A new construction home purchase is not the same as a regular home purchase. A newly constructed home is one that has never been occupied and is entirely new. The government of the UK has stated intentions for 300,000 additional homes to be built by 2025 in response to a national housing shortfall. The process of buying one has been outlined in the guide below, which our new-build property experts have put together.
WHY PURCHASE A NEW BUILD?
One of the biggest advantages of buying new construction Building is that it will require little to no maintenance because no one has lived there before you. While these buildings are constructed with insulation, double glazing, and energy efficiency in mind, the energy expenses are likewise anticipated to be much lower than those of an older residence.
THE STAGES OF BUYING A NEW-BUILD
There are four stages to buying a new-build home. Before embarking on this process, you should be aware that housebuilders and developers can operate in different ways, which means the offerings of one can be vastly different to another.
Find your property. Many new builds are sold off-plan (they have not yet been
built), so you may view a ‘show home’ and extensive plans.
Reserve your new home once you have found development and decided to purchase it. You will pay a reservation fee to secure it.
Organise the paperwork. You can hire a conveyancer to deal with the legal aspects of your purchase. The mortgage will also need locking in.
Preparing and moving in. As you approach the competition date, you will need to prepare by finishing any outstanding paperwork. Before moving in, it is advisable to conduct a snagging survey to check for any defects. Once completed, you will be able to move into your new home.
BUYING SCHEMES ARE AVAILABLE FOR NEW-BUILDS
There are schemes available from the government that support people looking to purchase a new build and get onto the property ladder.
The Depisot Unlock programme, which was just launched by the housing industry, enables first-time buyers and current homeowners to buy a new-build home for just a 5% down payment. Participating 26 home builders provide consumers with competitively priced mortgage packages to lower the cost of purchasing a new home.
YOU’RE PROTECTED WITH NEW-BUILD WARRANTIES
New-build warranties give those who are buying a home piece of mind that they are covered. The National House Building Council offers a protection programme that many home builders and developers offer (NHBC). The NHBC, Premier Guarantee, LABC Warranty and Checkmate provide coverage for more than 90% of properties in the UK. The following items are most likely covered by a 10-year new home warranty:
Cover for the first two years of ownership, whereby the house builder is
responsible for fixing certain damages.
Insurance for parts of your home, such as structure, floors, staircases, drains and windows.
Tiger Building Construction Company is a construction company operating in Hertfordshire and the South East of England. If you are planning an extension, renovation or new build, contact us today for a no-obligation quote and more information.