Hello and welcome to the November edition of my monthly advice column.
The last few weeks have been very busy with dealing with my own house move, luckily I had the knowledge of the process to make things a little less stressful.
The good news is that we are here to help anyone looking to buy a new home and remove that anxious feeling and help it go through as simply and quickly as possible.
This month I want to focus on the process of buying a new-build property.
You will no doubt have noticed over the last few years various new estates cropping up in East Kilbride and further afield, ranging from the main building companies to smaller developers.
A lot of people prefer to buy a brand new home due to it being fresh out the wrapper and also not having to compete with other buyers and end up paying way over the asking price, which is a very common trend right now for older properties.
First step, as with any new purchase, is getting your ‘Decision In Principle’ agreed for the relevant mortgage you’ll need for the property, a mortgage broker such as ourselves can help with this.
Next step would be to make an appointment with the sales office so you can go in and discuss what plots are available and when they are due to be complete.
At this stage, most new builds will either be under construction already or due to start shortly.
The sales agent will give you a window of anticipated completion over a two or three month period, due to potential delays in the build, this can be brought forward or moved back.
You should be given the opportunity to visit the show home at this initial meeting however if it’s very early stages of the site, they may have other sites available which you can go to and get an idea of what the finished house will be like and give you a feel for it.
I would also take the opportunity at this stage to negotiate extras to be included in your purchase.
As the old saying goes, if you don’t ask you don’t get.
This can be anything from deposit contribution, flooring and fencing to integrated appliances being included – the sales agent will let
you know what can be included along with the property and potentially save you thousands of pounds in additional cost.
If you’re happy with the plot and any builder incentives being offered, then you can reserve the property, usually with a reservation fee payable and that secures the plot for you until you get your mortgage offer through.
After the reservation fee is paid, the builder will expect you to apply for your mortgage and supply them with the mortgage offer within a month or so, your solicitor will discuss the completion of the sale and then it’s a matter of counting down the days until the legal work is complete and you move in.
Once you’re moved in and all settled, then you should go round your property and check for any issues that may require the attention of the builder, this is called a ‘snagging’ list.
A builder should fix any issues that you’ve found within a reasonable timeframe so that you can then relax and enjoy your new home.
I hope that’s been useful and see you all next month.
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