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Top Tips for Purchasing a New Build Home

Whether you’re buying a new build home to accommodate a growing family, or seeking a better-sized home in later years, new builds are an attractive option that carry a host of benefits.

Their appeal includes the following factors:

  • The owners will be the first to occupy the premises
  • Fittings and fixtures can usually be selected to customise the home to the buyer’s taste
  • Due to the newness, redecoration and repair costs will be low during the first few years of ownership
  • Properties built to a certain standard will result in lower energy bills and running costs

New build properties also typically come with guarantees. There is typically a two-year developer period and then there is 10-year structural insurance cover available from other companies such as CRL to cover against any serious structural defects with your new home.

There are, however, potential downsides to buying a new build. When properly prepared for, however, their risk can be minimised.

Risky developers

Not all developers offer quality service or post-sale support. Therefore, it is important to research developers in the area where you want to buy. Read online reviews, check out forums where their work might be discussed, and visit the developer’s other sites. Never rely on their promotional material alone.

Specialists in Construction Insurance

Pricing problems

Like new cars, new homes depreciate in price, and even in a flourishing property market, you might not realise a return on your investment if you have to sell within a year or two after purchase. To get around this potential complication, compare the home you are looking at with older local properties in terms of value. Shop around for good deals or, at the very least, add value by adding a conservatory, loft conversion, or landscaped garden. You could also remain in place for a few years.

Delays moving in

This is an important consideration if you are buying off-plan, before work on the development has been completed. Ask the builder to consent to a ‘long stop’ completion date, which will require them to compensate you if work is not finished before that date.

Substandard workmanship

Warranties like those offered by CRL won’t cover the quality of fittings and finishes so ensure that you are satisfied with how the property is shaping up at every stage of the build. Properly prepared specifications and plans will let you know exactly what you’re getting, from design to decorative finishes.

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