Purchasing property can often be a daunting process – especially if it’s your first time doing so. If it’s a new build property you’re looking for, then it’s important to understand what this entails.
Here, we explore the important things you need to know about buying a new build before you start your house hunt.
If you’re buying a custom property that suits your exact needs, then purchasing a new build could be the perfect option for you. Better still, if you purchase a new build prior to it being built – known as off-plan – your property may have grown in value due to house price increase during construction.
Many housebuilders will allow you to choose fixtures and fittings, so buying before build can give you a greater say in how the property will look when it’s finished. This will save you time and money personalising the home when you come to move in, as you have already had a say in many big decisions in the early stages of the build.
If you want peace of mind when you move into a new home, then purchasing one with a warranty is a great option for you. Homes benefiting from this type of warranty need to be registered with the National House Building Council. If this applies to your property, then you should expect your home to benefit from a ten-year warranty.
Home warranties offer you peace of mind, allowing you to focus on paying for the fun things and not paying for unexpected repairs.
Most new-build homes have what’s known as a snagging period. This will be a set time after you move in, often two years, where the building company must rectify any problems with your home. It’s essential that you fill out the snagging survey to record any faults with the property.
There are two dates you should be aware of when placing an order for your new home. These are the short stop and long stop. The short stop is the date the house builder is expected to be completed. This can help you plan loosely, but some flexibility should be expected. The long stop is the date the developer of your new home must have completed the build.
Help to Buy schemes
There are a range of schemes available to help you purchase a new build. This includes Help to Buy, Shared Ownership and Deposit Unlock schemes. The best schemes are only available for first-time buyers, but second-steppers can also benefit from some schemes.
Due to the cost-of-living crisis, reduced bills have never been such an important factor when buying a home. New builds are built to the government’s current energy efficient standards, so often they should be more cost-effective to run than an older property.
Living in a well-insulated property is important to help you save money on heating bills. Not only will you be saving money on your bills thanks to brand-new appliances, but you will also be living in a home that is sufficiently insulated to help save money on that dreaded bill.
If you’d like more advice about a property in the Andover or Whitchurch area, speak to the Graham & Co team today.