New build properties have a certain appeal to them. The idea that a house is brand new, has never been lived in by anyone else and will not have any wear and tear can be an enticing prospect. There are considerations to bear in mind however and the buying process can be different to buying a regular property. <\/p>\n\n\n\n
In this guide, we\u2019ll walk you through all you need to know about buying a new build, from the mortgage to making an offer, the conveyancing process as well as the pros and cons. <\/p>\n\n\n\n
New Build Mortgages <\/strong><\/p>\n\n\n\n Getting a mortgage on a new build house is often harder than with an older property. Lenders can sometimes offer to cover a lower percentage of the cost of the house than with a traditional one. If you\u2019re not using help to buy or shared ownership, you may have to cover the cost of whatever the lender isn\u2019t willing to pay. <\/p>\n\n\n\n Mortgage offers tend to be valid for 6 months. You\u2019ll therefore need to time when you take out a mortgage as if your home hasn\u2019t been built yet, your mortgage agreement could expire before your home has been completed. <\/p>\n\n\n\n The Process <\/strong><\/p>\n\n\n\n Before you start house hunting, it is wise to seek mortgage advice. Ask your mortgage advisor how much you can borrow so you know how much money you have to play with. Having an Agreement in Principle (AIP) is also a wise idea as it will make you a more attractive buyer compared to someone who does not have anything agreed yet. <\/p>\n\n\n\n If you\u2019ve found a development and property that you like, you can make an offer as you would with a traditional property. If your offer is accepted, you\u2019ll have to pay a reservation fee which usually ranges from \u00a3500-\u00a31000 and is non-refundable if you withdraw from the purchase. If you complete on the purchase this will normally then be deducted from the overall purchase price. <\/p>\n\n\n\n Once you have had your offer accepted, you\u2019ll need a conveyancer or solicitor to process the transaction and finalise the legal side of the sale. It\u2019s best to have a solicitor or conveyancer who is experienced in dealing with new builds as they\u2019ll know to check that the developer has been given the proper planning permission with adequate access to utilities and infrastructure. <\/p>\n\n\n\n Contracts are usually exchanged months in advance for new build properties. You will be given a \u2018short-stop\u2019 date (when the developer expects the property to be built) and a \u2018long-stop’ date (the latest date that the property needs to be finished by). You should then be able to plan your move in date around these. If the property has already been built, then this won\u2019t be an issue. Before you move in, it is wise to have a snagging survey conducted, which will identify any issues with the property so that these can be sorted out before you move. <\/p>\n\n\n\n Advantages of New Builds <\/strong><\/p>\n\n\n\n New homes come with a 10-year NHBC warranty which covers structural defects. Most developers will also have their own 1 or 2-year warranty, which gives you some financial security should anything go wrong. <\/p>\n\n\n\n It can often be a quicker and smoother process as there is no onward chain and you can move in as soon as the property is ready. If you\u2019re not selling a home, the process is even easier. <\/p>\n\n\n\n If you buy \u2018off-plan’, before the property has been built, you may be able to personalise and request certain features to be built. This probably won\u2019t extent to modifying the structure or shape of the house, but you may get a say in the fixtures and fittings in the property. <\/p>\n\n\n\n New builds will be built to the highest specifications, featuring up-to-date insulation and double or even triple glazing. The property should be structurally sound too, meaning you shouldn\u2019t have to worry about any major repairs for a while. <\/p>\n\n\n\n Disadvantages of Buying a New Build<\/strong><\/p>\n\n\n\n You should be prepared for delays if the property hasn\u2019t already been built. There can be delays to the construction and your mortgage could expire. <\/p>\n\n\n\n Getting settled and everything set up can be harder in a new build. It\u2019s likely the whole development will be new so getting broadband, TV or even heating can be harder than in an older building. It can also be harder to get the post delivered. <\/p>\n\n\n\n Some new build properties may have visual cosmetic imperfections, especially on the inside. You should report these to the developer; however, it can sometimes take a while for them to act. <\/p>\n\n\n\n Should You Buy a New Build? <\/strong><\/p>\n\n\n\n Given that you take the right precautions, new builds can be attractive, especially for first-time buyers. You should be prepared for more teething issues once you move into a new build property, however you can expect to have to do little work yourself and should anything go wrong you will have a warranty to cover any expenses. It can depend on the specific development, if your property is ready to move into and the rest of the development is still a building site, you may wish to seek an older property. <\/p>\n\n\n\n This article was written by an <\/em>online estate agent<\/em><\/a> House Sales Direct. If you wish to sell your house fast and for free, then head over to the House Sales Direct website for more property related information and enquiries.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" New build properties have a certain appeal to them. The idea that a house is brand new, has never been lived in by anyone else and will not have any wear and tear can be an enticing prospect. There are considerations to bear in mind however and the buying process can be different to buying … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[174],"tags":[],"class_list":["post-5591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"_links":{"self":[{"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/posts\/5591"}],"collection":[{"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/comments?post=5591"}],"version-history":[{"count":0,"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/posts\/5591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.clickfor.net\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/media?parent=5591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/categories?post=5591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.clickfor.net\/wp-json\/wp\/v2\/tags?post=5591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}