Advantages of buying a new-build home
PUBLISHED: 12:49 03 April 2019
There are many advantages to buying a new-build home. Here are some of property portal Zoopla's top reasons
New-build homes are a popular choice for many buyers across the UK.
From first-time buyer homes and bachelor pads, to family houses and retirement homes, there is an option for all circumstances.
There are many advantages to buying a new-build home. Here are some of property portal Zoopla’s top reasons:
● You can get in early: Many house builders and developers offer properties off-plan, which means you can choose and reserve your dream home before it is even built. And if you buy off-plan in an area where house prices are rising, you could benefit from equity growth before you’ve even moved in.
● You can build it around you: You will be able to make your own mark on a new-build home, knowing that it has been untouched by previous owners.
Some house builders and developers offer buyers the opportunity to design their new home from scratch. This could range from the position of doors, cupboards and plug sockets, to the style of the wallpaper, garden landscaping and the colour of your kitchen worktop. The sooner you reserve your new home, the more choice you have. You may have to pay extra for this, so study the small print carefully.
● It’s ‘low-mo’: There is no need to carry out repairs, maintenance and redecorate when you move into a new home. In fact, any such work is likely to be unnecessary for at least the first few years.
● You get cover: The home may well be registered with the National House Building Council (NHBC), in which case it will come with a 10-year warranty and protection scheme. Other companies that provide warranties and insurance for new-build properties include BLP.
● It’s flexible: You will not be part of a chain, which means you will be able to proceed with the deal to buy a new home at your own pace. You can move in as soon as you like without waiting on buyers in an upward chain.
● Bills are cheaper: Homes are typically built and fitted with the latest energy efficient appliances, which means they’re cheaper to run than many older properties. They tend to be well insulated and double or triple glazed.
● It’s secure: Top safety and security measures will also be in place due to the high building standards now required of new-build properties. These tend to include fire safety, locks on doors and windows, security lighting and alarms. You may also find entry phones in new housing developments.
Dealing with off-plan property
It is possible to buy a home off-plan, which means that it has not yet been built. This has many advantages, not least allowing you to be involved with your new home from scratch.
However, to avoid disappointment, Zoopla advises to agree a long-stop completion date with your house builder or developer. It means that if the property is not finished on time, you will be entitled to compensation.
Delays can not only be frustrating but they can also potentially cause problems when it comes to your mortgage lender.
Mortgage offers typically last between three and six months. You should make sure that the completion date is within the duration of the mortgage offer. Otherwise, you may find that the offer becomes invalid. Some mortgage lenders may provide an extension to the offer.
It is also possible to find mortgages that feature longer validity periods for new-build properties.
Don’t forget the new-build home checklist
You should ensure that your contract allows for a snagging provision. The term is used for detailing minor issues, repairs or defects. When construction on your new-build home is finished, make sure you carry out a complete inspection of the property and alert your house builder or developer to anything that needs fixing.
Here are some potential issues to look out for:
● Plumbing and electrics
● Walls, floors and ceilings
● Fitted furniture
Read more at https://www.zoopla.co.uk/discover/buying/new-build-homes-guide/#3Hw5WzcKYgDPIB76.99