By Press Release
If you are looking to move home in the near future, you might be tempted to buy a new-build home. Many of these properties come with a variety of benefits, from low energy bills, buying incentives, usually a structural warranty, as well as the fact that the property will, typically, be freshly painted and ready for you to enjoy as the first owner.
However, new build properties are not without their drawbacks. Often they are not completed on time, which can lead to you incurring unexpected costs, such as storage or your mortgage offer expiring. Typically, new-build properties are smaller than older houses and particularly have less storage space. Often developers charge a ‘new build premium’ so the property will cost more than an older property of equivalent size and area.
It is always worth doing a bit of your own research and not relying solely on the developer’s promotional material. We would suggest getting a feel for what you’re buying by researching the developer and the local area.
Don’t be afraid to negotiate the advertised price and ask what incentives are available. Incentives can include furnishings, a car parking space or payment of your legal fees or Stamp Duty Land Tax. Be aware that incentives may impact how much your mortgage provider will lend.
Even though the property is newly built, we still advise that it is sensible to arrange a building survey with a trusted surveyor. Whilst your solicitor will ensure the relevant paperwork is in place to confirm the property’s construction complies with building regulations and that any warranty is in place at completion, there are other aspects of the build which, if not completed correctly, can be costly.
It is not uncommon for the developer’s sales team to try to persuade you to use their recommended solicitor. This is sometimes because commission is paid. We would always recommend that you choose an experienced and independent conveyancing solicitor to look after your best interests.
If you would like to speak to a member of our Residential Property team please contact us on 01983 533938.