Purchasing a new build property is an exciting journey. You may feel full of anticipation as you prepare for a new chapter in a new home. But without careful consideration, you could make costly mistakes.
Here, we explore some of the pitfalls you could face during the buying process and how to avoid them.
Not researching the builder
No matter where you plan to buy a new build home, it’s important to do your research and choose a builder with a strong reputation.
Look for companies with a history of building quality homes and that offer reliable customer service.
It’s also worth seeing what incentives and schemes they offer that you’d be eligible for.
Some builders provide deposit contributions, part exchange and shared ownership schemes that may be of huge benefit when you make your move.
Overlooking certain costs
During the purchase process, spend some time familiarising yourself with the moving costs you need to cover.
As well as your deposit, mortgage fees, legal fees and so on, there may be certain fees you need to pay for your new build. The developer may charge a reservation fee to secure your plot, for example.
After you select your home, you may also be offered certain upgrades such as kitchen appliances, cupboard styles or countertops.
Ask plenty of questions so you know how much any fees, extras or upgrades will cost. This will stop you from being faced with a bigger final bill than you anticipated.
Not considering long-term development
Once you’ve found a development you like, organise a meeting with the builder to find out how the area will be developed.
There may be site maps online you can look at to get an idea of how big the development will be and any amenities they plan to include, like schools or shops.
For large developments, there’s a possibility that the build will be split into different stages, so ask if any further development is planned.
This is important because future development and nearby amenities can impact your home’s value as well as your lifestyle.
Rushing through paperwork
Try to avoid rushing through paperwork and signing anything before you’ve carefully read it through. Make sure you understand the terms so there are no surprises later down the line.
For example, you may get paperwork that details the size and layout of your home, including where plug sockets and light fittings will be placed.
You may also get documents that detail your fixtures and fittings like your kitchen and bathroom suites.
Make sure everything is correct before signing on the dotted line and ask your legal expert for advice if you’re unsure or need help.
Hopefully, these tips will help you navigate the purchase of your new property. Good luck!
