Looking for a New House? Here are Some Buying Tips

A new house is one that hasn't been lived in before. It can be an exciting prospect knowing that you will be the first person to live in such a property. However, purchasing a new house can slightly differ from purchasing one that has already been lived in.  

In consideration of this, here are some useful buying tips when looking for a new house.

Freehold or Leasehold: What Type of Ownership?

This is a critical aspect of ownership of the house and will likely have helped you decide what type of purchase you wanted to make. In brief, if you buy a freehold property, in effect, you own it. If you buy the leasehold, you are purchasing the right to live in the property for your lease's length. Leaseholds for new builds often last for approximately one hundred years or even longer. Furthermore, apartments are typically sold as leasehold.

If you choose to become a leaseholder, there may be restrictions or conditions you need to be aware of upon entering into such a contract. For example, you may have to seek permission to own any pets on the property or pay annual ground rent to cover the property's maintenance. 

Development of Customer Service

After-sales care for new build houses can vary with each developer. Not all developers provide comprehensive after-sales packages, so make sure you thoroughly research the builders of your potential new home. Check independent reviews or forums about how other house buyers found their after-sales service. At the very least, this will provide an insight into any potential issues.

Never rely on the developer's promotional material because it will always be biased towards them. To gain an overall picture, consider visiting their other developments and talking to house owners in them. Talk to any neighbors in your development if any have already moved in. By doing these things, you will begin to realize whether it is worth investing in a property made by these developers.

Quality

Warranties do not typically cover the workmanship, so ensure you check the new build and are happy with what you see at each stage. This should also be done, again, before completion. Ensure you see plans and specifications before you instruct a lawyer because if you do not wish to proceed based on these documents, you would not have incurred lawyer fees. 

Properly prepared documents will provide you with accurate information concerning your new house. This includes any luxury designs, measurements, type, and quality of material and finishes. Without this detailed paperwork, the developer can alter the plans, using lower quality products than what you may be expecting.

Watch your Warranties

Warranties and guarantees are supposed to provide you with peace of mind that if anything goes wrong with your new house, you will be covered for a certain period. With a new build, these both can be important factors when considering purchasing from a developer.

An essential provision for inclusion is snagging. Snagging often occurs with new builds and is basically when minor issues, such as a missing hinge on a door, require rectifying. By having this provision, you can request the developer rectifies anything workers may have overseen.

If your new house comes with white goods, it may be worth requesting in the contract that the developer provides you with all relevant guarantees upon completion. This enables you to contact the manufacturers directly if any repairs are required.

Property Pricing

A new build is affected by depreciation, so you want to minimize any loss, if any, to the value of your new house. You can do this by comparing the value of your new build with an older home, as close to like for like as possible, in your local area. 

You could also compare other developments and negotiate for deals. Due to competition between developers, negotiating with them could end with receiving free furnishings, car parking, or even your stamp duty paid.

Perhaps the most common way of increasing the value of your property is home improvements. This could include a loft conversion, adding a conservatory or landscaped garden at some point during your homeownership.

A new build is ideal for many house buyers for several reasons, including little to no need for decorating upon moving in, selecting fixtures and fittings they like, and saving on energy costs if the house is built correctly. Its owners should quite rightly enjoy a new home. If owners know the above points, they could avoid any undue stress that new houses can potentially cause.