When buying a new build home, there’s often a lot more to consider than you might first appreciate. It’s easy to assume that, as it’s a new build, no problems could possibly exist. After all, who would sign off on a new build home that isn’t fit for purpose? Sadly, some people will. So, with that in mind, it pays to take the following steps when making that initial purchase.
Where should you start, then?
Research the Development
First off, spend some time digging deeper into the professional history of the builders themselves. What are the developers and builders like? Do they have a good, long-standing reputation when it comes to putting together a reliable new build?
The more that you can do to solve this now, the less stress you’ll get later on down the line. A bit of research into who built the home, and who developed it, will go a long way to making sure you get a purchase you are happy with.
Market rate – is it fair?
Next, do some digging into the actual cost of the home. Is what is being asked for the property actually good value? Remember, a home often depreciates in value the minute you step foot in the door. Compare the cost of the new build versus “old” properties in the area: this will help you to get a better idea of whether or not the new build is of suitable value within context.
Checking the lease
Also, it pays to invest some time looking into the kind of property lease that exists. You get two options: leasehold and freehold. A new build property should not be sold as a leasehold property. While this is no longer a legal act to carry out, the law itself is not yet in place in full: as such you should make sure that you are buying a freehold property.
Otherwise, you could find the initial cost of the home to be much higher than you initially expected due to the inflated sums attached from going from leasehold to freehold.
Get a snagging report
Arguably the most important thing that you can do, though, is getting a snagging report. This is a listing that is put together by a professional team, who look for defects and issues within the property after construction has been completed.
From damaged parts of the property to missing fixtures and fittings, this is essential to make sure you get a new build home to the standard and quality that you need, want and deserve. If you want to get a snagging report you can trust, you should hire proven professionals in the industry.
With this in mind, you should be able to avoid the majority of the key problems that lie in wait when buying a new build. Once you can verify the quality of the work (backed up by a snagging report), the value of the home and the kind of agreement offered, you’re ready to move forward.
These critical steps, though, can save you from entering into a nightmare.