Investing in a new-build property comes with a number of advantages, not least fresh and modern design, convenient fixtures and features aimed at 21st century living and little required in terms of modernisation or maintenance.
But despite the fairly obvious benefits of buying a newly built property, there are certain aspects investors should be aware of. Before you sign on the dotted line, take a look at the following tips to help ensure your investment goes smoothly.
1. Research developers in the area
If you are planning on buying a new-build from a property developer it can pay to carry out some preliminary research on the developers in the area.
Have a look at customer testimonials and reviews of the developers. This will help you discover which companies are offering the best deals and what kind of customer service and after-sales care they offer.
2. Have an active say in the finishing touches
Buyers of new-builds should know that it may be possible to add some finishing touches to the property before they are even given the keys.
Certain developers enable buyers to gain access to the property and actively contribute towards the look and design of the home. By fitting the curtains, pictures, carpets, lights and other furnishings of your choice, you can put your own personal stamp on the property before you move in.
Certain developers will even make this part of the deal, which could potentially save you money in the long-term.
3. Make room for negotiation
And finally, negotiate. Just because you are investing in a new-build does not mean to say you lose the power of negotiation buyers typically have when purchasing second-hand property.
In order to successfully negotiate the best deal, do your homework before making an offer. Have a look at what other properties on the development have sold for and use this information as ammunition to negotiate a price.
Owning your own brand new property can be a delight to live in as well as making a sound investment. However, the savviest of investors always carry out the appropriate research and checks prior to making the purchase.
4. Beware of snagging
The term snagging refers to checking over a new-build property for defects and poor finishing. It is a wise move for new-build investors to conduct comprehensive ‘snagging’ of the property before committing to buy.
Areas to examine include ensuring the paintwork doesn’t look too thin and inspecting the plaster to check the ceilings and walls are smooth and that the joints are even and neat.
The snagging process should also include checking that the brickwork is uniform and clean, ensuring that fitted furnishings are installed correctly and that everything is secure.
Carpentry work should also be looked over. All woodwork should be fitted correctly and smoothly finished. Worktops and surfaces should be level, so it would pay to take a spirit level with you when snagging a new build property.
The plumbing, electrics, radiators, switches and sockets need to be inspected to ensure everything is working as it should, get in touch with Electrics On-Tap for help.
Windows and other glass features should be checked for scratches.
The exterior of the property should also be thoroughly inspected, including checking that gutters are the right distance from the roof and that no blockages are present.