New build homes have sorn in popularity over the years. Now, hundreds of contractors and developers are constructing a range of homes in return for a hefty profit. If you are looking to buy a new build – and are new to the property world, you may be looking for some guidance.
How do you know where to begin with so many properties out there? This short guide is here to help. It will provide you with a new build checklist, discussing some of the things you should look out for when embarking on your house-buying journey.
Decide On Your Ideal Location
When looking for a new build, location should be high up on your priority list. Often, homeowners can compromise on location if they feel like they have found the perfect home. However, research shows that many people end up regretting this decision. It has been reported that one in four homeowners in the UK regret buying a home in the area that they live in. Therefore, you must ensure that you are buying in the correct location.
Think about the local amenities that you require. If you are a family, you may be looking for an area close to local schools. Or, if you work in the city, you may need a home near public transport links. Taking time to think about this – will help you find the ideal location, leaving no room for regrets further down the line. Even if you think you’ve found the ideal home, the location may not be suitable.
Consider Your Budget
It can be easy to get carried away on your house search. After all, it is an exciting process. Once your mortgage in principle is in place, you find out how much money you can borrow, and suddenly your options feel endless. However, you don’t want to end up putting yourself into a difficult financial situation by lending more than you can afford. To put it simply, the more you borrow, the higher your mortgage payments will be.
You should always start your house search by setting out a budget. Take the cost of the mortgage into consideration alongside other essentials like your utility bills, council tax and home insurance. Write down your monthly income in a budget planner, which you can find online, and compare this to your outgoings. It will give you a clearer idea of what you can afford.
Look For Insurance Policies
When purchasing your property, you should always look at the builder’s insurance policies if you want peace of mind. New build homes are not opposed to structural issues. Often, damage can occur due to design and construction faults that only become apparent following the completion of the property. Insurance policies like latent defects insurance cover you in the event of this happening.
It is important to note that latent defects can be extremely expensive to rectify, emphasising the importance of cover like this. It can help you avoid a difficult financial situation further down the line. You should never purchase a new build with the idea that damage can be avoided. Unfortunately, it can be common, particularly with new builds, as they can take up to three years to settle. You can find out about latent defects insurance here from Buildsafe. They provide a range of insurance policies and warranties to help protect your interests.
Research The Builder
Are you considering buying a new build from a well-known builder in your area? Just because they are well-known doesn’t necessarily mean they are the best around. You should always do your research. The internet is a helpful aid as you can gain access to hundreds of client reviews from builders in your area. You may stumble upon some bad reviews. If this is the case, it is best to avoid this builder and choose one with a better reputation in the industry.
If you know someone who has recently brought a property from the same builder that you are considering, don’t be afraid to reach out to them. Ask them what they think about the build and if they are satisfied. This can give you a good idea of whether or not you should avoid purchasing a property from this builder. It certainly doesn’t hurt to ask around. After all, this is a significant investment that you are planning on making.
Get The Home Inspected
If you think you have found your perfect home, you should always conduct an inspection. A good builder will let you view the property when it is near completion to check that you are happy with it. Any amendments requested can then be made. If your builder doesn’t offer this, you should request it. There are a few things you should look for both inside the rooms of the home and the exterior of the property. You can learn more about this through various online resources.
Upon inspection, if you spot something wrong with the property, don’t be afraid to bring it to the builder’s attention. After all, this is your property, and you are investing your money into it. So, you want it to be perfect. Failure to point out any errors at the time can end up costing you in the long run.
The Timeline Of The Build
Are you in a rush to move into your new home? If so, the build timeline is something you need to look out for. You may be expecting a child and require a new home before they arrive. If this is the case, you need to communicate that with your builder to avoid wasting time. That way, you can find out straight away if the property has a suitable time frame for you. If not, you can continue your property search and look elsewhere.
To give you a rough idea of how long a new build takes to be completed, it is recommended that you conduct some online research. Typically, it can take around one year to build a house. However, this will differ depending on the size of the property. If you are looking for a big home with several bedrooms, you need to understand that this build will take a long time. Take time to think about the key features you require from your home, and this may help you come up with a realistic timeline.