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13th August 2019
Are you thinking about buying a new build property?
Then see what Christine Ward-Foxton, Mortgage Consultant, has to say to see what you need to investigate before buying a new build property.
Find out exactly what you’re getting for your money
Be sure to ask the estate agents what will be included in the sale of the house. This could be white goods, for example washing machine, fridge, freezer etc. Also, it may be worth asking if they can turf the gardens if this isn’t included.
View the builder’s other sites
How do they look?
This will allow you to get some idea of the quality of work that the builders have. You may also be able to ask the residents how they felt about their new home and their thoughts on the developers/builders.
Negotiate – they want to sell that property
As the developers will tend to have a lot of properties to sell they will be somewhat negotiable with the price. A good idea is to compare the price with similar developments to get an idea of how much you could be paying. Another idea is to see if they will give some extras for the same price, for example turfing the gardens.
Try and look beyond the show home
When looking around the show home try and visualise what it will look like with your furniture in the house. Does it have enough space for all your things?
Try to future proof
Are you planning on staying put in the house for the foreseeable future?
If you are moving out by yourself is there room for a partner to move in later down the line?
Or is there enough room for a baby?
You should also consider if there is any scope to add value to your property. This could be in the form of adding an extension, updating the kitchen, add an en suite to the bedrooms, add decking to the garden, create off-street parking etc.
Check they are offering a warranty scheme i.e. NHBC
When looking at new build properties it is always a good idea to ask the estate agents if they offer a warranty scheme for their properties. There are three main providers that provide this warranty, those being the NHBC (National House Building Council), Local Authority Building Control Warranty (LABC) and Premier Guarantee. Each provides the new homeowner a warranty and insurance scheme for new build properties. It confirms that the property has been built to their high standards and practices.
The NHBC will carry out inspections to the property throughout the construction period to check the compliance standards. The NHBC will also provide Buildmark insurance for your property before completion and up to 10 years after completion.
Don’t be forced into seeing their Mortgage Adviser
Occasionally the estate agents can be very pushy to get you to sign up to their mortgage adviser.
The reason for this is because they will sometimes receive a payment from the mortgage adviser every time they refer a client. The problem with using these mortgage advisers is that sometimes they are not independent and will only offer you a restricted selection of mortgage providers.
Try not to change jobs before you complete
Mortgage offers are usually only valid for 3-6 months so if you’ve changed job this could cause problems. The reason why is because lenders perceive you to become more riskier if you haven’t been at a job for long. Therefore, if you don’t make probation you may be unable to make repayments.
Make sure you do a snagging checklist
A snagging list is essentially a list of defective or unfinished items that need to be fixed by the builders before you move into your new build house. The type of things you should be looking for are cupboards that don’t shut properly, paint splashes, leaks, surface defects on windows, woodwork, tiles and paintwork.
Make sure you are thorough and check everything when looking around your new home. The best time to check your property is after the house has been completed, but before you hand over the contracts. You don’t want to find a problem after you have moved in as it could take a few weeks to get the builders in to rectify the issue.
If you are thinking of buying a new build property, get in touch with us on 01609 768798. Or arrange a call back and one of our mortgage advisers will be happy to help.
Reference – BL075 – Aug – 2019
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