The idea of buying a new build and living in a brand-new home can be exciting. Buying a property is a big deal, and you should always do your research first. To help you decide whether a new build is for you, here are seven tips for buying a new build home.
Will You Buy a Home That Is Already Built or an Off-Plan House?
You need to think about whether you want to buy a house that has already been built or an off-plan house. When it comes to a house that’s already been built, you’ll have the opportunity to view it and move in straight away.
When you agree to buy an off-plan house, you’re buying a house before construction has even begun. With an off-plan house, you won’t be able to view it before you buy it, but you may be able to change the floor plan and decide on the fixtures and fittings.
Research the Developer
Joseph Melara suggests that before you spend a lot of money buying a new build property, you should always do some research on the developer. Ask if you can take a look at some of the properties that they previously built and look at reviews of their properties. What do other people think of the new build homes that have been built by the developer after they’ve lived in it for several years? What was their experience like? Are the houses build to last or have other people dealt with structural problems over time? Be sure to ask questions about the developer and the property you’re looking to buy and ask if you can view the developer’s other sites to see how everything looks.
Be Prepared for Snagging
The developer may have had the property surveyed themselves and will encourage you to take their word for it, but you should always get an independent surveyor to inspect the house before you exchange contracts. That way, you can make sure the property doesn’t have any issues or defects before you buy it.
A house may look perfect to you, but a snagging survey will show you if anything is wrong with it. A surveyor will look at the roof, plumbing, brickwork, insulation, plastering, electrical fittings, garden, and other aspects of the home to make sure there is no evidence of poor workmanship.
You can either ask the developer to rectify these defects or you can look into buying a property elsewhere. If you do decide to buy the home and notice issues later down the line, create a snagging list and report it to the developer within the first two years.
The warranty on your home won’t last forever, so you should get home insurance as soon as possible. To find one in your local area, look up something like “insurance broker oakville”.
Negotiate the Price
The moment you move into a new-build house, the value will decrease so if you decide to sell at some point soon, you’ll lose money. A developer may offer you a set price, but don’t be afraid to negotiate the price of a new build home and give the developer a lower offer to make sure you’re getting the best deal. A developer may try to sweeten the deal by incentivising you to buy the property by offering to pay the stamp duty or including furnishings.
As part of the home-buying process, you will need to negotiate the mortgage rate, as well. Always read the fine print so you understand what your terms, guidelines, and parameters will be. This is the case with a mortgage rate 3 year fixed offering. With this type of mortgage, you will have a fixed rate for the first three years and then the rates will adjust thereafter. If this is the type of rate that works best for you, consider looking into it.
Be Prepared for Other Houses Being Built Around You
Your new build house may look beautiful on its own, but if the developer is still building other houses around it, you’ll be putting up with construction for a while. The surrounding area may not look nice for a while, which isn’t a problem if you don’t mind having to wait several months for the other houses to be built.
If you want to buy a new build and be able to see what the general area will look like before you move in, look for an area where new builds have already been completed and speak to the developer.
Make Sure Your New Address Is Registered
The developer is usually responsible for sorting out the address with the council, but you may find that when you shop online or try to get things delivered to your new home, your house number and postcode may not be recognised. If you’re facing this problem once you’ve hired a Los Angeles moving company and moved in, you may have to contact your local council and postal service to get it sorted.
Once you’re settled in, don’t forget to throw a housewarming party and invite all your friends. It’s a great opportunity to throw on your Simply Whispers earrings and show your new build home off to your friends and family.
Image Credits: Daria Nepriakhina