New builds come with many benefits which make them more appealing for first time buyers over existing properties.
Whether it's repair and decoration costs being minimal over the first few years, or people simply liking the fact they'll be the first to live there, it's no wonder why many opt for a new build home.
That being said, there are some things buyers wish they'd known before collecting the keys to their new home.
Research the developer thoroughly
Researching the developer beforehand is a must in whatever area you're thinking of buying. You can get to know them better both through online forums and if the development has been partially completed, asking the neighbours how they found the process of buying could also be helpful.
By doing so, you could potentially pick up some tips for negotiating and find out things to watch for in your contract.
Never just rely on the developers promotional material to ensure you have the best feel possible for what you're buying.
Visit the site more than once
While you might fall in love with the development on the first visit, make sure to visit more than once. Check it out at weekends and at different times during the week to spot things you might have missed first time round.
Visiting other sites can also be worthwhile not only to give you an idea of what it looks like, but also what other residents have to say about the developer.
Hidden costs
Home buyers may think a new build is a smarter purchase than an existing property, but there are often hidden costs they don't know of.
Additional costs can arise from a number of things including hidden defects, missing necessities and pricey upgrades.
Your new home might not come with everything you want and it can be common for properties to lack interior essentials including some appliances and window coverings, as well as exterior features like decks, fencing, and landscaping.
Each missing item is an added expense, so before making an offer, make sure to ask what's included in the price.
Similarly to older homes, a new houses may also have defects which would require repair costs. This might be an overflowing toilet or the wood floors could wrap up.
Find out what kind of warranty the home comes with and read it carefully before making any commitments.
In short, purchasing a newly constructed home requires the same attention to detail you would give looking at one that was previously owned.
Delays in the process
Delays can be common, especially when buying off plan before the development is completed. It's recommended buyers get the builder to agree a long stop completion date meaning they'll be liable to pay compensation if work isn't finished by that date.
Delays can also be a problem when it comes to mortgages. While applying for a mortgage is the same process regardless of when the home was built, there are some things to be mindful of.
Buying a house before it's built shouldn’t present any problems in getting a mortgage. However, there may be an issue with how long your mortgage offer is valid for.
This depends on the lender, but most are only valid for six months, meaning you have six months from the mortgage application to complete on your home purchase.
As time goes on you believe your new home isn’t going to be ready within that time, it may be possible to get the lender to extend the offer during the period.
However, in most cases your mortgage application will need to be re-assessed by starting your application all over again.
