There are many benefits in buying a new build home – including energy efficiency, low maintenance, and the bonus of a fast, straight forward buying process, with no chain.
We’ve highlighted a number of important things that you may need to consider when buying your new build property here for you.
We have experienced teams that can assist you with any of these points, should you need any advice or help at all.
The earlier you register your interest in a new residential development, the more likely you are to find exactly the right home. The key to getting that south-facing garden for glorious summer barbecues or top-floor apartment with fabulous views is to get in quickly and find out what your options are. New build homes are designed with the wants and needs of modern house-buyers in mind, so there's every chance you'll find your particular wishes fulfilled.
While one of the clearest benefits of owning a new build is that repair and maintenance costs shouldn't be an issue, you also get the reassurance of a 10-year warranty from an organisation like the National House Building Council (NHBC) or similar, which will cover any structural defects with the building.
This means that if any problems do arise, the builder (for the first two years) or the NHBC (for eight years after that) will cover the cost of putting it right. There is also often an additional warranty covering any white goods, such as fridges and washing machines, that come with the property.
Any minor problems can be taken care of, too. Once the keys have been handed over, the new owner of the house and the agent will usually embark on a final 'snagging' tour of the property to note any small niggles, such as sticking doors or scuff marks on the walls or skirting. These will then be put right by the developer.
NO SELLER CHAIN
Buying a new home means you eliminate at least one element of uncertainty: you won't have to worry about the seller's end of the deal falling through. As well as being convenient for you, this can also be an attractive hook for buyers of your own property.
Be aware that there is a timetable to completion when buying a residential development. Typically, a buyer will pay a reservation fee, and then a further 10 per cent 28 days on exchange of contracts. The balance will be due on completion of the build.
Buying and selling your home can be one of the most stressful life situations, with the cancelation rate for second-hand homes as high as 20 per cent. There are a number of reasons why a private buyer or seller may change their minds, including a change in circumstances, a bad survey, a chain falling through or being gazumped.
However, the cancelation rate drops to low single figures when buying a new home. As this is a business transaction for the developers, they are much less likely to change their minds half way through a sale.
When you buy a new home you pay a reservation fee which holds the property for a period of time and prevents the developer from accepting a higher offer if you exchange within the time parameters agreed. Equally, there are no survey issues to contend with.
Developers also have to accord to the House Builders Code of Conduct, which sets out stringent rules to which the developer must adhere – a private vendor does not have to accord to such rules.
Modern properties tend to be designed with energy performance in mind, including insulation and high-efficiency central heating, so you can expect to pay less for your heating bills – as well as reducing your impact on the environment.
HELP TO BUY
Help to Buy is a Government scheme designed to help people who may not have a large deposit buy a new home or move up the property ladder. It is only available to those that are purchasing a property for themselves to live in as their only property. There are several 'Help to Buy' Schemes, more information click here