not going to have any problems! Well, you should be surprised! An independent inspection now can save you a lot of money and hassle down the line.

As you can see, there are many different factors that need to be taken into consideration when buying a new build property. If you follow the advice that has been presented above, you can increase your chances of finding the perfect new build for you while ensuring that the process goes as smoothly as possible.

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