The Guide to Buying a New Build Property
Newly built properties are a very attractive prospect for buyers – they’ve never been lived in before so are a pristine blank canvas to begin making your mark on.
Repairs will be kept to a minimum for the first decade or so of living there, as everything is freshly built; and buying before building is completed often allows new owners to choose fittings and fixtures to their tastes before they’re installed. You and your family will benefit from the latest developments in structural engineering and all the modern finishing touches that old homes lack.
Here’s how you can be sure you’re making a quality investment in a new property and avoid some of the common pitfalls of buying a new build.
Get to know the developers
Set up meetings to ensure you’re making a good investment in these developers’ properties. Do your background research into previous projects of theirs, and how the new residents there are enjoying their properties.
Visit online forums and read up about how the developments have been constructed and any after care provided. Don’t rely solely on promotional material – of course the developers are looking to present their projects in the best light. It’s best to speak to people who have dealt with them before to get an accurate idea of what’s on offer.
Before you buy
Visit display homes
If you’re serious about buying, visiting display homes will help you get excited about decorating and laying out your new home. They’ll give you an accurate idea of the space you’re working with and how everything will fit once you’ve got the keys.
Here’s all the benefits of display homes:
- Helps you plan the layout
- Means you can get a realistic idea of how your home will look when it’s finished
- They can often be bought at a discounted price compared to the other homes when the whole project is completed. The only downside is that you must wait until all other homes are sold before the display property is available to buy – this can sometimes be a long wait
You can often negotiate a home’s price with the developers, especially if there are only a few left unsold on the whole development. Compare homes of a similar size, style and location that aren’t newly built to get an idea of sensible pricing.
Make sure you plan to stay for the next few years
To ensure the money you’re spending will be worth it, think about your life plans over the next few years to make sure it’s suitable. Does it have a garden for getting a new pet? Could a partner move in? Is there room for a baby if you want to expand your family?
Also think about how you can add value in the future. Obviously, you might not be able to afford extensions straight after purchase, but could you realistically build a conservatory later down the line, or convert the attic?
Benefits of new build homes
Still need to be convinced of the benefits? Peruse this list for inspiration.
- Newly built homes automatically come with a 10-year NHBC warranty which covers any structural defects – rest easy in the knowledge that anything structurally wrong with the house will be fixed at no cost to you.
- Developers often also have their own two-year warranties.
- New builds are built to the latest energy efficiency laws, more than likely meaning cheaper energy bills for you.
- Allows for a stress-free purchase, as there are no ‘buying chains’ attached.
- There are plenty of government schemes available to help people buy new build homes – see what kind of help you can get by visiting your government’s website.
- Some developers participate in part exchange programs for buying new homes. This removes lots of hassle for you, but make sure you’re not undervaluing your existing home by getting professional valuations and surveys done before you sign up to one of these programs.
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