The Best (and Worst) Things About Buying A New Property
The property market throughout the UK appears to be flourishing once more, a sign that the country is moving out of the severe recession and into economic stability and growth.
This is always evident when the construction industry gets busy again as it’s often the first sector to really feel the pinch when times are tough. Buying a home is likely to be the biggest investment most people make in their entire lives so it’s obviously a big step and there are many things to consider before completing a purchase.
Although older properties may be aesthetically appealing they often come with problems due to age and wear and tear, which means spending a lot more money to fix it up. Many buyers, and not only those who are first timers, are attracted to off plan ‘new builds’ for a number of practical reasons as a new build home offers many advantages.
New homes are built to specifications which include good insulation
Major repairs and redecoration should be unnecessary for the first few years.
You can choose the layout from the range available from the construction company.
You can choose the plot from the plan of the estate layout
Your new home will be a blank canvas so you have more options before moving in. This means it will be decorated to your taste before completion.
If the property is registered with the National House-Building Council (NHBC), it’ll come with a 10-year warranty and protection scheme. Find out more on the NHBC website. There are also other companies that provide warranties and insurance for new homes,.
If the house is not yet built or not yet completed, you may be able to get some features changed to suit your requirements, such as the position of a door, sockets or cupboards.
Most developers and building firms offer various ranges of extras and upgrades
While these are exciting elements and attractive to a buyer, new-build homes are not without disadvantages, mostly to do with the practical details of finance and completion.
The house might not be finished for some time. You can try to get the builder to agree a ‘long stop’ completion date which means he’ll be liable to pay you compensation if he doesn’t finish the work by that date.
Mortgage offers are usually valid for just 6 months and may expire before the property is built as mortgage lenders won’t release the final loan until all the work is completed. This means you may incur additional application fees to reapply for a new offer
There might be nothing more than the site and the plan to show to solicitors and mortgage lenders.
You may incur ‘teething’ problems, such as cracks produced by dried out plaster.
The roads on an estate might not be finished which may cause problems with a building society’s loan.
The garden might have to be laid and planted and there may be restrictions on what you can do to your front garden.
Even in a rising property market you may not get your money back if you want to sell within a year or two.
Marie Bevan, a conveyancing specialist at Pictons says “ I definitely think the advantages of a new build home far outweigh the disadvantages but we always advise people to consider their options. It’s such an exciting and nerve wracking purchase that people really do need legal advice quite early on to ensure that the process is as smooth as possible. I’ve been a panel recommended conveyancer working with various construction companies and mortgage advisors in the region for several years and this means I can really facilitate the buying process for my clients.
“Conveyancing isn’t just about signing all the legal documents. My work ensures that my clients are supported and protected all the way and that they have no hidden surprises in terms of costs or legislation. I am always delighted when a transaction is completed because I know how important a home is for everyone.”
For further information contact Marie on 0845 263 7505 (Local rate call) or email firstname.lastname@example.org