The demand for housing is at an all-time high and properties are being built in towns all over the country. There has been a real push to provide new and affordable housing and chances are you know of a new build development near you. Buying a new build property can have some real benefits, they come with a 10-year warranty, and the latest mod-cons and they can be planned to your specification including functional bedroom furniture for easy ways to downsize your cluttered closet It is easy to see the appeal of buying a new build home. So if you are considering buying a new build, here are some tips for you.
Buying A New Build Home – Get to know the developer
If you are buying a new build you will be spending tens, if not hundreds of thousands of pounds. It stands to reason therefore that you will want to know the developer responsible for the building project. Take it upon yourself to carry out some due diligence and research on the developer behind your prospective property. If they have other developments go and take a look at them and judge for yourself. A quick glance at a developer’s website should showcase their other projects, property developer Salboy displays their properties on their website for all to see. Making your research task that bit easier. That said, allow your research to expand beyond their website and promotional material. Online forums and social media can be great places to glean more information on a developer and how they work in practice. Should someone have a story to tell you may well find it on social media. Just be mindful not to let these results wholly influence your decision.
Another great tip is to talk to people who may have already purchased the property from the development you are looking at. New build development sites can take time and often homeowners will have purchased and moved into their new home before all the other building work is complete. If this is the case it is a good idea to strike up a conversation with your potential neighbours and gain some insight into how they found the buying process.
Buying A New Build Home – Think pricing
Buying a new build property will depreciate in value, much like a new car. This depreciation will not last forever so if you plan to make this purchase your forever home you may ride out the depreciation value to see it appreciate once again. If you have shorter-term plans for your new build then negotiate hard on pricing. Compare the market using Rightmove or Zoopla so you can be fully informed of the market value when making an offer. Another worthwhile tip is to negotiate extras to your contract to make up for any potential depreciation, a great saving to be made is to try and negotiate that the developer pays the Stamp Duty Land Tax on your behalf. Don’t forget to negotiate the inclusion of design elements, such as your kitchen layout or fixtures and fittings within your contract.
Be prepared for date changes
Unlike buying an existing property if you are buying off-plan your move-in date may vary. Weather, construction issues or material shortages can all contribute to the move-in date being delayed. It is not uncommon and not usually a cause for concern, but it is something you need to be mindful of and prepare for if you have a property to sell or a time limit on your current accommodation.
Nice content and informative tips that everyone can follow through it.