What are the advantages of buying a newly built property?
New homes are built to the latest building standards and benefit from a 10-year warranty. A new home will probably be better insulated and should require very little maintenance. Buying a new home is also often a faster process, and you will always be at the end of the buying chain—if you part exchange there is no chain at all. You may also be able to specify your own features if you buy the house at an early stage of construction.
What are the disadvantages of buying a newly built property?
New homes tend to be more expensive and have smaller rooms than their older counterparts. They are also often closer to neighbouring properties, and the high density of most new estates can restrict the number of parking spaces, especially for visitors. It is also worth considering the possibility that you may find yourself living on a building site for a while, and that the garden may also need planting, which can be expensive.
What is the process when buying a property from a builder?
House builders often place strict limits for exchanging contracts, usually from reservation to exchange in 28 days. If you already have a mortgage in principle letter and a solicitor this should be an easier process than buying an older property. You will need to make your selection of the builder’s options and extras as early as possible. On or before the completion date, your builder will give you a home demonstration. You should inspect your home for any defects.
What should I ask the builder before I sign the reservation form?
House builders have a legal obligation not to make misleading or false statements. Ensure you ask about discounts, part exchange, the location of social housing, the completion date and what specifications and choices are available. Useful information includes the level of Council Tax, postal address and postcode and the site manager’s professional credentials, who is responsible for walls, fences and boundaries and any adjacent public spaces.
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Last Updated: Wednesday 24th July 2019
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