Whether you are a first-time buyer or you are looking to move somewhere bigger for your family, buying a new build could be a great option for you and a fantastic investment.
While there are many benefits that come with buying a new build, there are also some pitfalls and mistakes that many new build buyers make. To make the buying process easier, here is a simple guide full of the information you need to know.
Check Your Warranty
Buying any property comes with its share of risks, but new build houses have some unique buying hazards that every new build buyer should prepare for.
Newly built properties can sometimes have structural defects in the construction that will not present themselves until a year or so after completion. These can be caused by poor quality materials or a flaw in the design of the property.
Companies like Buildsafe offer a 10-year warranty on new homes that can help protect your investment. These policies will often fully insure your property against any design flaws or defects and can even protect your deposit if your developer runs into financial problems and cannot complete the build.
Research The Developers
Buying a home is one of the most expensive purchases you will ever make, so when preparing to buy a new build home, we recommend you do some due diligence. This means researching the developer that you are thinking of buying your house from.
To start off, it is recommended that you look online at any properties the developers have worked on before. You may be able to find reviews from previous buyers to see what they thought of the quality of their homes, and the customer service provided by the developers.
Expect Delays
If there is one thing you can pretty much guarantee when buying a house, it is that you are likely going to face delays. This is even more likely if you are going for a new build.
From mortgage delays to problems with building work progress, you should try to prepare yourself for a lengthy process.
In some cases, you may find that your mortgage offer is only valid for six months, which means that if there are delays you may need to re-apply, which lengthens the process even more.
While these delays may be unavoidable, you should insist the developers honour a ‘long stop’ completion date. This means that they could be liable to pay you compensation if your property is not finished by an agreed target date.
Combining a long stop completion agreement with a 10 year warranty on a new build gives you a lot of protection against the excess costs that can be caused by a developer and gives you extra peace of mind when purchasing a new build house.
In summary
Buying any home can be stressful, and it is a huge investment to make for your future. Follow these top tips to help make the process of buying a new build home go a little smoother, and to protect your investment for years to come.