Buying a new build home is an exciting milestone, but it comes with its unique set of challenges. From understanding the new build buying process to ensuring your new home is free from defects, this guide provides essential insights to navigate your journey confidently.
Before you begin the process of buying a new build home, you must first speak with a trusted mortgage broker who will give you information on the amount of money you will be able to borrow from the lender. Each lender will be able to offer different deals, packages and products, depending on your financial circumstances and the deposit you have available. You should only start looking at homes within your budget once you have spoken to a mortgage advisor.
We would always recommend getting a mortgage agreement in principle (AIP) where possible, as this can help to speed up the new build buying process, showing evidence on how much you can borrow, especially for first-time new build home buyers.
When searching for a new build property, you should always do your research. Look at other developments in your area and become familiar with the developer’s previous work. Some developers may also offer the Help to Buy Equity Loan scheme, which might be of interest to you.
When booking viewings for new build homes, you should be realistic with your budget, and you should never purchase property without viewing a show home of your house type or preferably your chosen plot itself.
A few things to take note of:
A full list of things to consider when reserving a new build plot will be posted soon.
Once you have found a property you are interested in and are ready to make an offer, you should do so. Not all properties go for the asking price, so you can prepare to negotiate at this stage, if appropriate.
If and when your offer is accepted, you will be required to pay an upfront reservation fee (£500 – £2,000). Your mortgage advisor will have discussed this with you previously. Once you have put a reservation down on the home, it will stand for 28 days whilst paperwork is produced ready for exchange of contacts. Your reservation fee will be subtracted from the house price, though it is non-refundable if you decide to pull out of the sale.
At this point of the sale, you will have found a licensed conveyancer or solicitor to deal with the legalities of the sale. We would always recommend choosing someone who has previous experience in selling new-builds and property developments they will ask questions about planning permission and site access, which can save you any bother in the future.
By choosing an independent licensed conveyancer, you can avoid any conflict of interest with a solicitor. Conveyancers help talk you through the contract and answer any questions you may have about legal jargon or the agreement. They will agree on the key release date and explain any legal jargon to help you understand the contract.
When you choose to buy a newly built property, the contracts will be exchanged months before your move-in date. Your solicitor will run over the terms and conditions of the agreement at this stage and ensure you have the correct documents, such as property titles and planning documents.
Purchasing a new-build home is a significant investment, and ensuring its quality is paramount. While new constructions are expected to be flawless, it’s not uncommon for minor issues, known as “snags,” to arise. These can range from cosmetic imperfections to functional defects. Engaging a professional snagging inspection before completion allows for the identification and rectification of such issues, ensuring that the property meets the expected standards.
Post-completion inspections are equally crucial. Some defects may only become apparent after you’ve moved in. Conducting a thorough inspection during the warranty period ensures that any emerging issues are addressed promptly by the developer. This proactive approach not only safeguards your investment but also provides peace of mind, knowing that your new home is built to last.
if you want to know more regarding What is a snagging survey please see our FAQ section.
The final piece of the puzzle. Once your home is built, the purchase is complete, and you’ve had your snagging inspection, it’s time to get ready for move-in day. We’ve put together a helpful blog post to guide you through the final stage.
Ready to ensure your new home is defect-free? Contact Snag List Pro for a comprehensive snagging inspection today.
Looking for more new-build advice? Learn more about reserving a new build plot here or contact Snag List Pro to schedule a professional snagging inspection once your dream home is ready.
If you’d like to ask a question or would like more information on our new-build snagging reports, why not give us a call or send us an email?
Make sure to give us a follow on social media to see our latest projects!
Snag List Pro provides professional snagging surveys across the South East, covering all major towns and rural areas throughout Kent, London, Surrey, Essex, and surrounding regions.
Other area are covered by request please contact us.