Guide to buying a new build
Many people's ideal home is not a Victorian cottage or a period residence but a new-build home with all the modern conveniences.
Many people's ideal home is not a Victorian cottage or a period residence but a new-build home with all the modern conveniences.
The ideal scenario is being able to move in without any of the worries of cracks, wear and tear. Why would you have to clear up after someone else's decoration nightmare when you are the first one to live there?
The National Association of Estate Agents (NAEA) claim there are many benefits from buying new, including the lack of a chain.
This is a distinct advantage, says the association, especially if you are a first time buyer as you will be buying from a developer, which can make the transaction a lot more straightforward.
The association says if you already own a home then the developer may be able to offer you a part exchange, although if you do choose to go for a part exchange you can expect the offer to be slightly less than you would get on the open market. Click here to compare mortgages.
New build homes tend to be sold at a premium but there are other benefits. You can save money in other areas, as it is unlikely that a survey will be required. This is especially the case if your home comes with a 10-year guarantee. You will need this before your mortgage lender releases the funds for the purchase.
It is also worth bearing in mind that many developers offer incentives, such as paying the stamp duty of your behalf.
Once you have the keys and move in, there are still ways of ensuring you get the developer back to make improvements.
If you do decide on a new build property, says the association, then ensure that the developer includes a clause in the contract that will allow you to produce a 'snagging list' within the first six months.
That way, any outstanding niggles such as the odd shrinkage crack, which you may find with a new home, will be rectified by the builder.
The National House-Building Council provides a check-list for people to use when they consider buying a new home. The questions raised include: "Do the downpipes and guttering appear secure?" and "Do any of the tiles look cracked or loose?"
Once you are in, the NHBC says you can always raise issues with the developer.
If you have any problems with your property, send a letter to your builder listing the items you are not satisfied with. Always make sure you date the letter and keep a copy for your records.
New build homes tend to be more energy efficient and designed with modern living in mind – a typical new three-bedroom house may have as many as three bathrooms.
