When buying a new build property, there are a few things to take into consideration that you wouldn’t have to think about with an older property. To help you out with your purchase, we’ve listed the most important things to remember when it comes to buying a new build.
A new build property is usually more expensive than an older house, and like anything brand new, it will depreciate in value as soon as you use it.
While this doesn’t seem like an issue at first, it’s a good thing to keep in mind that if after two years you decide it’s not big enough/you’re moving somewhere else, you probably won’t get as much for the property as you bought it for – meaning you lose money. To avoid that – either sit tight and wait for the value to rise, or don’t buy a new build to begin with.
Exactly the same as you would do with a second hand car, it’s important to find out as much as possible about it before you buy it.
The property developer is under no obligation to tell you about the squeaky kitchen door or leaky faucets, and probably doesn’t even realise that there’s a landfill around the corner, so you’ll need to find out for yourself. Ask around, look online, check out the developer’s reputation, find out about the neighbourhood – this is a big purchase and it’s up to you to make sure it’s perfect for you!
So you’ve found out that the area is nice, the developer is trusted and you’ve decided on a show home – all great! But before you move into your new build, get a survey done.
The reason for this is similar to above, your developer doesn’t have to tell you about anything, but luckily what they do have to do is fix any problems when you find them, and the best way to find them is a ‘snagging survey’. This is best done before you move in, but can also be done afterwards.
So you’ve got your snagging survey, or you’ve noticed some faults yourself – what now? Well the sooner you report them to the developer the sooner they can get it fixed.
When you buy a new build property you will get a two-year warranty for any defects from the NHBC (National House Building Council), from minor issues like bad finishing to bigger structural problems. You will also get a 10-year warranty for structural issues, but the sooner they are fixed, the less damage they will cause in the long run.
If you are buying a new build property and would like some extra advice, give us a call on 0207 4065880 or find out how much you could save on your conveyancing with a free, fixed fee quote today.
Ellie manages the content for the Capital Conveyancing site, finding ways to help Londoners looking for information and guidance around the conveyancing process, and presenting it in a clear way. Ellie loves writing about all things London, as her research leads her to discover new areas and history.