How To Buy The Perfect New Build Property: 5 Top Tips
Buying a house is known to be one of the most stressful experiences a person can go through. Research by energy company E.on stated that 61% of adults who were asked placed buying a house as their number one stressful situation, even more so than a relationship breakdown, divorce or starting a new job.
This is why we have put together our top 5 tips to make the process easier and ensure you end up with your perfect new build home…
1.Thoroughly Research Your Developer
Developers differ hugely from one another. Look at a variety of estates and house styles on offer from each developer. Obviously the show home is going to be pristine, but are the other developments they’ve constructed a similar quality? A great tip is to look into the new home review which features opinions from hundreds of new build homebuyers with varying thoughts so gives a very balanced view.
2. Know Exactly What You’re Paying For
You tend to get a little buried in marketing material as soon as developers have your details, all of which has glossy imagery, but do you know what fixtures and fittings are included? There are also often incentives such as parking and upgrades on flooring and decoration available, so ensure if you have made an agreement with the salespeople that everything is put in writing and you have seen the finish you’re expecting in person (even if that means travelling to a more established estate to view completed properties).
3. Speak To A Mortgage Advisor
Speaking to an expert about what mortgages are available will ease your mind, and tick something else off your to-do list, as well as allow you to be clearer on what your budget is before you reserve your plot. They will also be able to tell you about government schemes, such as Help To Buy, which can be especially useful if you’re a first time buyer and often are only available on new build properties, so take advantage! Their knowledge is invaluable, but we advise you to choose your own rather than whoever is recommended to you by the developers, as they can sometimes be biased.
4. Appoint A Conveyancing Solicitor
Looking into soliciting firms that specialise in new builds is a great starting point as they will understand how the developers work and avoid any pitfalls that sometimes arise. Your chosen solicitor will look through the contracts and ensure the purchase progresses as it should. Similarly to the previous tip, developers often push their own solicitors, often with incentives for appointing them. Don’t feel pressured by this, a relationship between a soliciting firm and their clients is a very personal one and you need to feel you can trust them.
5. Make A Snagging List
NHBC supply a 10 year guarantee from when the house is built, to give buyers peace of mind. However, what is actually on offer is insurance on the work undertaken to build the property, so there are few circumstances where any claim against the NHBC Certificate will be validated.
It’s not all doom and gloom though, during the first 2 years of owning the home you are contractually covered for ‘snagging’, which refers to minor faults such as doors catching on carpets, for example. Our advice is to diarise when your two years expires to ensure you notify the relevant bodies if there are issues you need fixing, unfortunately due to the amount of people involved it is not a quick process.
What To Do Next?
If you need advice on buying a new build property, it’s best to speak to our experts at Beeston Shenton Solicitors. Our dedicated property team can help you with whatever stage of the process you’re at. Get in touch if you need any information or advice on making your own will.