Buying a new build home is often the preferred option of many buyers. With a new build, you get a better assurance of quality as the home has only recently been constructed, so (in theory) there should be minimal issues during the first few years of residence.
However, nothing is guaranteed with a new build home. Human error is possible, as is poor workmanship, meaning there could be a host of challenges to overcome when buying a new build home. Taking these steps can help make the process of buying a new build home simpler and prevent issues from appearing after you’ve moved in:
Get in early to negotiate a better price
Buying a new home off plan is the process of purchasing a new build home before competition – in some instances it can occur before development even begins. This can be used to the buyer’s advantage, as the earlier you are involved during the development process the better deal you can negotiate.
More interest from other buyers unquestionably increases the prices of the home, but you can take steps to possibly get a better deal. For instance, researching similar new build developments gives an understanding of the pricing range in the area, which can be used to help negotiate a great deal.
Don’t be afraid to negotiate either. Prices for a new build are never unnegotiable, so use this to your advantage, and never fall into the trap of assuming a new build house value increases upon completion.
Only proceed with the sale if there is a warranty scheme
A warranty scheme is very important for new builds, as it ensures that you are adequately protected when paying a deposit for a home that is yet to be completed. Schemes such as the NHBC’s Buildmark and the LABC Warranty provides protection should a developer or building firm go bust – which is always a possibly.
You get assurances that your deposit for a new build will be returned should the company go bust, while also ensuring that the house has been built to appropriate standards. Should there be issues regarding these, a third-party service steps to help resolve the matter.
Simply put, always ensure there is a warranty scheme in place when purchasing an uncompleted new build house.
Get a snagging survey
Perhaps the most important step to take when buying a new build home is to get snagging survey. This process sees a third-party come in and conduct a thorough survey throughout the home after it is completed to look for any problems present in the house.
The survey will identify issues big and small, from cracks on the walls to imperfections on fixtures to issues with water pressure. This information can then be used to ensure the developer fixes all the problems present, as they are responsible for correcting any issues during the first few years of residence.
You can conduct a snagging survey on your own, but it’s highly recommended you hire a specialising firm to do it on your behalf, as there is a lot of money at stake here should you miss anything.